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News on Banking & Finance in China

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Credit where it’s due

China agrees debt restructurings, although critics say more are needed
Sep 23, 2022 (WiC 601)

“Simply untenable” was the rebuttal from China’s foreign ministry last month to the latest round of warnings about Beijing’s ‘debt trap diplomacy’ from US Secretary of State Antony Blinken. Allegations like these infuriate the ...

Safe as houses?

Lenders’ results reveal cracks in property market
Sep 9, 2022 (WiC 599)

News that Country Garden – the longtime leader in contracted sales of new homes in China – suffered a 96% drop in first-half profits is confirmation of the firestorm ripping through the property sector. Fortunately, the flames haven’t ...

A logistical nightmare?

Breakthrough as new audit deal signed to avoid delistings of China stocks
Sep 2, 2022 (WiC 598)

In response to Nancy Pelosi’s visit to Taiwan last month, the House Speaker and her immediate family members went straight onto a Beijing blacklist that blocks business activity with Chinese companies. The retaliation went beyond targeting ...

Chinese stock goes up over 300 times in IPO in US
Aug 19, 2022 (WiC 596)

News last week that some of China’s largest firms are saying farewell to Wall Street has highlighted how a longstanding row about giving local auditors access to their books is far from over. China Life Insurance, Chalco PetroChina, Sinopec ...

In-depth research

Citic and Haitong analysts are dismantling EVs
Jul 29, 2022 (WiC 595)

In early 2020, Muddy Waters published a research report accusing Luckin Coffee of inflating its 2019 revenue and user numbers. The short-seller claimed that it had hired over 90 full-time and more than 1,400 part-time investigators as they pored ...

Held to account

Angry savers take to the streets in Zhengzhou
Jul 15, 2022 (WiC 593)

Is it a sounder investment to put money into a bank’s savings account or buy the lender’s shares? Take ICBC: China’s largest bank by market value offers 1.75% interest rates on one-year term deposits, according to its website. But the ...

Swiss bourse on a mission to bring more Chinese firms to Zurich
Jun 30, 2022 (WiC 591)

“When in doubt who will win, be neutral,” a Swiss proverb supposedly advises. The maxim has served the Alpine nation well and there’s been more than a hint of it again this year as the SIX Swiss Exchange prepares to welcome a group of ...

Bank scandal prompts ‘health code’ row
Jun 24, 2022 (WiC 590)

In the 2008 movie The Dark Knight, Batman creates a virus that infiltrates every cell phone in Gotham, allowing him to spy on the city’s 30 million people. Over in China, mandatory jiankang ma, or ‘health codes’ on ...

Ant on the march again

Fintech giant reveals new director sparking renewed talk about its IPO
Jun 10, 2022 (WiC 588)

“High liability vs low benefit” was the headline in the Shanghai Daily when the newspaper reported on an exodus of independent directors from Chinese firms last December. At least 40 of them had resigned in a month after a local court ...

Hong Kong’s allure

Didi delists from NYSE; HKEX boss goes to Davos
May 27, 2022 (WiC 586)

Is a situation impassable or impossible? It turns out to be both in Alice in Wonderland in the Disney film, when the cartoon doorknob tells Alice that she is too big to get through the entrance. The conundrum is similar for China’s largest ...

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