Category: MARKET
China iron ore recovers from four-day loss on lower shipments and arrivals, outlook remains bleak
Benchmark iron ore futures on China’s Dalian Commodity Exchange recovered from four consecutive sessions of losses on Tuesday, gaining over 1 per cent on falling shipments from major suppliers. The most-traded iron ore contract on…
Embattled Evergrande sells part stake in Shengjing Bank for 10 billion yuan as more repayment deadlines approach
Embattled property developer China Evergrande Group is selling part of its stake in Shengjing Bank in northeastern China to raise nearly 10 billion yuan. The homebuilders is said to have asked for more time to…
Chinese banks rush to disclose lending to Evergrande to soothe investor nerves
Many Chinese banks are disclosing their lending to the embattled China Evergrande Group in a move to prove that they are able to cope with a potential default and soothe investor nerves. One of Evergrande’s…
Chinese developer Sinic tumbled 87% in a single day amid broad concerns over property sector
Chinese property developer Sinic Holdings Group’s shares tumbled 87 per cent in Hong Kong before its halted trading on Monday and the company did give any reason for the trading halt. The sudden selloff in…
China Evergrande unit’s bonds go on restricted trading after another rating cut
Trading restrictions were placed on nine onshore bonds sold by the flagship property unit of the troubled China Evergrande Group, after a local credit rating agency slashed the debts’ creditworthiness, deepening the debt woes for…
China Evergrande warns growing default risks, hires financial advisors to help address debt issues
Embattled property developer China Evergrande Group on Tuesday warned of growing default risks amid plunging home sales and said it has engaged advisers to examine financial options, sending its stock and bond prices tumbling. Evergrande said…
China’s Huaxia Bank halted individual foreign exchange trading business amid currency volatility concerns
A Chinese bank halted its foreign exchange trading business for individual investors, after a number of major Chinese lenders suspended or adjusted individual foreign exchange and precious metal trading businesses amid growing concerns over rising…
Meituan records 77 per cent growth in Q2 revenue, net loss widens due to heavy investment in new initiatives
China’s food delivery and on-demand service giant Meituan reported stronger-than-expected earnings for the second quarter, despite the government’s antitrust investigation and the regulatory scrutiny of the country’s technology sector. Meituan’s revenue jumped 77 per cent year over year…
Guangdong, Shenzhen plan bonds in Hong Kong and Macau, marking first offshore local government debt sales
China’s southern tech hub of Shenzhen and the economic powerhouse Guangdong province plan to issue offshore bonds in Hong Kong and Macau, marking the first direct offshore debt sales by the country’s local governments. Shenzhen…
Xiaomi posts 64 per cent rise in revenue in Q2, snaps up DeepMotion for autonomous driving ambition
Chinese smartphone giant Xiaomi Corp posted a 64 per cent increase in second-quarter revenue, just weeks after the company announced an ambitious goal to become the world’s largest smartphone maker in three years. Xiaomi on…
