Vietnam 

Sugar firm to sell more than 61 million treasury shares – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  On the market, shares of Thành Thành Công Biên Hòa are falling significantly, continuously tracking the bottom in nearly one year. — Photo ndh.vn HÀ NỘI — Thành Thành Công Biên Hòa Sugar JSC (SBT) has approved a plan to sell treasury shares. The company plans to sell all nearly 61.7 million treasury shares to increase the number of outstanding voting shares and restructure the company’s capital. The selling price will be decided by the board of directors in compliance with regulations butnot lower than the market price or…

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Missing oil tycoon Ye Jianming’s firm faces delisting in China, 18 months after he was detained by Chinese authorities

The latest turn in the dramatic downfall of one of China’s most aggressive deal makers – CEFC China Energy – is the likely start this week of removing its only mainland-listed unit from the Shenzhen Stock Exchange.CEFC China amassed a large portfolio of energy and financial assets in Europe, the Middle East, Central Asia and Africa under its mysterious founder, Ye Jianming.The empire builder was detained by Chinese authorities 18 months ago and has not been seen since. His detention on still… Source link

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Vietnam 

Japanese firm to build ingredient plant in Cần Thơ – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Workers process shrimp at Trà Nóc 2 Industrial Park in the city of Cần Thơ. — Photo baocantho.com.vn CẦN THƠ — Japanese food and ingredient firm Takesho plans to build a plant to process shrimp heads and shells, CEO cum chairman Toshinao Tanaka said at a meeting on Tuesday. The company has succeeded in turning the oft-discarded pieces into ingredients and spices for the food processing industry, he said. In the near future, the Japanese firm and Cần Thơ University will release products made of tra fish…

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Dozens of companies suspend fundraising as investigation into audit firm Ruihua enters fourth week

Dozens of mainland companies have suspended their fundraising plans or in some instances even halted their initial public offerings, as the economic fallout continues to mount in the four weeks since China’s second largest accounting auditor was placed under investigation.A total of 42 listed firms have announced they have suspended their fundraising plans after their auditor Ruihua Certified Public Accountants was placed under investigation in early July, according to filings made to the… Source link

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Parent firm of China Southern, country’s largest airline, receives US$4 billion cash injection for overseas expansion

The holding company behind China Southern Airlines, mainland China’s largest carrier, will receive a cash injection of 30 billion yuan (US$4.36 billion) from three fund-management firms, the company said in a filing to the Hong Kong stock exchange. The money is intended to boost its war chest for overseas expansion.In its filing, the airline said its parent, China Southern Air Holding (CSAH), had entered into a capital increase agreement with three investors “to implement the relevant… Source link

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Hong Kong developer Nan Fung launches arthritis and cancer biosimilars joint venture with Korean biopharmaceutical firm

Hong Kong-based property developer Nan Fung deepened its diversification into health care with the announcement on Friday of a joint venture that will produce and sell in mainland China biosimilar versions of medicines used to treat arthritis and cancers.Shanghai-based Vcell Healthcare Limited, set up in collaboration with South Korean biopharmaceutical company Celltrion, will own the rights to develop, manufacture and commercialise three of Celltrion’s major biosimilars – Remsima, Truxima and… Source link

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Vietnam 

Construction firm Coteccons prepares for revenue and profit to fall – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  CTD share closed Thursday down 1.33 per cent to end at VNĐ111,000 per share. — Photo cafef.vn HÀ NỘI — The construction conglomerate Coteccons Construction Joint Stock Company (Coteccons) expects its year revenue to fall 5 per cent year-on-year to VNĐ27 trillion (US$1.2 billion) this year. The company expects profit to decrease by 14 per cent against 2018, at VNĐ1.3 trillion. In the second quarter of 2019, Coteccons’s net revenue hit VNĐ5.8 trillion, down 30 per cent over the same period last year. Cost of goods sold accounted for nearly…

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S&P becomes first foreign firm to rate domestic Chinese bonds, assigns highest score to ICBC unit

S&P Global Ratings is the first foreign credit-rating company to rate domestic Chinese bonds after awarding its top score to a unit of the country’s largest bank.S&P assigned a “AAA” rating on July 11 to ICBC Financial Leasing, a unit of Industrial and Commercial Bank of China. That is the highest grade on the ratings scale S&P established for China. It does not correspond to the same rating on its global scale.The move puts S&P in front of the other two major ratings agencies, Moody’s… Source link

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China 

China’s Anbang dismantling continues with new state-owned firm taking over insurance assets

China’s dismantling of the Anbang Insurance Group has continued with the newly established state-owned Dajia Insurance Group taking over its property and casualty insurance assets, the Chinese Banking and Insurance Regulatory Commission said on Thursday.Dajia is a joint venture between the China Insurance Security Fund, Sinopec Group and SAIC Motor, with a total investment of 20.36 billion yuan (US$3 billion), the Chinese Banking and Insurance Regulatory Commission (CBIRC) confirmed. It also… Source link

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Messaging firm Symphony says bots to dominate financial sector communications within two years in automation wave

Symphony Communications Services, a Silicon Valley messaging start-up used by some of the world’s biggest financial-services companies, expects robot-driven traffic on its platform to surpass human initiated use within two years.A wave of workflow automation is expected to speed up transaction and regulatory compliance procedures, and reduce human errors and costs.“With stronger regulatory compliance requirements everywhere … the typical response is, let’s have more people give approval before… Source link

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