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News on Banking & Finance in China

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Not such big savers, after all

Authorities worry that credit cards are creating young ‘shopaholics’
Jul 31, 2009 (WiC 26)

Rebecca Bloomwood is used to having her credit card declined. The hapless protogonist of the novel (and later film) Confessions of a Shopaholic has a lifestyle that has long since maxed out her plastic. It seems that the fictional Rebecca has ...

The new masters of the universe

China wants its own piece of the private equity pie
Jul 24, 2009 (WiC 25)

There has been a funereal tone to stories about the US private equity industry in recent weeks. Many private equity firms will go to the wall, the Economist magazine predicts. And a lot of survivors will exist only as “zombie funds”, keeping ...

Bulls in the China shop

Shanghai market continues its ascent
Jul 10, 2009 (WiC 23)

It was a slightly unexpected question. Bawang shampoo is supposed to fight hair loss – thanks to its herbal properties – so a journalist asked the company chairman and its CFO which kind of Bawang shampoo they used. Chen Qiyuan and Huang ...

Bawang’s listing is massively oversubscribed. Is IPO fever back?
Jul 3, 2009 (WiC 22)

Recession creates worry, which can beget bald patches. So perhaps it should come as no surprise that the hottest initial public offering on the Hong Kong stockmarket so far this year is for a firm that is famous for preventing hair ...

A new ‘policy’ bank

Insurance giant, Ping An’s Rmb22 billion ($3.2 billion) deal to buy a 30% stake in Shenzhen Development Bank (SDB) stirs…
Jun 26, 2009 (WiC 21)

Did Ping An overpay? The Chinese media, quoting extensively from research analysts, seems to think that Ping An is overpaying – which is why the insurer’s stock fell 14% after the deal’s announcement. At Rmb18.26 per ...

The man with two names

A successful IPO and a bid for Hummer. Not bad for two weeks’ work…
Jun 19, 2009 (WiC 20)

It is the second biggest IPO in Hong Kong this year. But the size of Lumena’s $149 million offering – which began trading this week – is less interesting than the man behind the company. That’s because he’s the same billionaire who ...

China’s new insurance policy

Banks are finally being allowed to buy equity stakes in insurers
Jun 12, 2009 (WiC 19)

There are not too many areas in which China’s economy lags behind India’s. If quizzed, most people would immediately identify ‘software and outsourcing’ as industries where China lags. But they might find it tough to progress their list ...

Intangible lending

Chinese banks experiment with loans collateralised by patents
Jun 5, 2009 (WiC 18)

The year 1421 was more seminal to the course of world history than most people think. It was a year in which China launched the greatest navy that had ever been. Author Gavin Menzies reckons Admiral Zheng He’s fleet reached America and ...

Bad broker gets execution

Yang Yanming makes history as first stockbroker to get the death sentence
May 22, 2009 (WiC 16)

There must be some Americans who have wondered whether Bernard Madoff deserved the death penalty. What is almost certain is that if he was Chinese, he would have got it. That is not conjecture: the Beijing Municipal Higher People’s Court ...

Underground lending is growing fast. Should it be legalised?
May 15, 2009 (WiC 15)

The London Interbank Offered Rate recently fell below 1%, but if you are a cash-strapped entrepreneur in China you could find your own borrowing rate is more like 180% per annum. Of course, that is not an official rate. Indeed, in the absence ...

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