Feb 21, 2023 09:22 AM

CX Daily: Hiring of ICBC Veteran Looms Over Disappearance of China Renaissance Founder


Russia-Ukraine /

Cover Story: One year into Russia-Ukraine war and still no end in sight

It’s been almost a year since Russia launched its full-blown invasion of Ukraine, raining down missiles on more than half-a-dozen of the country’s cities, including the capital Kyiv, on Feb. 24, 2022, kicking off the biggest conventional conflict in Europe since the World War II.

Now, with the approach of the first anniversary of the war, which according to recent estimates has killed or injured as many as 200,000 Russian forces and more than 18,000 Ukrainian civilians, left millions of people homeless and cost the global economy trillions of dollars, there seems no end in sight.

Investment banking /

In Depth: Hiring of ICBC veteran looms over disappearance of China Renaissance founder

This isn’t the first time for a member of China Renaissance’s leadership to get into trouble. Last September, Chinese authorities investigated Cong Lin, president of the company and chairman of its Hong Kong securities unit, Caixin previously reported.

The disappearance of Bao Fan, who is also the company’s CEO and controlling shareholder, is most likely related to Cong, people familiar with the matter told Caixin.

China Renaissance shares nosedive after founder’s disappearance

IPOs /

China completes rollout of new IPO system with inclusion of main boards in Shanghai, Shenzhen

China officially expanded a registration-based IPO system to the nation’s two biggest stock boards in Shanghai and Shenzhen Friday, giving markets and investors a bigger say in deciding the value of companies seeking to raise funds.

The new system, the draft rules of which were first published Feb. 1, will simplify listing requirements, ensure strict information disclosure, be effective in preventing risks and set out different requirements for IPOs on different boards, the China Securities Regulatory Commission (CSRC) said Friday.

China eases overseas share sale rules, paving way for IPO rebound


The five-chapter regulation was jointly published by the China Securities Regulatory Commission and the People’s Bank of Chin 

Funds /

China issues rules for giant money market funds

China’s financial regulators Friday published long-awaited rules to regulate the country’s $1.6 trillion market for money market funds, setting requirements on how major players can manage and invest the money.

The five-chapter regulation jointly published by the China Securities Regulatory Commission and the People’s Bank of China stipulates that money market funds with net assets of more than 200 billion yuan ($29 billion) or more than 50 million investors in 20 consecutive trading days should comply with the requirements for investment, leverage ratio and risk reserves.

Fines /

Standard Chartered among five banks fined for loan violations

China’s banking regulator handed out fines totaling 388 million yuan ($56.6 million) to five lenders including Standard Chartered Bank (China) Ltd. over a raft of violations related to loan issuance and compliance.

In a notice released by the China Banking and Insurance Regulatory Commission (CBIRC) Friday, Standard Chartered Bank (China) was found to have engaged in a number of violations, including illegally issuing property loans, failing to detect the misuse of consumer loans, and charging arbitrarily for its services.

Personnel /

China removes Communist Party heads of top state insurer and bank

China Friday removed the Communist Party chiefs from two of its biggest state-owned financial institutions — the People’s Insurance Co. Group of China (PICC) and Bank of China Ltd. (BOC).

PICC, China’s largest property insurer, said in a statement that party Secretary Luo Xi will step down from the post, without elaboration. Luo remains chairman of PICC. Caixin learned that PICC President Wang Tingke will temporarily assume Luo’s duties as party chief.

Quick hits /

China’s top diplomat blasts ‘hysterical’ U.S. response on balloon

Editorial: Disable China’s ‘health codes' as soon as possible


The southern city of Guangzhou has set up two fund-of-funds to inject capital into an array of high-tech sectors, which are struggling from an overall lack of investment. Photo: VCG


Guangzhou commits $29 billion to local tech funds

Southern metropolis Guangzhou is extending a hand to its local tech industry, allocating a combined 200 billion yuan ($29.2 billion) to two new funds to invest across a broad swathe of sectors and from nascent to large-scale projects.

The vehicles are structured as fund-of-funds (FOFs), a type of entity that invests in multiple funds with different strategies. The Guangdong province-registered FOFs — set up by state-owned Guangzhou Industrial Investment and Capital Operation Holding Group Ltd. — have different focuses and models, according to an announcement posted on its website Sunday.


CATL offering steep discounts to automakers in quid pro quo deal, source says

Contemporary Amperex Technology Co. Ltd. (CATL), the world’s largest electric-vehicle (EV) battery-maker, is in talks to offer automakers steeply discounted prices in exchange for sourcing the vast bulk of their power cells from the company in a bid to stave off growing competition from smaller rivals, Caixin learned.

If the plan goes ahead, CATL will sell the strategic clients EV batteries made from self-manufactured lithium carbonate at a low price. In return, they will be required to sign a contract committing them to buy 80% of their EV batteries from CATL over the next three years, a person close to the company told Caixin Sunday.

Electric cars /

China doesn’t have an EV production glut, ex-minister says

China is not facing an overall glut of electric vehicle (EV) production as growth in demand remains solid, though there may be overcapacity in some regions, China’s former minister of industry said.

“New-energy vehicle (NEV) sales growth in 2023 is likely to exceed 30%, with total sales reaching 9 million units,” said Miao Wei, the former minister of industry and information technology.

Quick hits /

China vows ‘limited’ use of sanctions list for foreign firms

Hong Kong airport’s passenger volume surges as China reopens

Long Read /

The safest and most endangered jobs in a ChatGPT world


China clinches first bobsleigh World Cup medal


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