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China tightens Star market listing rules
The Chinese securities regulator and the Shanghai bourse have boosted requirements on Star market IPO candidates’ technology credentials, banning the listing of financial and investment companies and tightening scrutiny on financial technology firms.
19 Apr 2021 -
Citi to boost wealth management business in Apac
Citi is planning to hire around 2,300 people to support the expansion of its wealth management business in Asia Pacific, as the bank undertakes a restructuring that boosts focus on its four wealth centres.
19 Apr 2021 -
The week in review: China, US join hands to tackle climate crisis, Citi to exit Mainland consumer banking, CBIRC calms market over Huarong worries
In this round-up, Beijing and Washington pledge to fight climate change together, Citi plans to set up onshore securities and futures companies as it ends consumer banking operations in 13 markets including China, and the banking and insurance regulator reassures the market that Huarong Asset Management Co’s operations are stable.
19 Apr 2021 -
China policy and markets round-up: Q1 GDP growth breaks record, Beijing toughens stance on local government hidden debt, Luckin secures $250m investment deal
In this round-up, the Chinese economy rebounds at a fast pace from a year ago when the Covid-19 pandemic hit, regulators vow to manage hidden debt risks at local governments, and two existing shareholders agree to pump $250m into Luckin Coffee.
16 Apr 2021 -
DBS sets the stage to cut thermal coal exposure
DBS Bank is aiming to reduce its thermal coal exposure to zero by 2039, joining a group of global investors and banks that have made similar commitments to tackle climate change.
16 Apr 2021 -
Ant’s sweeping overhaul offers little clarity on delayed IPO
A planned restructuring of China’s Ant Group into a financial holding company has raised questions — and fuelled speculation — about when the firm is able to revive its derailed IPO and how it will be valued. Addison Gong reports.
15 Apr 2021 -
Jefferies skewers bank ESG ratings for ignoring climate
Several European banks’ noses were put out of joint this week by research from Jefferies, which suggested a very different ranking of banks’ ESG characteristics from that investors usually get from rating providers. The study argued commercial ESG ratings on banks are not fit for purpose.
15 Apr 2021 -
Finance ministers’ climate group speeds up work as urgency increases
The US, Japan, Malaysia and South Korea have joined the Coalition of Finance Ministers for Climate Action, the collaborative group striving to reshape economic policy-making for the battle against global warming.
14 Apr 2021 -
Ant unveils business overhaul plan as Beijing tightens screws
Chinese financial technology company Ant Group Co will transform itself into a financial holding company as part of a government mandated restructuring that will affect its key payments, consumer lending and wealth management businesses.
13 Apr 2021 -
The week in review: Beijing slaps record antitrust fine on Alibaba, regulators open up Hainan’s financial sector
In this round-up, China’s top antitrust watchdog fines Alibaba Group Holding a record Rmb18.23bn ($2.78bn) for monopolistic practices, and regulators announce measures to develop and open the financial services sector in the Hainan Free Trade Port.
12 Apr 2021
