US dollar-denominated funds could face more hurdles when investing in Chinese tech and biotech companies as Beijing adopts a stricter approach to companies seeking listings via offshore incorporated vehicles. Indicative of Chinese regulators’ caution in overseeing sensitive industries, industry sources say the move ensures that any sale of assets does not escape regulatory scrutiny. And…
Beijing Tong Ren Tang Healthcare Investment, a provider of healthcare services based on traditional Chinese medicine, postponed its Hong Kong initial public offering (IPO) on Friday, citing “prevailing market conditions” and other factors. The company was one of six trading debuts slated for Monday, including an exchange-traded fund (ETF) and firms involved in AI and…
Mainland China and Hong Kong should ease listing rules for biotechnology companies and lower takeover thresholds for listed firms to capitalise on renewed foreign interest in the healthcare sector, venture capitalist Nisa Leung said. “Besides artificial intelligence, Premier Li Qiang also highlighted biomedicine in the ‘two sessions’ annual government work report,” said Leung, a managing…
CXMT Corporation, parent of Chinese memory chip giant ChangXin Memory Technologies (CXMT), aims to raise 29.5 billion yuan (US$4.2 billion) from an initial public offering in Shanghai to fund technology upgrades, as Beijing presses ahead with its drive for tech self-reliance amid geopolitical tensions. The Shanghai Stock Exchange received CXMT’s application for a listing on…
A senior cadre at Beijing’s liaison office in Hong Kong with a rich financial background is expected to be transferred back to the capital for a new role in a committee advising leadership on economic policies for the next five-year plan, the Post has learned. Qi Bin, who turned 57 last month, was appointed by…
China’s securities regulator has urged the nation’s brokerage industry to rev up the pace of cultivating top investment banks capable of competing on the global stage and better facilitate Beijing’s technological self-reliance drive as outlined in a critical five-year plan by the Communist Party. Securities companies should redouble efforts to fulfil the goal set by…
China’s top securities regulator has pledged to widen foreign investors’ access to the mainland’s capital market while further lowering the fundraising threshold for technology firms, after a key indicator slumped nearly 4 per cent from a 10-year high in mid-November. Wu Qing, chairman of the China Securities Regulatory Commission (CSRC), set out guidance for the…
These changes are expected either due to ongoing corruption investigations or because some officials have passed away, marking a new high in turnover since 2017. The fourth plenum is one of seven typically held during each five-year term of the Central Committee. The coming edition is expected to be held between October 20 and 23…
The Hong Kong Monetary Authority (HKMA) cautioned investors that no stablecoins pegged to the offshore yuan had been approved for issuance in the city, as regulators sought to temper the frenzy surrounding digital assets. In a statement published on WeChat on Wednesday, the HKMA refuted claims circulating on social media that the first offshore yuan-pegged…
Yi Huiman, the former regulator of China’s equities market, is being investigated for disciplinary breaches, as the country’s long-standing anti-graft campaign extends into all corners of the financial industry, from banking to the stock market. Yi, the chairman of the China Securities Regulatory Commission (CSRC) from January 2019 to February 2024, has been detained by…