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News on Banking & Finance in China

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The nation’s top oil company diversifies – into banking!
Jan 15, 2010 (WiC 45)

For a brief period two years ago, Porsche lost the appearance of a carmaker and began to look a lot more like an institutional investor. In an attempt to take control of Volkswagen, it engaged in all kinds of financial engineering, forcing some ...

Insurance claims

CCB buys insurance business from ailing ING
Jan 8, 2010 (WiC 44)

To see two very different outcomes of the financial crisis, one need only look at the contrasting fortunes of China Construction Bank (CCB) and ING. While the Chinese bank enjoyed another year of continued growth, buoyed partly by stimulus ...

Turtle attracted by nest egg

Zhu Changhong comes home to guard foreign exchange fortune
Jan 8, 2010 (WiC 44)

They are known as the “sea turtles” – Chinese nationals that return home after a period of studying and working abroad. Returnees have been a rare breed. More than a million people that have left China to study over the last three decades, ...

Visa fears rise of credit card rival?
Dec 18, 2009 (WiC 43)

In Chinese culture four is the most unlucky of numbers. Its pronunciation in Mandarin, si, is almost identical to the word for death. Very few locals are prepared to live on the fourth floor of an apartment block. Level forty four is another ...

Fund managers nabbed
Dec 11, 2009 (WiC 42)

Every time former fund manager Tu Qiang entered his office at Invesco Great Wall in Shenzhen, he was subject to a series of security measures. He would have to hand over his mobile phone. His email and phone calls were monitored, and video ...

Capital punishment

After a lending binge, banks signal need for new equity
Dec 11, 2009 (WiC 42)

A Bank of China (BOC) announcement in late November that it was “actively studying” ways to top up its capital base seems to have spooked shareholders. Apart from confirming that the bank was going to make a cash call, the statement was ...

Have doubts, will discount

Grey market deals hint that ChiNext is overvalued
Dec 4, 2009 (WiC 41)

When trading started on China’s new growth enterprise board, the ChiNext, at the end of October, some investors couldn’t cash out soon enough. Take retail investor Joyce Chen. She had sold off all of her shares in Qingdao TGOOD Electric ...

A local shop for local people

Domestic private equity dominates the ChiNext. A model of things to come?
Nov 27, 2009 (WiC 40)

When an investor takes a stake in a start-up company, it probably doesn’t expect to have to wait 10 years until it can cash out. But that’s exactly what happened with Beijing Venture Capital (BVCC) and the Rmb7 million ($1.02 million) pre-IPO ...

Its early investments lost money, but CIC has revived its performance
Nov 27, 2009 (WiC 40)

"Be nice to countries that lend you money” was Gao Xiqing’s suggestion, in an interview in The Atlantic magazine late last year. Gao, a former Wall Street lawyer and Hong Kong investment banker, serves as the de facto number two at ...

Taking off the subs

Bank regulator closes door on subordinated debt
Nov 20, 2009 (WiC 39)

Among the more incredible remarks made in the rather incredible year of 2008 was the John Thain quip: “Right now we believe that we are in a very comfortable spot in terms of our capital.” It quickly became evident to the (then) Merrill ...

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