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Changjiang Securities
02 декабря 2016, 19:01

Shares edge down amid weak investor sentiment

Shanghai stocks fell yesterday amid weak investor sentiment due to policy and economic uncertainties, as well as profit-taking.

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25 октября 2016, 19:01

Baosteel Predicts 800% Profit Surge

BAOSHAN Iron & Steel Co predicted an up to 800 percent annual growth in net profit this year after its net earnings in the first three quarters surged 148.3 percent year on year, helped by cost cutting

18 октября 2016, 19:01

Shares rally on optimism over reform efforts

SHANGHAI stocks rallied yesterday after state-owned firms rose on optimism over China’s reform to rejuvenate the world’s second-largest economy. The Shanghai Composite Index gained 1.4 percent to close

16 августа 2016, 19:10

Cashing in drags index to end down

SHANGHAI shares fell from a seven-month high yesterday after investors locked in gains made by heavy-weighted financial shares from previous sessions. The Shanghai Composite Index lost 0.49 percent to

20 июля 2016, 19:10

Falling banks and gold firms hammer shares

SHANGHAI stocks yesterday fell for a third day in a row as metal companies, heavy manufacturers and financial firms all wobbled amid mixed signs for economic growth. The Shanghai Composite Index dipped

30 июня 2016, 19:10

Slump in new shares pushes index down

SHANGHAI stocks ended slightly lower yesterday, hurt by a slump in recently listed shares amid speculation that authorities had taken action to curb speculative trading in them. The Shanghai Composite

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27 июня 2016, 11:35

BRIEF-Changjiang Securities signs strategic agreement with Qihoo 360

* Says it signs strategic agreement with Qihoo 360 Technology

02 июня 2016, 19:10

Hopes of fund inflows lift shares

SHANGHAI stocks ended slightly higher yesterday on expectations of increasing capital inflows from foreign investors. The Shanghai Composite Index rose 0.4 percent to 2,925.23 points. Foreign investors

10 мая 2016, 19:10

Regulator targets at shadow-banking deals

THE practice of sweeping bad loans under the carpet may make balance sheets cleaner, but the fiscal sleight of hand does little to mask serious, underlying problems in China’s banking sector. The China

10 мая 2016, 19:10

Shares flat but growth worries cloud sentiment

SHANGHAI stocks were little changed yesterday but investors’ aversion to higher risk and concerns over economic growth continued to cloud the market. The Shanghai Composite Index edged up 0.02 percent

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17 марта 2016, 19:10

Tech and media shares help index close up

SMALL-CAP technology and media companies surged yesterday to help Shanghai’s key share index close higher for the fifth straight day. The Shanghai Composite Index rose 1.2 percent to end at 2,904.83

08 сентября 2014, 15:30

'Overpaid' Chief of Bank in China Means 2% of What Dimon Gets

Jiang Jianqing, chairman of Industrial & Commercial Bank of China Ltd., earned less than 2 percent of Jamie Dimon's compensation last year while reporting twice the profit of JPMorgan Chase & Co. Instead of a reward, Jiang is poised for a pay cut. China's government said last month it will reduce salaries for executives at state-owned companies because "unreasonably high" incomes have become a source of public discontent. The risk is that lenders will bleed talent just when China needs skilled managers to grapple with interest-rate deregulation, an explosion in shadow banking and rising levels of soured credit. While banks plan to test stock incentives for employees, the rollout of such measures may be slow and their scope limited, according to Guotai Junan Securities Co. and Changjiang Securities Co.

21 апреля 2014, 10:15

Утренний брифинг от Saxo Bank: обзор рынков на 21 апреля 2014 года

Форекс: Доллар США торгуется в узком диапазоне  Этим утром доллар США торгуется в ограниченном диапазоне относительно большинства главных валют. Учитывая малую загруженность макроэкономического календаря ввиду пасхальных праздников, трейдеры в основном сосредоточатся на индексах из США национальной деловой активности от Федерального резервного банка Чикаго и ведущих экономических индикаторов, чтобы определиться с дальнейшими действиями. Между тем, новости о ситуации на Украине продолжают оказывать влияние на настроения инвесторов. Что касается второй половины недели, то сейчас участники рынка находятся в ожидании данных по продажам вторичного и нового жилья, а также индекса настроения потребителей от Reuters/Michigan. В 5 часов утра по GMT евро несколько прибавил против американского доллара, торгуясь по цене 1,3816 доллара, в то время как британский фунт повысился на 0,1 процента в сравнении валютой Штатов, составив 1,6802 доллара. Японская иена снизилась на 0,1 процента и 0,2 процента по отношению к американскому доллару и евро на фоне увеличения внешнеторгового дефицита Японии в марте больше прогнозов. Австралийский доллар опустился на 0,1 процента относительно доллара США. Европа: Фондовые рынки закрыты Западные фондовые рынки закрыты на пасхальные праздники. Информации по ключевым индикаторам не будет. Сообщений по итогам работы ведущих корпораций не ожидается. Как объявили представители Volkswagen AG (VOW3) и его подразделения по производству автомобилей класса люкс Audi AG, в настоящее время они рассматривают возможности значительного расширения деятельности нового завода в Фошань в южной части Китая, предполагающего запуск производства нового небольшого внедорожника. Глава группы исследований и разработки Daimler AG (DAI) Томас Вебер (Thomas Weber) сообщил, что электромобиль DENZA поступит в продажу в Китае, который можно будет приобрести в местных подразделениях компании уже в сентябре 2014 года по цене 369 тысяч китайских юаней. Вчера в Пекине Bayerische Motoren Werke AG (BMW) представила новый концепт седана класса люкс под названием «Vision Future Luxury». В интервью «Le Figaro» главный исполнительный директор SFR – телекоммуникационного подразделения Vivendi SA (VIV) – Жан-Ив Шарлье (Jean-Yves Charlier) сказал, что компания планирует сотрудничать с Vodafone Group (VOD) в проекте совместного использования сети. Главный исполнительный директор Royal Dutch Shell (RDSA) Бен ван Берден (Ben van Beurden) на встрече с президентом России Владимиром Путиным заявил, что напряжённая обстановка на Украине не отразилась на инвестициях в Россию и сейчас компания планирует расширять завод по производству сжиженного природного газа с Газпромом. По информации «The Sunday Times», за AstraZeneca (AZN) Pfizer предложила 60 миллиардов фунтов стерлингов. Barclays (BARC) собирается покинуть некоторые рынки металлов, сельскохозяйственных товаров и энергетического сектора и уже завтра может объявить о своём решении, результатом которого может стать крупное сокращение сотрудников отдела мировых торговых операций на товарно-сырьевых рынках, – пишет «The Financial Times». Азия: Торги идут смешанно  Этим утром азиатские рынки демонстрируют разнонаправленную динамику. В Японии акции экспортного сектора NEC Corporation (6701), Sharp Corporation (6753) и Toshiba (6502) продвинулись вперёд вслед за ослаблением японской иены против главных валют. Acom Company (8572) и Aiful Corporation (8515) выросли ввиду того, что японское правительство рассматривает возможность смягчения ограничений на ведение бизнеса в области потребительского кредитования. В 5 часов утра по GMT индекс Токийской фондовой биржи Nikkei 225 торгуется на 0,1 процента выше на отметке 14532,5 пункта. В Китае CSC Nanjing Tanker (600087) опустились после начала последних 30-ти дней торговли перед проведением делистинга своих акций с Шанхайской фондовой биржи. Great Wall Motor (601633) отступили, продолжив снижения из-за слабой чистой прибыли в первом квартале. Changjiang Securities (000783), напротив, подорожали на планах компании осуществлять дивидендные выплаты наличными. Shanghai Pudong Development Bank (600000)поднялись на фоне новостей о том, что компания совместно с крупнейшими национальными четырьмя банками выпустит привилегированные акции на сумму 370 миллиардов китайских юаней. В Южной Корее LG Innotek (011070) пошли вниз от трёхлетних максимумов. Kia Motors (000270) и POSCO (005490) зафиксировали потери. Фондовые рынки Гонконга сегодня закрыты в связи с пасхальными каникулами. США: Фьючерсы торгуются выше В 5 часов утра по GMT фьючерсы на S&P 500 торгуются на 2,0 пункта выше. Публикация индекса ведущих экономических индикаторов и индекса национальной деловой активности от Федерального резервного банка Чикаго планируется на сегодня. Halliburton (HAL), Kimberly-Clark (KMB ), Wynn Resorts (WYNN), SunTrust Banks (STI), Netflix (NFLX), Celanese Corporation (CE) и Hasbro (HAS) объявят о своих результатах сегодня. В пятницу фондовые рынки США были закрыты из-за выходного дня – Страстной пятницы. Сводка последних новостей Дефицит торгового баланса Японии расширяется больше прогнозов Общий дефицит торгового баланса Японии в марте продемонстрировал увеличение до 1446,3 миллиарда японских иен, что превзошло рыночные ожидания, в то время как в предыдущем месяце отрицательное сальдо было равно 802,5 миллиарда иен. Материал предоставлен Saxo Bank

14 февраля 2014, 23:05

Chinese Capital Markets Frozen As Bad Loans Soar To Highest Since Crisis

Chinese capital markets are quietly turmoiling as debt issues are delayed and demand for "Trust" products - the shadow-banking-system's wealth management 'investments' - is tumbling. As Nikkei reports, since January, 9 companies have postponed or canceled issuance plans (around $1 billion) and is most pronounced in privately-owned companies (who lack an implicit government guarantee). This, of course, is exactly what the PBOC wanted (to instill some fear into these high-yield investors - demand - and thus slow the supply of credit to the riskiest over-capacity compenies) but as non-performing loans in China surge to post-crisis highs, fear remains prescient that they will be unable to "contain" the problem once real defaults begin (as opposed to 'delays of payment' that we have seen so far).     Via Bloomberg, Chinese banks’ bad loans increased for the ninth straight quarter to the highest level since the 2008 financial crisis, highlighting pressures on asset quality and profit growth as the world’s second-largest economy slows.   Non-performing loans rose by 28.5 billion yuan ($4.7 billion) in the last quarter of 2013 to 592.1 billion yuan, the highest since September 2008, the China Banking Regulatory Commission said in a statement on its website yesterday.   ...   Chinese banks are struggling to keep soured loans in check and extend earnings growth as the slowing economy and government efforts to curb shadow financing make it harder for borrowers to repay debt.   “China’s economic growth turned downward with the new leadership switching policy focus to reform and risk management from emphasizing stable expansion,” said Wang Yichuan, a Wuhan-based analyst at Changjiang Securities Co. “Naturally the bad loans will increase along with the change. We expect the deterioration to continue for two more years.”   ...   Chinese banks added 89 trillion yuan of assets, mostly through loans, in the past five years, equivalent to the entire U.S. banking industry’s, CBRC data show. By comparison, U.S. commercial banks held $14.6 trillion of assets at the end of September, according to the Federal Deposit Insurance Corp.   Investors are increasingly concerned that China’s investment through borrowing since 2008 may trigger a financial crisis Via Nikkei, Concerns over potential defaults on high-yield financial products are making Chinese companies put some debt issues on hold due to wary investors, as well as posing a potential new risk to the global economy.   Since January, nine companies have postponed or canceled issuance plans for a total of 5.75 billion yuan ($948.24 million) in bonds and commercial paper, equivalent to about 2% of the debt issued over the period.   This is most pronounced among privately operated companies, whose lack of government backing has meant less interest from potential investors than hoped.   Demand has been dulled by worries over defaults on so-called wealth management products, a feature of China's shadow banking system.   Broader credit risks have driven interest rates up, and the gap between corporate debt and more-creditworthy government bonds is widening. Average yields on AA-rated seven-year corporate bonds reached 8.44% in mid-January.   So even if companies offer bonds, they will be unable to raise money if they cannot pay these higher rates.   ... "There's a possibility that the Chinese government will step in to keep the negative impact from spreading," says Hiromichi Tamura, chief strategist at Nomura Securities, "but if these types of repayment delays continue, they could trigger a global stock market downturn."        

10 февраля 2014, 20:46

As China Orders Its Smaller Banks To Load Up On Cash, Is The Biggest Ever "Unlimited QE" About To Be Unleashed?

The Chinese new year may be over which following a last minute bailout of its insolvent Credit Equals Gold Trust product was largely uneventful, but already concerns about domestic liquidity are once again rising to the surface following reports that China’s banking regulator ordered some of the nation’s smaller lenders to set aside more funds to avoid a cash shortfall, which as Bloomberg notes signal rising concern that defaults may climb. Specifically, "China Banking Regulatory Commission branches asked some city commercial banks and rural lenders to strengthen liquidity management this year, the people said, asking not to be named as the matter is confidential. Different requirements are being instituted by province, such as quarterly stress tests, after CBRC studies last year showed increasing risks at those lenders, the people said." “Smaller banks are the weakest link of China’s financial system because their lack of a stable deposit base would force them to seek more expensive funding and offer more risky loans,” said Liu Jun, a Wuhan-based analyst at Changjiang Securities Co. “They will be hardest hit when borrowing costs are elevated and the economy slows.” The CBRC action was to be expected in the aftermath of news throughout last year, confirming that China's bad debt demons will soon be in need of a violent exorcism: "The requirements add to steps taken to protect against soured loans weighing on China’s economy, which included speeding up bad-loan writeoffs and limiting local government debt sales." Recall that as we reported previously in Big Trouble In Massive China, total losses from bad debt discharges could rise to a mind-boggling $3 trillion which would once and for all settle any debate about just how hard or soft China's "landing" (or is that lending?) would be: "The nation might face credit losses of as much as $3 trillion as defaults ensue from the expansion of the past four years, particularly by non-bank lenders such as trusts, exceeding that seen prior to other credit crises, Goldman Sachs Group Inc. estimated in August." It has gotten so bad that even China has started releasing official data confirming a very disturbing trendline -one of soaring NPLs at China listed banks. Obviously, the numbers indicated in the chart above are merely a fraction of the real state of bad loans permeating the country's financial system. One needs to merely look at the ridiculous amount of total corporate debt as a % of GDP in China - highest in the entire world - to know that this particular fable will not have a happy ending:   Which is why China is rushing to proactively prepare the system to have buffers in advance of what may be a worst case scenario: Some of the banks were asked by their local CBRC branches to set aside reserves to ensure cash supply for 30- to 45-day periods, the people said, declining to identify the names of the banks. Press officers at the CBRC’s headquarters in Beijing didn’t return three calls seeking comment.   China’s money markets are playing a greater role in credit allocation and borrowing costs as the central bank has moved to liberalize interest rates and make the economy less reliant on banks for funding. The PBOC abolished controls on bank lending rates in July and the Communist Party said in November it wanted markets to play a “decisive” role in pricing capital.   “When the valve of liquidity starts to tame and curb excessive credit expansion, money-market rates, or the cost of liquidity, will reflect that,” the central bank said in a Feb. 8 report. “The market needs to tolerate reasonable rate changes so that rates can be effective in allocating resources and modifying the behavior of market players.”   One or two small Chinese banks may fail this year as they get about 80 percent of their funding from interbank markets and higher-cost deposits in savings vehicles known as wealth management products, Fang Xinghai, a bureau director at the Office of the Central Leading Group for Financial and Economic Affairs, said in November. The group is the highest-level agency within the Communist Party for financial and economic policies. Of course, the real panic will commence once the financial turmoiling shifts from the small banks to the big ones: "China’s five biggest state-owned banks and 12 national lenders controlled more than 60 percent of the nation’s 148 trillion yuan of banking assets at the end of 2013, according to CBRC data. Other financial institutions including 144 city commercial lenders, 337 rural banks and more than 1,900 rural cooperatives owned the rest." Talk about "Too Big To Fail." Incidentally, the topic of China's inevitable financial crisis, and the open question of how it will subsequently bail out its banks is quite pertinent in a world in which Moral Hazard is the only play left. Conveniently, in his latest letter to clients, 13D's Kiril Sokoloff has this to say: Will the PBOC’s Short-term Lending Facility (SLF) evolve into China’s version of QE? While investor attention has been fixated on China’s deteriorating PMI reports and fears of a widening credit crisis, China’s central bank is operating behind the scenes to prevent a wide-scale financial panic. On Monday, January 20th, 2014, when the Shanghai Composite Index (SHCOMP, CNY 2,033) fell below 2,000 on its way to a six-month low and interest rates jumped, the central bank intervened by adding over 255 billion yuan ($42 billion) to the financial system. In addition to a regular 75 billion yuan of 7-day reverse repos, the central bank  provided supplemental liquidity amounting to 180 billion yuan of 21-day reverse repos, which was seen as an obvious attempt to alleviate liquidity shortages during the Chinese New Year. However, it is worth noting that this was the PBOC’s first use of 21-day contracts since 2005, according to Bloomberg. Small and medium-sized banks were major beneficiaries of this SLF, as the PBOC allowed such institutions in ten provinces to tap its SLF for the first time on a trial basis. A 120 billion yuan quota has been set aside for the trial SLF, according to two local traders.   The central bank also said it will inject further cash into the banking system at regularly-scheduled open market operations. This is a very rare occurrence, as it is almost unprecedented for the central bank to openly declare its intention to inject or withdraw funds at regularly-scheduled open market operations. Usually, these operations only come to light after the fact.   The SLF was created as a brand new monetary tool for the central bank in early 2013 and was designed to enable commercial banks to borrow from the central bank for one to three months. Since its creation, however, the SLF program has been used with increasing frequency by the central bank. The latest SLF is remarkable for two reasons: First, as mentioned earlier, this SLF was expanded to allow provincial-level small- and medium-sized banks, for the first time, to tap liquidity from the central bank.  As local financial institutions are usually both the major issuers and holders of local government debt, the expansion of the SLF to include local financial institutions opens a new channel for liquidity to flow from the central bank to local governments. This may suggest that the central bank, which is now on high alert for systemic risk, is willing to share some of the burden of local government, though on a very selective and non-regular basis.   The second key reason is embodied in the following central bank announcement: “[we will] explore the function of the SLF in setting the upper band of the market interest rates.” In other words, in the event that interest rates spike higher due to a systemic crisis, the central bank can intervene, via the SLF, to bring rates back down if it so desires. In addition, the PBOC did not disclose any set cap on the SLF, implying that unlimited liquidity could be provided as long as the market’s rate spike exceeds the bands set by the PBOC.   ...   Most important, the SLF appears to represent the PBOC’s strategy to avert China’s widely-publicized local government debt and banking-system problems. It is  worth noting that even though local government debt amounts to 30% of GDP and is growing at an alarming rate, China’s central government is relatively underleveraged, with a debt-to-GDP ratio of only 23%, which is significantly lower than the emerging-market average. Therefore, Beijing has considerable unused borrowing capacity to share some of the debt burden taken on by local governments, which would have the additional positive impact of lowering borrowing costs for those governments. In other words, the PBOC is laying the groundwork for what developed markets would call an open-ended liquidity injection which can be use to bail out one and all banks on an a la carte basis. Or, in the parlance of our times, the biggest QE bazooka of all because with total banking assets of nearly $25 trillion, said bazooka better be ready to fire at a moment's notice.   The only question is when will the market force China's central planners to demonstrate that unlike Paulson's bazooks, the one in Beijing is not a dud...