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The app for Alipay, the mobile payments service operated by Ant Group, is seen on a smartphone in Beijing on Monday, July 20, 2020. Ant Group, the online payments arm of e-commerce giant Alibaba Group, announced plans Monday for an initial public stock offering that could become the world's biggest since the start of the coronavirus pandemic. (AP Photo/Ng Han Guan)
The app for Alipay, the mobile payments service operated by Ant Group, is seen on a smartphone in Beijing on Monday, July 20, 2020. Ant Group, the online payments arm of e-commerce giant Alibaba Group, announced plans Monday for an initial public stock offering that could become the world's biggest since the start of the coronavirus pandemic. (AP Photo/Ng Han Guan)Chinese fintech Ant Group received approval from the China Securities Regulatory Commission for the Shanghai portion of its blockbuster initial public offering, which is the last step in the review process and a milestone that comes days after it reportedly got a green light for the Hong Kong portion of its highly anticipated dual listing.

Alibaba founder Jack Ma. (AP Photo/Thibault Camus, File)
Alibaba founder Jack Ma. (AP Photo/Thibault Camus, File)Chinese fintech Ant Group received approval on Monday for the Hong Kong portion of its initial public offering, according to reports from Reuters and the South China Morning Post, a move that comes a month after it received regulatory consent to list in Shanghai.

Peter Ma, Chairman & CEO of Ping An Insurance Co. of China Ltd. speaks during a company result announcement in Hong Kong. (AP Photo/Kin Cheung)
Peter Ma, Chairman & CEO of Ping An Insurance Co. of China Ltd. speaks during a company result announcement in Hong Kong. (AP Photo/Kin Cheung)China's largest insurer Ping An Insurance Group said Monday that its offshore investment and asset management unit and its subsidiaries have closed two funds, representing $875 million of total capital, that are part of the company's first investment program dedicated to private equity investing abroad.

The app for Alipay, the mobile payments service operated by Ant Group, is seen on a smartphone in Beijing on Monday, July 20, 2020. Ant Group, the online payments arm of e-commerce giant Alibaba Group, announced plans Monday for an initial public stock offering that could become the world's biggest since the start of the coronavirus pandemic. (AP Photo/Ng Han Guan)
The app for Alipay, the mobile payments service operated by Ant Group, is seen on a smartphone in Beijing on Monday, July 20, 2020. Ant Group, the online payments arm of e-commerce giant Alibaba Group, announced plans Monday for an initial public stock offering that could become the world's biggest since the start of the coronavirus pandemic. (AP Photo/Ng Han Guan)Chinese fintech Ant Group has raised its targeted valuation for its upcoming blockbuster initial public offering from $250 billion to at least $280 billion, Bloomberg reported on Friday.

OKEx, a cryptocurrency exchange, has suspended all withdrawals due to an unnamed private key holder cooperating with an inquiry in China, a company spokesperson said Friday.

Global banks and other financial institutions that serve people considered responsible for China’s crackdown on civil liberties in Hong Kong will soon face sanctions, the U.S. State Department said Wednesday.

HSBC was not involved in arranging a recent $6 billion Chinese government dollar bond sale, an unusual move for the U.K.-based financial institution, which has long had strong ties with the country, Bloomberg reported Tuesday.

Chinese brokerages Guolian Securities and Sinolink Securities on Monday called off their proposed merger just weeks after it was announced, saying that they failed to reach an agreement on some core terms of the deal, even as China’s regulators have pushed for consolidation in the sector to compete with foreign firms.

Deutsche Bank said Monday that it has become the first European bank to secure approval from China to join its pilot scheme for the facilitation of foreign exchange receipts and payments for trade, which aims to “simplify and improve” foreign currency payments for cross-border trades.

China International Capital Corporation, China’s first joint-venture investment bank, will begin a preliminary price consultation Wednesday as the next step toward listing its shares on the Shanghai Stock Exchange, looking to raise funds as foreign rivals expand into the region.

Standard Chartered’s Hong Kong unit has applied to establish a securities company in mainland China, joining other global firms looking to ramp up their presence in the region as the country opens its financial sector to foreign players.

Chinese fintech Ant Group’s upcoming massive initial public offering is seeing strong interest from retail investors, as evidenced by the CNY 60 billion in proceeds ($8.96 billion) raised by five mutual funds created to invest in the company’s shares, Reuters reported Friday.

A group of seven major central banks reached a milestone on Friday in identifying attributes critical to a central bank digital currency and creating somewhat of a consensus about what the experimental currency would require, but they lag behind others like China that are already barreling ahead with pilot issuances.

Vanguard Group has returned $21 billion in managed assets to state funds in China, Bloomberg reported Friday, as the asset management firm continues to pare back its international business to focus on catering to individual investors.

Lufax Holding, a Chinese online wealth management and lending platform, backed by China's largest insurer Ping An Insurance Group, is looking to go public in the U.S. , as Chinese companies continue to look to U.S. markets despite political tensions.

Major Italian lender UniCredit on Monday revealed a partnership with European investment firm Investindustrial and China’s sovereign wealth fund to launch a cross-border fund that will primarily invest in Italian companies aiming to grow their business presence in China.

China’s top finance officials introduced long-awaited reforms designed to improve risk management at its largest banks and shield the wider economy from another global financial crisis.

Amundi said Wednesday that it received the final clearance from Chinese regulators to begin its joint venture operations with Bank of China’s wealth management subsidiary, as the French company aims to make China one of its most important markets.

China’s large sector of unregulated banking will soon slow its growth as banking reforms are set to take effect next year, and formal banking continues to dominate new credit supply, Moody’s said.

A Hong Kong regulator fined and reprimanded Everbright Securities for pledging its clients’ assets as collateral to obtain credit lines from banks and using client authorizations which had expired.