Crackdown on money transfers via offshore firms, shadow banks
The country will focus on money transfers using offshore companies and illegal underground banks in 2017, Sina Finance reported Wednesday afternoon. The People’s Bank of China notice said measures would be developed to handle complaints and strengthen the supervision of administrative law enforcement, the report added.
Private firms hunt for profits in refining, chemicals industry
Lower petroleum prices are spurring a growing number of private domestic enterprises to seek higher profits in the refining and chemicals industry, the Securities Daily said on Wednesday. The China Petroleum and Chemical Corporation also saw a record-high profit in 2016, growing 43.8% to 46.4 billion yuan (US$6.73 billion) compared to the numbers in 2015, it added.
New property restrictions in districts near Xiongan SEZ
Districts around the proposed Xiongan special economic zone (SEZ) set new property policies on Wednesday, Sina Finance reported, citing a State Council notice. Policies include restrictions on the number of homes a resident can buy and tougher qualification requirements for housing loans. In districts like Xushui county in Baoding City, a residence certificate is required for non-local residents, it added.
China Unicom Group may seek ‘mixed ownership’
One of the country’s largest telecoms firms, China Unicom, said its parent company China Unicom Group is considering “mixed ownership,” Caixin reported on Wednesday. No timeline was given although China Unicom’s H shares and A shares will resume trading on Thursday. “Mixed ownership” is part of a central government plan to reform state-owned enterprises by encouraging Chinese private investment in SOEs, it added.
32% increase in A-shares IPO listings in first quarter of 2017
Some 133 companies completed A-share initial public offerings in the first quarter of 2017, exceeding the total number in the first three quarters of 2016, Jiemian said on Wednesday. This is a 31.68% increase compared to the last quarter of 2016, it said. The 4.086 billion yuan (US$590 million) listing of China Galaxy Securities on the Shenzhen Stock Exchange in late January was the biggest IPO, it added.
Evergrande Life Insurance may restructure after ban
Evergrande Life Insurance is “seriously considering restructuring” following punishment in late February for short-term speculation, Yicai reported on Wednesday. Evergrande was barred from stock investing for a year following a crackdown on insurance companies’ speculation in the financial markets. The restructuring note was sent to the China Insurance Regulatory Commission, it added.