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News on Banking & Finance in China

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The beery banker

China Resources moves into banking to tap 100 million client base
May 6, 2011 (WiC 105)

"What’s breaking into a bank compared with founding one?” mused German poet and playwright Berthold Brecht. Executives at China Resources Holdings, a state-controlled enterprise, may not be that familiar with Brecht’s work. True, his ...

The perils of debt

Controversial case sees entrepreneur facing death for lending money
Apr 28, 2011 (WiC 104)

Shylock met with financial and personal ruin in Venice when he demanded his pound of flesh to repay a loan. But usury could cost Wu Ying even more, with a court now considering whether to confirm the death sentence she first received two years ...

Li’s hot property

Debut Hong Kong IPO in renminbi could be first of many
Apr 15, 2011 (WiC 103)

Asia’s richest man, Li Ka-shing, is said to set his watch eight minutes early, because “eight” sounds like “prosperity” in Cantonese. Perhaps it keeps him ahead of the competition too, and this month Li was in first place again, with ...

Not to be trusted?

Some think them a timebomb. Here’s a quick guide to trust companies
Mar 11, 2011 (WiC 98)

Chinese trust companies have been in the news a lot lately. Below, WiC explains why they’ve grabbed headlines. What are trust companies? China’s distinct brand of trust companies create investment products, which they ...

Spending abroad

Confusion reigns on overseas investment scheme
Mar 4, 2011 (WiC 97)

Back in January, Wenzhou seemed to be the lottery winner – given its status as the first city in China to relax rules permitting individuals to invest directly abroad. The original offer, according to the Wenzhou Foreign Trade and Economic ...

Why DangDang’s CEO thought Morgan Stanley did a poor job on IPO
Feb 4, 2011 (WiC 94)

Perhaps DangDang – often described as China’s Amazon.com – should be interviewing Eminem to head up its investor relations, or adding a parental advisory to its press releases? The suggestion follows a (rather enjoyable) spat last month ...

A new era of money politics

Key announcements made on renminbi ahead of Hu’s US trip
Jan 21, 2011 (WiC 92)

"A product of the past” was the headline of the week, and its author Hu Jintao wasn’t referring to the onset of what will be the final months of his term in office. The changing of the guard that Hu had in mind was something different: an ...

Daylight robbery

Fraud at Shandong bank sparks concerns
Jan 14, 2011 (WiC 91)

In 2007, the Agricultural Bank of China suffered what has to be one of the more foolhardy bank heists. Two bank managers walked out with nearly $7 million in cash. They then punted the whole lot on lottery tickets. The theory was that they’d ...

Selling the Chongqing story

A little-known bank from China’s biggest city IPOs in Hong Kong
Dec 16, 2010 (WiC 89)

It’s a bank you’ve never heard of and it’s listing at a time when Chinese policymakers – spooked by a 5.1% inflation rate in November – could force banks to lend less, stunting their growth. A tough sell, then? You might think so, ...

Why a Chinese rating agency is downgrading America’s debt
Nov 26, 2010 (WiC 87)

It takes a lot of courage to champion unpopular views. Those who do so are often held up for ridicule, but once in a while (with luck) public recognition can follow. Star American bank analyst Meredith Whitney made her name on a deeply unpopular ...

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