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Banking & Finance

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On the right track

Inclusion in a key fixed income index is a milestone for China bond market
Apr 5, 2019 (WiC 447)

Is that issuer from Hunan or Henan; Shanxi or Shaanxi? Pity the poor fund manager sitting at his desk in the American heartlands. After years of needing to know very little about the $13 trillion Chinese bond market, the day is getting closer ...

Meet the voracious investor in China’s food and beverage brands
Mar 29, 2019 (WiC 446)

After years of outperformance, 3G Capital, the trusted investment partner of Berkshire Hathaway, looks to have shed its halo. Apart from facing a probe by the US financial watchdog, its flagship food company Heinz Kraft ran up colossal losses ...

Super app, super loss

Should investors be panicked by the red ink at Meituan-Dianping?
Mar 22, 2019 (WiC 445)

Weighed down by a $2 billion loss from unauthorised bets on the forex market, Citic Pacific’s HK$12.7 billion ($1.6 billion) loss in 2008 was one of the worst by a Hong Kong-listed firm in recent memory. Chalco’s Rmb16.3 billion ($2.4 ...

Premium performer

Bumper profits for Ping An
Mar 22, 2019 (WiC 445)

While food delivery firm Meituan-Dianping shocked investors with the biggest corporate loss in Hong Kong history (see page 9), Ping An Insurance has been making headlines for better reasons. Thanks to rapid growth in its life and health ...

A very hard sell

How a research report on PICC spooked Chinese stocks last Friday
Mar 15, 2019 (WiC 444)

At the height of the stock market bubble in 2000 ‘sell’ ratings made up just 1% of the recommendations of investment bank’s equity analysts. In a regulatory revamp after the Enron debacle, Wall Street brokerages were required to explain the ...

Is it different this time?

Bullishness on Chinese stocks rises as MSCI ups its index allocation
Mar 8, 2019 (WiC 443)

Politics isn’t supposed to be a place to get rich but China’s lawmakers seem to be doing well enough, with 93 dollar-denominated billionaires in the legislative and advisory branches of the government, according to calculations from the Hurun ...

Money in the bank

Alibaba follows Tencent with CICC investment
Mar 1, 2019 (WiC 442)

It can often be hard to keep up with the changes in China’s financial services industry, not least due to the rise and fall of the shadow banking sector over the past few years. But one trend is clear: both Alibaba and Tencent are intent on ...

A ticking timebomb?

China Minsheng Investment’s default rattles bond investors
Feb 22, 2019 (WiC 441)

The world is witnessing the birth of a new type of sugar daddy. That is according to one of the world’s most famous bond fund managers, Mohamed El-Erian. Pimco’s former CEO and CIO recently described the Federal Reserve as a rich uncle to ...

Time to give credit

S&P finally gets a licence to rate local debt in China – and take on Dagong
Feb 8, 2019 (WiC 440)

Downgrading its credit rating for US government debt to a level barely above junk won Dagong Global more headlines than credibility when it announced its decision last January. Bemused analysts pointed out this was the same firm that had awarded ...

Will new securities regulator be boon for market?
Feb 1, 2019 (WiC 439)

In most countries the announcement of a new regulator for the securities market barely musters a mention in the newspapers. Not so in China, where the appointment of a new China Securities Regulatory Commission (CSRC) chairman is always big news ...

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