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Shanghai exchange moves to curb speculation even before trading starts at Nasdaq-style tech board, introduces suspension rules

The Shanghai Stock Exchange introduced rules to limit speculation on the Star Market, its new technology innovation board, on Friday.Chinese regulators are prioritising stability for the trading debut of the Nasdaq-style market, which was launched on Thursday during the annual Lujiazui Forum. It is expected to start trading within two months, the exchange’s chairman, Huang Hongyuan, said.According to the new rules, shares on the Star Market will be allowed to trade freely for the first five… Source link

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China still ‘exploring’ international board for foreign companies to raise funds on Shanghai Stock Exchange

Shanghai ambitions to transform itself into a global finance hub on par with New York and London includes a long-discussed international board to attract foreign corporate giants to raise funds on the mainland stock market.The plan is still alive, a key official says, but needs approval from the State Council, China’s cabinet.“We are exploring it, and I believe there will be some news about the board in foreseeable future,” Fang Xinghai, vice-chairman of the China Securities Regulatory… Source link

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Hong Kong top destination for Chinese IPOs, but new Shanghai tech board poses threat, Baker McKenzie says

Hong Kong is the top destination for Chinese companies seeking to list their shares outside China so far this year, but could face a challenge for initial public offerings from Shanghai’s new technology innovation board, according to a new report by the law firm Baker McKenzie.Thirty-four Chinese companies have raised or are expected to raise more than US$6.8 billion in IPOs in Hong Kong in the first six months of 2019, including new listings by the drug maker Hansoh Pharmaceutical Group and… Source link

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Chinese manufacturers must bite the tariffs bullet or think of long-term options to survive, says Seattle glove maker in Shanghai

Chinese manufacturers who are subject to higher US import duties must either pass the added costs to their customers, or seek long-term solutions to work around the impact of the US-China trade war, said the founder of a Seattle glove maker who produces 10 per cent of his protective gear in China.The threat by Donald Trump’s administration to slap a 25 per cent import tariff on US$300 billion of Chinese products – including Ammex Corporation’s Shanghai-made disposable gloves – adds to duties on… Source link

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China’s corruption watchdog investigates Gu Guoming, head of ICBC’s Shanghai branch

The head of the Industrial and Commercial Bank of China’s Shanghai branch is under investigation for alleged serious violation of party discipline and infringement of criminal laws, the Communist Party’s anti-corruption body said.The Central Commission for Discipline Inspection (CCDI) of the Communist Party said in a statement on Thursday evening it had placed Gu Guoming, the bank’s chief governor, under investigation.It is the second scandal involving the world’s biggest lender by assets in… Source link

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Shanghai posts sixth straight day of losses while Hong Kong gains as fears of oil glut are added to jitters around ongoing trade war

The Shanghai Composite Index posted its sixth straight trading day of losses, while Hong Kong bounced into slight gains near the close, as a global oil glut added to existing worries over the ongoing US-China trade war.The Shanghai Composite began down Thursday and stayed down, ending with a loss of 1.17 per cent to 2,827.80, helping to pull the first week of June trading into a 2.45 per cent decline. That was its lowest level since February 22. It posted a weekly gain last week.Meanwhile the… Source link

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Shanghai extends losses for fifth day while Hong Kong finishes ahead, as traders battle nerves amid trade tensions

The Shanghai benchmark extended losses for the fifth trading day, while Hong Kong posted gains, as traders felt torn between positive news that the US Federal Reserve is open to a rate cut and gloom from ongoing trade uncertainties.The Shanghai Composite closed down 0.03 per cent to 2,861.42 on Wednesday, falling at the end after opening up 0.91 per cent. The CSI 300 benchmark of large caps on Shanghai and Shenzhen stock markets continued Tuesday’s losses to end down 0.038 per cent to 3,597.11… Source link

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Shui On revamps Xintiandi Plaza as it looks to become the go-to destination for female shoppers in Shanghai

Shui On Land, the mainland-focused developer known for its expertise in large-scale urban renewal projects, has carved a niche for itself in China’s ultra competitive retailing sector by launching the mainland’s first shopping centre dedicated to women in Shanghai.Located in the heart of downtown Shanghai, in Huaihai Road, Xintiandi Plaza aims to become a lifestyle destination for women of all ages, securing dozens of tenants to offer shoppers highly customisable interactive experiences.The 27… Source link

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Shanghai, Hong Kong stocks slip as traders await any signs of progress in edgy US-China relations

It wasn’t a pretty first trading day of June.Shanghai markets fell for the third straight day, while Hong Kong slipped for fourth consecutive session, as traders awaited any news of progress in US-China trade relations.That gloomy start to June came after a painful May, when the Shanghai Composite posted its second straight month of losses and Hong Kong’s Hang Seng Index recorded its first monthly loss of the year.“It is politics, not just economics. It is difficult to anticipate what is next,”… Source link

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Shanghai tech board unlikely to challenge Hong Kong’s status as preferred IPO hub for Chinese biotech firms

Volatile stock markets as a result of the unresolved US-China trade war will affect the valuations of Chinese biotech IPOs, but Hong Kong’s status as an IPO hub will remain undiminished and compete strongly with the upcoming tech board in Shanghai, say investment bankers.“The funds available here and in China are incredibly deep, I anticipate that this market should hold as it goes through the ups and downs,” said Philip Ross, JPMorgan’s vice-chairman of investment banking with a focus on… Source link

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