The China Securities Regulatory Commission and China Banking Regulatory Commission have drafted guidelines that will allow domestic commercial banks to issue corporate bonds to replenish their capital, the CSRC said on Friday.
The guidelines give commercial banks more ways to raise new capital and promote the development of the Chinese bond market, a CSRC spokesman said.
“Commercial banks should focus on increasing their income and reducing their expenditure to bolster their capital and improve the quality of their capital and then prudently explore external financing,” the spokesman added.
Qualified issuers under the guidelines are Chinese commercial banks listed on the Shenzhen or Shanghai stock exchanges, as well as those listed on foreign stock exchanges, and those that are applying for domestic initial public offerings.
Leaders of China’s ruling Communist Party started a four-day conclave in Beijing today where they may chart out the biggest economic and societal changes to the country in a generation.
Potential reforms include loosened controls on interest rates and the yuan and closer supervision of local-government finances, according to analysts including Zhang Zhiwei, chief China economist at Nomura Holdings Inc.
China Cosco Holdings Co. (1919) Executive Director Xu Minjie resigned after the nation’s largest shipping company said he was under investigation by a regulatory body.
Xu quit because of “personal reasons,” China Cosco said in a statement to the Hong Kong Stock Exchange yesterday. The company said on Nov. 7 that Xu was being probed, without elaborating on why or by whom.
Today Microsoft announced that it would be taking hold of Skype’s operations in China, where it currently lays claim to 100 million registered users.
Wait… doesn’t Microsoft own Skype? Yes, but not in China. While the Redmond tech giant purchased the popular video chat software back in May 2011, the deal excluded Skype’s operations in China. There, Skype had been running as a joint venture with Tom Online, a Chinese internet services firm, since 2004. Users in China who entered www.skype.com into their browser would be re-directed to skype.tom.com, where they could then download the Chinese client.
Executives at Chinese companies are ecstatic these days. Finally, after a near total delisting of Chinese firms floating on US exchanges – followed by long gaps of time when no mainlander dared test those waters – investors in New York are biting again at the shares China tossed from afar on a rusty hook. Here’s the latest one to file for a listing.
Of course, that fishing line goes from China and through a complex network of entities and a shell company in the Cayman islands before it ever reaches New York. If you chomp down on a bad one, don’t count on ever hearing from the fisherman at the end of the line.
Posted from Diigo.