Leng Cheng
Caixin Global
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Past articles by Leng:
Foreign Investors Will Get More Tools to Bet on Chinese Stocks
Foreign Investors Will Get More Tools to Bet on Chinese Stocks - Hong Kong Stock Exchange to introduce futures contracts on MSCI China A Index as hedge against risks → Read More
Corruption Crackdown Snares Bankrupt Steelmaker’s Former Party Chief
China Corruption Crackdown Snares Bankrupt Steelmaker’s Former Party Chief → Read More
Live Event: China’s New Securities Regulator Gives Much-Anticipated News Conference
Live Event: China’s New Securities Regulator Gives Much-Anticipated News Conference → Read More
Embattled Anbang Dismantles Stakes in Leasing Unit
Debt-laden Anbang Insurance Group has agreed to sell its stake in a financing leasing firm for over $700 million, as it continues to shed assets after the government took over control of the company whose credit-fueled acquisition spree has threatened its solvency. AB Life Insurance and Chengdu Rural Commercial Bank struck a deal on Tuesday to sell 100% of AB Leasing to Zhongyuan Bank, a small… → Read More
Rumors of Graft Probe Swirl Around Three Bank of Nanjing Executives
Local lender Bank of Nanjing confirmed Wednesday that three of its executives are unable to perform their duties, amid rumors that they are being questioned by authorities in the latest crackdown on corruption in the financial industry. Dai Juan, general manager of the lender’s asset management business center, Dong Wenzhao, vice general manager of its capital operation center, and Li Yan, vice… → Read More
China Tells Debt Guarantors to Refocus on Small Businesses, Rural Sector
China Tells Debt Guarantors to Refocus on Small Businesses, Rural Sector → Read More
S&P Global Cracks Into China’s Credit Rating Market
China’s central bank officially approved the entry of a stand-alone unit of global ratings agency S&P Global Inc. on Monday, making it the first foreign-owned company allowed to rate Chinese domestic bonds. The world’s top three credit-rating firms — Moody’s Investors Service, Fitch Ratings and S&P — have long coveted China’s bond-rating business. The move comes as part of China’s… → Read More
China’s Biggest Oil Refiner Says Unit Lost $674 Million
State-owned oil giant Sinopec admitted a 4.56 billion yuan ($674.2 million) operating loss made by its oil-trading arm in 2018. The statement Friday comes after Unipec, a wholly-owned trading arm of Sinopec, suspended two top officials in December after it suffered losses on crude oil transactions due to oil price slumps. The firm was investigating risk-management flaws in the company’s hedging… → Read More
China’s State Planner Encourages Banks to Offer Private Sector Long-Term Loans
It’s the latest sign of efforts to prop up the confidence of the private sector. China will encourage quality, privately owned enterprises to expand the amount of their bond issuance this year, and banks to offer them medium- and long-term loans with maturity of more than three years, the country’s state planner said Tuesday. The government will strengthen the supporting role of corporate bonds… → Read More
China Gives Nod To Bank of China’s Perpetual-Bond Sale to Boost Capital
China Gives Nod To Bank of China’s Perpetual-Bond Sale to Boost Capital - Approval for issuance of nearly $6 billion worth of the debt confirms the lender will be first of its peers to use newly introduced fundraising tool → Read More
China Mulls New Policies To Lure Foreign Financial Companies
China Mulls New Policies To Lure Foreign Financial Companies → Read More
China to Cut Reserve Requirement Ratio by 100 Basis Points
China’s central bank announced Friday that it will cut the amount of money that banks have to hold in reserve, releasing a net 800 billion yuan ($116.5 billion) into the financial system this month to ensure an ample supply of cash ahead of the Spring Festival holidays. The People’s Bank of China (PBOC) plans to cut the reserve requirement ratio (RRR) twice this month, once on Jan. 15 and once… → Read More
China’s Over-the-Counter Market to Launch Five New Indexes Tracking Small Private Firms
China’s largest over-the-counter stock market will launch five new indexes tracking high-quality private firms, aiming to stimulate investor interest in small and midsized companies. One new index will focus on innovative companies from the board and another on bellwether stocks of private firms. The other three will track manufacturers, service providers and pharmaceutical firms, the National… → Read More
Goldman Sachs Refutes Alleged Link to Sinopec Unit’s Trading Loss
U.S. investment banking giant Goldman Sachs denied Monday alleged links to a widely reported trading loss of China’s largest oil-trading company, saying it neither engaged in nor proposed the deal. The statement comes days after Unipec, a trading arm of China’s largest oil refiner Sinopec Corp., suspended two top officials as it suffered losses on crude oil transactions due to oil price slumps.… → Read More
UBS Becomes First Foreign Bank to Control a Brokerage in China
It’s official. UBS Group on Monday became the first foreign bank to control a Chinese securities firm. Three weeks after getting the green light from regulators, the Swiss multinational has finalized its increase in shares of UBS Securities, its brokerage joint venture in China, from 24.99% to 51%. The move is intended to “better leverage its close ties with UBS Group’s operations in the region”… → Read More
The Seven Major Economic Tasks China’s Leaders Just Outlined
Chinese leaders concluded a major three-day economic meeting Friday, outlining the course of the country’s economy for the year to come. So what did they decide? Here are seven “major tasks” the leaders — including President Xi Jinping — outlined for 2019: 1. MANUFACTURING UPGRADING — China will promote the development of high-end manufacturing, including modern service industries. As the… → Read More
China Sets Deadline to Deal With ‘Zombie’ Companies
China Sets Deadline to Deal With ‘Zombie’ Companies - Longtime money-losing enterprises will have until 2020 to undergo restructuring or face dissolution → Read More
Economy at Risk of Long-Term ‘Downward Spiral,’ State Researcher Says
Economy at Risk of Long-Term ‘Downward Spiral,’ State Researcher Says - Engines of China’s growth are all slowing and trade friction with U.S. will add to problems, Li Yang tells conference → Read More
Xi Says China Will Expand Imports, Raise Costs of Intellectual Property Theft
Xi Says China Will Expand Imports, Raise Costs of Intellectual Property Theft - President’s promises touch on concerns central to Sino-U.S. trade conflict → Read More
Central Bank Tabs Little-Known Firm to Offer Credit Support to Bond-Selling Companies
Central Bank Tabs Little-Known Firm to Offer Credit Support to Bond-Selling Companies - PBOC expected to inject funds into Huida Asset Management to boost its ability to insure bonds sold by private firms → Read More