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Loss-making Hareon Solar has cheapest stock in China, at just 0.02 per cent of liquor giant Kweichow Moutai’s share price

A struggling manufacturer of components for solar panels has set a new record for having the cheapest ever shares in China’s stock market.Shares of Hareon Solar Technology, which is set to be stripped of its listing status, were trading at 0.18 yuan (2.6 US cents) on Monday after declining for 14 consecutive days, making it the least valuable stock among the 3,000-plus companies on the mainland Chinese exchanges.The solar cell and module maker’s stock price is a mere 0.02 per cent that of… Source link

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London-Shanghai stock connect goes live, allowing foreign firms to list their shares in mainland China for the first time

Foreign companies will be able to list their shares in mainland China for the first time starting today, with the official launch of the long-awaited London-Shanghai Stock Connect scheme.The groundbreaking project, which will enable firms listed in the UK and mainland China to raise funds on each other’s stock market, is seen as a major step for Beijing in its efforts to internationalise its markets. It had originally been scheduled to launch in December.Huatai Securities, one of China’s… Source link

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China 

China asks state-owned ‘national champions’ to help ‘stabilise’ economy, boost profits by 9 per cent in 2019

China’s biggest 97 industrial conglomerates, known as the country’s national champions, have been asked to play their part as “stabilisers” in the national economy in a bid to offset the trade war with the United States by boosting their profits by 9 per cent in 2019, according to the state-owned Xinhua News Agency.The State-owned Asset Supervision and Administration Commission (SASAC) set the target for the enterprises under its direct control, including state-owned oil and electric companies,… Source link

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Dutch insurer Aegon sees digital distribution as the path to growth in China and rest of Asia

Aegon hopes to attract new customers in Asia by tapping into something that is never far from consumers’ eyes and almost always on: their mobile phones, the Dutch insurer’s regional chief executive said.It is partnering with the likes of mobile payment providers MobiKwik in India and Ant Financial’s Alipay in China to reach new customers in the world’s fastest developing region for the insurance industry. Ant Financial is an affiliate of Alibaba Group Holding, the parent company of the South… Source link

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Property 

China takes top spot for private equity property investment in Asia in Q1, while Hong Kong finds itself in dogfight with India

Global private equity funds – the most agile investor in the cross-border real estate world – poured US$5.1 billion into China and Hong Kong property in the first quarter of this year, making the spots the top and third most favoured destinations respectively in Asia, according to Knight Frank.China absorbed US$3.6 billion of private equity capital in the first quarter while Hong Kong took in US$1.53 billion. By comparison, $1.56 billion went to second-placed India and $1.3 billion to Japan,… Source link

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Pain of tariffs and sanctions behind China and Russia’s push to dethrone the US dollar

Two weeks ago, Russia and China took a major step away from the use of the American dollar in agreeing to develop bilateral trade using the Russian rouble and the Chinese yuan.“Russia and China intend to develop the practice of settlements in national currencies,” said President Vladimir Putin after meeting President Xi Jinping in St Petersburg. He added that both countries had signed agreements to expand the use of their currencies in bilateral financial operations.This move is long awaited… Source link

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China 

As trade war bites, China should keep calm and remember Deng Xiaoping, former adviser says

China should remember the words of its late paramount leader Deng Xioaping and “cope with affairs calmly” to avoid any further escalation of its trade and technology war with the United States, a former government adviser has said.Speaking at a seminar at Tsinghua University in Beijing recently, Jia Kang, a former head of research at China’s finance ministry, said the country also needed to be realistic about its ability to prevail in the long-running dispute.“To be honest, China is still far… Source link

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Oil tanker attacks: did Iran’s ties with China just go up in smoke?

When Shinzo Abe headed to Tehran this week for the first visit by a sitting Japanese prime minister in four decades, some in the diplomatic world imagined he could be the man to bring Iran back to the negotiating table with the United States.Those hopes were torpedoed on Thursday when, on the same day Abe was meeting Iran’s supreme leader Ayatollah Khamenei, explosions ripped through two oil tankers, one Japanese and one Norwegian, near the Strait of Hormuz, a strategically significant shipping… Source link

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Global 

Samsung’s last China smartphone factory closing, raising questions about China’s role in global value chains

In its heyday, Samsung’s complex in Huizhou in the northern part of the Pearl River Delta was the South Korean company’s largest Chinese factory, producing one in five smartphones sold in China in 2011. Now, the small shops and suppliers that surround the vast complex, the focal point for the community for 27 years, have fallen silent and a notice posted on the gate dated February 28 tells passers-by that recruitment has been suspended.“Actually, since February after the Chinese Lunar New Year,… Source link

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China 

Trade war effects leave China less room to tighten property curbs, say analysts

China’s slowing economy and the ongoing trade war with the US mean it has less room to increase cooling measures in the property sector, one of the most important economic drivers, according to analysts.China’s real estate sector has been rife with rumours the government will further rein in the booming market with measures that may include denying certain developers access to the onshore bond market to curb their aggressive bidding for land being auctioned off.Property sales in May showed… Source link

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