Credit Suisse to Buy Out China Partner for $160 Million (Caixin)
2022-09-09
Credit Suisse Group AG’s Chinese partner agreed to sell its remaining stake in a local joint venture for 1.14 billion yuan ($160 million), the Swiss financial giant said, paving the way for it to take full control of the onshore securities operation. Founder Securities plans to dispose of its entire 49% stake in Credit Suisse Securities (China), according to a Shanghai stock exchange statement Thursday. The companies need to notify China’s securities regulator and the Swiss Financial Market Supervisory Authority on the planned transaction. The deal would make Credit Suisse the latest global bank to control 100% of its onshore securities venture in China after winning approval for majority control more than two years ago. The bank is continuing to invest in China even as headwinds mount amid slowing growth and rising political tension. The bank is also reeling from an exodus of bankers in the U.S. and Asia and a series of scandals. “Credit Suisse sees China as more than a growth market with immense potential, but also a place that offers opportunities for collaboration and mutual benefits,” Carsten Stoehr, Credit Suisse CEO for Greater China, said in an emailed statement. The agreement would allow Founder Securities to further allocate resources rationally and improve the efficiency of capital use, it said. JPMorgan Chase & Co. and Goldman Sachs Group Inc. were the first international banks to take 100% ownership of China ventures last year. Morgan Stanley has taken control of its securities venture and is moving closer to getting full control of its fund management venture. Citigroup Inc. is in the process of apply for futures and securities licenses.

UBS Wins Mandates for Two Chinese Listings in Zurich (Caixin)
2022-09-09
UBS Group AG has been selected to arrange the Swiss share sales of two Chinese companies, people familiar with the matter said, as a flurry of firms are capitalizing on an expanded link between stock exchanges in China and Europe. Shanghai Jinjiang International Hotels Co. is working with UBS for its global depositary receipts issuance in Zurich, which could raise at least $500 million, said the people, who asked not to be identified discussing non-public information. UBS is also advising Shenzhen-listed Jiangsu Eastern Shenghong Co. on its GDR sale in Switzerland, the people said, adding that CLSA Ltd. is on the deal as well. Shenghong, a textile products manufacturer, plans to sell GDRs in either Zurich or London to meet its business development needs, according to an exchange filing in August. Shanghai Jinjiang also announced its intention to issue GDRs in Switzerland in the same month. Both GDR sales could be launched before the end of this year, the people said. Deliberations are ongoing and more banks could be added, the people said. A representative for UBS declined to comment, while a representative for CLSA didn’t immediately respond to requests for comment. Shanghai Jinjiang and Shenghong didn’t respond to calls and written requests for comment.
Chinese companies are turning to Switzerland in the hopes of raising funds from overseas investors as geopolitical tension, policy tightening and a global slump in initial public offerings all make conventional listings abroad increasingly difficult. While Beijing and Washington last month reached a preliminary deal to allow American officials to review audit documents of Chinese businesses trading in the US, in hopes of preventing delistings mandated by Congress, companies are still seeking alternative trading venues elsewhere in case of additional fallout. China’s securities regulator said in February that the Shanghai-London Stock Connect, which allows companies that are listed on one exchange to offer depositary receipts on the other, would be extended to include firms listed in Switzerland, Germany and Shenzhen.

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China, Israel free-trade deal, Beijing’s first in Middle East, in ‘last stages’ amid troubles with US (SCMP)
2022-09-08

Having lagged far behind China for decades, can India replicate China’s success in GDP ranking any time soon? (GT)
2022-09-08

China aims to lift Africa’s space ambitions in drive to beat US domination (SCMP)
2022-09-08

China-Russia gas deal in yuan, roubles underscores efforts to reduce US dollar hegemony (SCMP)
2022-09-07

China-Russia drills to safeguard regional peace, deter ‘troublemakers in the region’ (GT)
2022-09-06

Chinese trade expo cancels Ukrainian forum promoting post-invasion investment opportunities (SCMP)
2022-09-06

Xi Jinping to visit Kazakhstan in first trip out of China since pandemic began (SCMP)
2022-09-05

Russia, China seek closer trade ties at key economic forum in Russia's Far East amid US hegemony (GT)
2022-09-05

India carries out major works along contested border with China (SCMP)
2022-09-04

Chinese FM meets outgoing Russian ambassador to China (GT)
2022-09-03

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Why size matters when it comes to China’s new leadership line-up (SCMP)
2022-09-09

China’s economy set to get a major boost from 20th Party Congress, to anchor global economy in long run (GT)
2022-09-09

Coronavirus: China to tighten domestic travel restrictions until the end of October (SCMP)
2022-09-08

Xi stresses improving system for achieving breakthroughs in core technologies in key fields (Xinhua)
2022-09-07

Xi Jinping calls for China to ‘push for a green, low carbon lifestyle’ amid self-sufficiency drive (SCMP)
2022-09-07

China population: pension burden in the spotlight as more than a third of provinces have 20 per cent of population aged above 60 (SCMP)
2022-09-07

Former senior political advisor expelled from CPC, public office (Xinhua)
2022-09-07

Chinese state media chief vows to toe the line for Communist Party’s national congress (SCMP)
2022-09-06

Why is retirement beckoning for 11 members of the Communist Party of China’s top decision-making body? (SCMP)
2022-09-05

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China International Fair for Trade in Services concludes in Beijing (Xinhua)
2022-09-06

Year-old Beijing bourse seen as a cradle for SMEs (China Daily)
2022-09-05

Beijing Daxing airport resumes international cargo flights (GT)
2022-09-05

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Shanghai sees intelligent cars as a US$72 billion industry by 2025, unveils plan to spur autonomous driving tech (SCMP)
2022-09-06

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China delays semiconductor events in southern tech hubs of Shenzhen and Guangzhou amid Covid-19 outbreaks (SCMP)
2022-09-08

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China provides another 150 mln yuan for Sichuan quake relief (Xinhua)
2022-09-09

China earthquake: death toll climbs to 74 as Sichuan authorities restrict entry to disaster zone (SCMP)
2022-09-07

Zero-Covid or lives? Deadly quake in China prompts disaster protocol for locked down Chengdu (SCMP)
2022-09-06

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Cities in Tibet move toward normalcy (China Daily)
2022-09-06

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China’s actions in Xinjiang merit special human rights session, UN experts say after explosive report (SCMP)
2022-09-08

Former deputy commander of Xinjiang Production and Construction Corps stands trial (Xinhua)
2022-09-08

Boris Johnson’s father vows to make film in Xinjiang, ‘undeterred’ by UN report, (SCMP)
2022-09-07

What’s behind OHCHR so-called Xinjiang ‘report’? (GT)
2022-09-05

VW CEO shows courage in rejecting political pressure on Xinjiang plant (GT)
2022-09-05

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5 Hong Kong speech therapists found guilty of sedition over children’s books (HKFP)
2022-09-08

Hong Kong activates monkeypox response plan as resident returning from overseas confirmed as city’s first case (SCMP)
2022-09-06

Relaxation of Covid-19 restrictions tops Chinese-Malaysian and Vietnamese-Chinese business wish list, Hong Kong delegation to Asean nations says (SCMP)
2022-09-05

Gay Games scaled back in Hong Kong due to uncertainty over Covid-19 travel curbs, but organisers confident event will go ahead next year (SCMP)
2022-09-04

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Chinese government’s offshore yuan bond sale in Macau nets US$430 million after drawing bids worth twice that (SCMP)
2022-09-07

Casino suppliers quit zero-Covid Macau for Singapore, the Philippines: ‘Macau has already lost its shine’ (SCMP)
2022-09-06

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Taiwan’s Tsai Ing-wen tells US lawmakers she’s ‘confident’ about trade agreement (SCMP)
2022-09-08

In face of sabre-rattling by mainland China, Taiwan military shows off its mettle in latest combat drills (SCMP)
2022-09-07

How this leading Taiwanese chip guru made an astonishing U-turn from avid mainland investor to China basher (SCMP)
2022-09-05

Coronavirus: Taiwan to resume visa-free entry for some countries in latest reopening move (SCMP)
2022-09-05

China vows countermeasures against US' arms sales to Taiwan; provocative move only 'accelerates' reunification (GT)
2022-09-04

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China’s CPI rises by 2.5% in August; growth slows down, in sharp contrast to inflationary pressure faced by US (GT)
2022-09-09

China’s foreign firms, struggling to survive, hunker down for whatever comes next (SCMP)
2022-09-08

China facing ‘soft’ trade outlook as export machine splutters amid fading external demand (SCMP)
2022-09-07

Chinese banks provide more loans to backstop real economy (Xinhua)
2022-09-06

China digital currency: e-CNY offers chance to ‘reshape’ global payments, boost use of yuan, experts say (SCMP)
2022-09-05

China’s central bank cuts forex RRR 8% to 6% amid yuan’s depreciation (GT)
2022-09-05

China’s services sector activity growth eases amid coronavirus woes (SCMP)
2022-09-05

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S.Korea proposes talks with DPRK for reunion of separated families (Xinhua)
2022-09-08

Russia taps North Korea for millions of rockets and artillery shells to fight Ukraine: US intelligence report (SCMP)
2022-09-06

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Mongolia, Serbia hold 2nd political consultation (Montsame)
2022-09-08

Mongolia to be supplied with petroleum at stable price in the long term (Montsame)
2022-09-08

Russian Railways JSC expresses its support for Revival of Border Ports (Montsame)
2022-09-07

First meeting of Mongolia-Thailand Joint Trade Committee held (Montsame)
2022-09-06

President receives Indian Defense Minister (Montsame)
2022-09-06

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Embassy of Switzerland