Home 

Stocks Blog: China gives foreign investors unfettered access to its stock markets, scraps investment quotas

Good day, traders. China took a big step Tuesday after mainland markets closed and scrapped two equity investment limits for foreigners, giving global traders unfettered access to the world’s second-largest capital market. We’ve got you covered on the major news and moves in mainland and Hong Kong markets. If you have any feedback about our blog, please send it to deb.price@scmp.com. And, due to a number of reader requests, we are doing an experiment and sending out the blog each day by… Source link

Read More
Home 

China scraps QFII and RQFII investments quota to allow unrestricted access to world’s second-largest capital market

China’s government has scrapped a foreign investments quota in its equities, giving international investors unfettered access to the world’s second-largest capital market, in another move in the country’s economic liberalisation.The investment quota limits under the Qualified Foreign Institutional Investors (QFII) scheme and the Renminbi Qualified Foreign Institutional Investor (RQFII) programme will be removed, according to a statement by the currency regulator. QFII, set up in 2002, lets… Source link

Read More
Money 

Alaska scraps plan to partner with China on major natural gas project over fears of ‘risks to the state’

A plan for Alaska and partners in China to advance a major liquefied natural gas project has been scrapped due to safety concerns from the state’s new administration.The plan, which was formed under independent ex-governor Bill Walker, has been dropped by his successor, Republican Governor Mike Dunleavy, according to the Alaska Journal of Commerce. Joe Dubler, interim president of the Alaska Gasline Development, said the corporation, which has been working on the state’s behalf, did not renew a… Source link

Read More
Home 

Anheuser-Busch scraps its US$9.8 billion IPO for Budweiser in Hong Kong, scuppering world’s largest fundraising plan of 2019

Anheuser-Busch InBev has scrapped what could have been the largest global initial public offering (IPO) of 2019 in Hong Kong, in a setback to the city’s plan to catch up with New York as the world’s fundraising hub.“The company is not proceeding with this transaction due to several factors, including the prevailing market conditions,” Anheuser-Busch said in its announcement to scupper its US$9.8 billion IPO. “The company will closely monitor market conditions, as it continuously evaluates its… Source link

Read More
Home 

Korean video games firm Nexon fails to draw bid from Tencent, scraps deal potentially worth US$16 billion

Nexon founder Jungju Kim has scrapped plans to sell a controlling stake in its parent, NXC, two sources with direct knowledge of the matter said on Monday, scuppering potentially the largest deal in the gaming sector, at up to US$16 billion.Kim had been looking to sell the 98.6 per cent stake he and his wife hold in NXC, which in turn owns 48 per cent of Tokyo-listed South Korean video game publisher Nexon.Since it emerged in January, the sales plan has been dogged by funding challenges, the… Source link

Read More
Home 

HSBC scraps minimum-balance fee for 3 million Hong Kong customers, other lenders expected to follow suit as they brace for threat from virtual banks

HSBC is to scrap the minimum balance fee that applies to 3 million customers in Hong Kong in a move likely to be followed by other big lenders as they brace for fierce competition from a wave of virtual banks due to come online later in the year.The monthly charge of HK$50 for small depositors with a passbook savings account and other basic accounts with a balance below HK$5,000 (US$640), has long been viewed as a penalty on some of the bank’s most loyal customers. It was introduced 18 years……

Read More
Home 

Huawei scraps first product launch as US trade ban bites

In this May 26, 2016, photo, a man walks past a Huawei logo during a launch event for the Huawei Matebook in Beijing. As trade disputes simmer, Chinese telecommunications giant Huawei, the No. 3 smartphone brand, is shifting its growth efforts toward Europe and Asia in the face of mounting obstacles in the US market. (AP Photo/Mark Schiefelbein) Source link

Read More
Home 

Chinese electric vehicle maker Nio scraps Shanghai factory plan after losses double to US$1.4 billion

Chinese electric vehicle start-up Nio cancelled a plan to build its second factory in Shanghai after reporting a full year 92 per cent year-on-year increase in net losses to US$1.4 billion.The US-listed Nio has partnered with Chinese state-owned carmaker JAC Motors to produce its ES8 electric model since 2016. The company said on Tuesday that the decision would allow Nio to focus on the joint manufacturing model in the long term, which was in line with the government’s new policy issued last… Source link

Read More
China 

China scraps valuation limit to kick-start Xi Jinping’s technology board for home-grown companies to raise capital

Shanghai’s stock exchange, tasked by Chinese president Xi Jinping last November to create a technology board for the country’s most valuable start-ups to raise capital, has fine tuned its listing rules and upped the ante with Hong Kong in the race for the title of Asia’s fundraising hub.Initial public offerings ((IPOs) on the tech board will be priced through “interactions with eligible offline investors,” the exchange said late on Friday. That essentially removes the implicit valuation limit –… Source link

Read More
Property 

Hong Kong scraps sale of The Peak land plot after bids failed to meet US$5.1 billion expected price

A luxury residential site on The Peak has been withdrawn from sale on Tuesday, a sign that developers are increasingly cautious about the Hong Kong market outlook as a sliding stock market, rising interest rates and the escalating US-China trade war could further dampen buying interest. The Lands Department announced that it had rejected all five tenders received for the purchase of the plot on Mansfield Road, The Peak, after the tender closed on Friday as “the tendered premiums did not meet the government’s reserve price for the site”. The…

Read More