Government orders factories shut to reduce Beijing smog
The most important and market-moving stories from the Chinese-language media
Cement and steel producers in 20 cities, including Beijing, Tianjing and Hebei, have been ordered to stop production through March to reduce air pollution, reported Shanghai Securities Journal. Steel producers failing to meet environmental standards and small-scale manufacturers are also targeted.
China International Capital to merge with China Investment Securities
China International Capital Corp will merge with China Investment Securities, Sina Finance reported, citing an unnamed source. An announcement is imminent, the report said. Such a combination will create a company worth up to 186 billion yuan. H-Shares in China International Capital listed on the Hong Kong Stock Exchange rose 3% on Thursday.
Chinese brokerages join Hong Kong trading link
As many as 24 brokerages in China have been approved to join Shenzhen Hong Kong Stock Connect, according to 21st Century Business Herald. Mainland investors can trade stocks of certain Hong Kong companies through these brokerages from as early as Friday.
Shanghai tightens rules on property funds
Commercial banks in Shanghai will toughen checks on the sources of funds used for down-payment on property and prevent asset management funds illegally enter the land market, Sina Finance reported citing an order from the Shanghai headquarters of the People’s Bank of China.
Gold purchases fall in first 9 months
Total gold purchases fell 12.82% year on year in the first nine months to 720.66 metric tons, according to Xinhua news agency. However, purchases of standard gold bars soared 595.36% to 42 tons.
Chengdu leads investment in western regions
Chengdu attracted investment in 836 projects worth 657.253 billion yuan, the largest amount of deals done in the Western China International Fair in Chengdu on Thursday, reported the National Economic Daily. Total investment in the regions, which includes Xinjiang, reached 787.685 billion yuan.
Regulator targets online insurers
Some on-line insurance companies are spreading misleading information in promotional materials and will face punishment, the China Insurance Regulatory Commission said, according to a report by Shanghai Securities Journal. The regulator introduced tougher rules in July to monitor online insurers.
Gree Electric mulls move after failed Yinglong bid
Gree Electric has asked for an extension until November 7 to reply to a query from the Shenzhen stock exchange about its failed bid to buy Yinglong Group.