Cash-strapped debt collector Huarong Asset Management has announced plans to raise $6.6 billion by selling shares and divesting more assets as the deeply indebted Chinese state-owned firm tries to …
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Citic, Cinda, China Life lead state firms in handing Huarong US$6.6 billion to help China’s largest bad debt manager avert bankruptcy
China Huarong Asset Management said it would receive a bailout from five state-backed investors to stave off its bankruptcy, as one of the first and largest of the country’s five managers of …
China to set up 200 billion yuan relending facility to back clean use of coal
China will establish a special relending facility worth 200 billion yuan (US$31.35 billion) to support the clean use of coal, state media quoted the cabinet as saying on Wednesday.It did not say what …
Linklaters Advises On China’s US$4bn Rule 144a/Reg S Sovereign Bond Offering.
Linklaters advised the Ministry of Finance of the People’s Republic of China (MOF) on its US$4bn Rule 144A/Reg S sovereign bonds offering, which was priced on 19 October 2021 and follows the MOF’s …
China’s debt increasing, financial system struggle to manage burden: US commission
In the wake of Beijing stimulus-led recovery from the COVID-19 pandemic China debt burden has further increased stressing a financial system still struggl …
Illumina and Sequoia Capital China Select First Startups to join Genomics Incubator in China
Illumina, Inc. (NASDAQ: ILMN), and Sequoia Capital China, a leading investment firm, today jointly announced the selection of the first two startup companies joining the Sequoia Capital China …
The White Knights Bailing Out China’s Distressed Companies Aren’t Generous
Huarong and Tsinghua Unigroup seem to be benefiting from rescues but, there’s less to the deals than meets the eye.
Suspect arrested in China digital yuan scam
Chinese police said Wednesday they have arrested a suspect in a digital currency scam who allegedly swindled thousands of dollars in one of the first such cases involving the central bank’s new …
China arrests money launderers using digital yuan
China uncovered money laundering activities using similar methods to what theyd try for a debit or credit card scam but adapted for the pilot central bank digital currency (CBDC). Eleven people …
Bit Digital Migrates All of Its Bitcoin Mining Out of China Amid Ban
North American dominance in bitcoin mining continues to strengthen as most miners continue their migration out of China, since the country’s sweeping ban on all crypto-linked activities in July. Most …
Why China’s Debt Crisis and Housing Concerns May Be a Problem for the U.S.
China’s local government financing vehicles (LGFVs), which make up 52% of its GDP, are over $8 trillion in debt. Evergrande’s potential debt default may just be the start of China’s financial crisis.
Chinese cryptocurrency media outlets suspend websites as Beijing shows zero tolerance on virtual assets
Two popular Chinese cryptocurrency news outlets have become inaccessible, as Beijing continues its crackdown on the trading and mining of virtual assets.
Profits of China’s commercial banks up 11.5% in first three quarters
China’s commercial banks raked in total net profits of 1.7 trillion yuan (about $265.9 billion) in the Jan-Sept period, up 11.5 percent year-on-year, data from the country’s top banking and insurance …
