one chart to show china in deep diarrhea doodoo......
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china stocks toxic like shit
- Thread starter eatshitndie
- Start date
remember tiong authorities claimed a few moons ago that they would never devalue the rmb again after the last debacle? well, they lied. the rmb is taking a dive today.
Like that how? Temasek bankrupt ...then no money for our CPF.
temasick will not go bankrupt. their tiong portfolio is only a drop in the total shit bucket.
No leh ...a few years back, they adjusted their portfolio concentration to Asia. Asia is getting sick, Ah Tiong is the worst. Like that how?
don't worry. your cpf is still intact. :p
Exclusive - China's chief stock regulator has offered to resign - sources
Reuters
January 18, 2016, 9:41 pm
China Securities Regulatory Commission Chairman Xiao Gang addresses the Asian Financial Forum in Hong Kong January 19, 2015. REUTERS/Bobby Yip
By Benjamin Kang Lim and Kevin Yao
BEIJING (Reuters) - The embattled head of China's securities regulator, Xiao Gang, widely blamed by investors for mishandling a recent crisis that wiped over $5 trillion off the value of the Shanghai and Shenzhen stock markets, has offered to resign, sources said.
The China Securities Regulatory Commission (CSRC) denied Xiao had offered to resign. "This information does not conform to the facts," it said via Weibo, a popular microblogging site.
Xiao, 57, tendered his resignation as CSRC chairman last week after his brainchild - a "circuit breaker" mechanism to limit market losses - was blamed for exacerbating a sharp sell-off, a source with ties to the leadership and a financial industry source told Reuters. The "circuit breaker" was deactivated on Jan. 7, just three days after its introduction.
"The (Communist Party) central (leadership) is extremely unhappy with Xiao Gang. It is certain he will change jobs," the source close to the leadership said.
"Xiao Gang handed in his resignation last week," said the financial industry source. Both sources requested anonymity because they were not authorized to speak to the media.
It was not known if Xiao's resignation offer had been accepted by the central government. His term does not formally expire until end-2018.
MARKET MELTDOWN
In a speech on Saturday, Xiao, a former chairman of Bank of China Ltd <601988.SS> <3988.HK>, said the stock market rout highlighted the problems facing the CSRC's regulatory mechanisms. "The abnormal stock market volatility has revealed an immature market, inexperienced investors, an imperfect trading system and inappropriate supervision mechanisms," he said.
The abrupt suspension of the "circuit breaker" followed an unprecedented flurry of moves by the CSRC last year - including halting short selling and banning share sales by major shareholders - in a bid to stabilise markets after major indexes plunged more than 40 percent in the summer.
After rebounding by around 25 percent late last year, stock markets have tumbled again this month, dropping into bear market territory - usually a reference to a market's 20 percent slide from its last cyclical peak. This has rekindled concerns that policymakers are fumbling as China heads towards its slowest annual growth in a quarter of a century.
China is expected to report its weakest quarterly economic growth in nearly seven years on Tuesday, putting policymakers under more pressure to take bolder steps.
SHORT-LISTED
The party's Organisation Department, or personnel ministry, has short-listed three candidates to succeed Xiao, the sources said.
Xiang Junbo, who turns 59 this month and is chairman of the China Insurance Regulatory Commission (CIRC), is the leading candidate, they said. The CIRC declined immediate comment.
Another candidate is Huang Qifan, 63, mayor of the southwestern metropolis of Chongqing, who is also tipped to become secretary-general of the State Council, or cabinet, and may concurrently serve as CSRC chairman, the sources said.
If confirmed as cabinet secretary-general, Premier Li Keqiang's right-hand man, Huang would have to tackle a stalling economy and market turbulence as well as oversee the entire spectrum of portfolios: from industry to agriculture, energy, the environment, state planning and technology, according to a Reuters report last week.
The identity of the third short-listed candidate is not known.
"The Organisation Department has sounded out all three candidates and completed background checks," said the source with leadership ties.
Xiao, Xiang and Huang could not be reached for comment.
Following the Reuters report that Xiao offered to resign, some Chinese investors took to Weibo, with one saying: "This is expected, but also unexpected. Whoever takes over will face a tough job in cleaning up the mess."
"Stock investors shouldn't celebrate yet," said another. "Whether a movie is good or bad depends on the director behind the scenes. Xiao Gang is just an actor ..."
The benchmark Shanghai Composite Index <.SSEC>, the share market most closely watched by Chinese investors, last week fell below the lows seen during last year's crash, closing on Friday at 2,900 points - its weakest close since December 2014.
The index rose 0.4 percent on Monday.
(Reporting by Benjamin Kang Lim and Kevin Yao, with additional reporting by Pete Sweeney in SHANGHAI; Editing by Ian Geoghegan)
Five Chinese billionaires lose big as China stocks take swan dive in painful market rout
Wanda and Fosun lead companies in ringing up losses
PUBLISHED : Wednesday, 27 January, 2016, 4:02pm
UPDATED : Wednesday, 27 January, 2016, 7:11pm
Daniel Ren
[email protected]
The chairman of Dalian Wanda, Wang Jianlin, has lost nearly 30 billion yuan on paper in falling share values since the beginning of the year, according to data provider Wind Information. Photo: EPA
Five billionaires in China are among the big losers due to the slump in share prices on the mainland since the beginning of the year, according to a financial data company.
The benchmark Shanghai Composite Index has fallen by about 23 per cent since the start of 2016.
The big shareholders in 1,700 companies on the A-share market, outside the state sector, have lost a total of 1.87 trillion yuan (HK$2.2 trillion) on paper from January 1 to Tuesday, according to the financial data provider Wind Information.
The slide continued on Wednesday, with shares down 2.8 per cent in Shanghai in morning trading session.
Thousands of China’s entrepreneurs saw their personal fortunes swell amid a strong market rally between October 2014 and mid-June last year before a boom-to-bust cycle set in.
Wind Information said the market values of nearly 400 companies have crashed below the level in late 2014 when the rally started.
Here are some of the big losers in this year’s share price slump:
Wang Jianlin, chairman of the Wanda Group
One of the mainland’s richest men suffered on the A-share market as an investment unit of Wanda Group, the controlling shareholder of Shenzhen-listed Wanda Cinema Line, lost nearly 30 billion yuan in market value between the end of last year and Tuesday, according to Wind Information. The movie distributor’s shares have plunged 35 per cent.
Guo Guangchang, the chairman of Fosun Group
He has made a loss on paper of about 10 billion yuan this year in the five mainland-listed firms he controls, the data provider said.
Wind Information data shows the value of the shares controlled by Guo dropped to about 32 billion yuan on Tuesday, down from 42 billion yuan at the end of last year.
The five A-share companies to fall are all in traditional industries, which have registered sharp dips in share prices amid the market downturn.
Fosun is one of the China’s largest investment conglomerates and it has been expanding aggressively overseas.
Li Zhongchu, founder of Beijing Shiji Information Technology
Li saw his personal wealth drop 13.6 billon yuan on paper as shares of his company dived 46 per cent between the end of 2015 and Tuesday, Wind Information said.
Li and his family are ranked 61st on the Forbes China rich list.
Shiji, which helps high-end hotels set up and run their IT systems, went public on the Shenzhen Stock Exchange in 2007. It received 2.8 billion yuan in funds from Alibaba Group in a refinancing deal in 2014, with the e-commerce giants holding a 15 per cent stake.
Cai Dongqing, the chairman of Guangdong Alpha Animation and Culture
Cai has lost more than 10 billion yuan on paper after shares of his firm plummeted 35 per cent between the end of last year and Tuesday.
Alpha Animation is one of the largest animation firms in China and its business includes making cartoons and toys.
The company listed on the Shenzhen Stock Exchange in September 2009.
Wang Jing, chairman of Beijing Xinwei Telecom Technology Group
The market downturn this year wiped out capitalisation of about 7 billion yuan in shares of Wang’s telecom firm, according to Wind Information.
Shares held by Wang were valued at 20.2 billion yuan on Tuesday, one-third of their value from their peak in June last year.
So does Goldman. They too believe that only Idiot are honest.
China stocks cap worst month since 2008 on upbeat note
Faulty circuit breaker causes trading suspensions in early January as volatility rules; market dealings may slow as Chinese New Year beckons
PUBLISHED : Friday, 29 January, 2016, 6:54pm
UPDATED : Friday, 29 January, 2016, 6:54pm
Laura He
[email protected]
Chinese stocks bounced back to close sharply higher on Friday, snapping a three-day losing streak, but still closed a volatile January with the worst monthly losses since October 2008.
The Friday rebound came after the People’s Bank of China injected a record weekly amount of cash into the banking system via short-term loans and the Bank of Japan surprised markets with its first negative policy rate in history to boost inflation.
Concerns over the economy continue to hang over the markets.
“Deteriorating economic fundamentals are weighing on the majority of investors,” said Xu Tongxun, an analyst at Caitong Securities.
Looking ahead, Christopher Cheung Wah-fung, the legislator representing brokers, said he expected the markets to be bumpy. “The Chinese economic slowdown and capital outflow means the bearish market sentiment will continue,” he said.
The Shanghai Composite Index jumped 3.1 per cent to close at 2,737.6 after three straight day of declines. However, the index still posted a weekly loss of 6.1 per cent. For the whole of January, it has lost 22.7 per cent, the worst monthly performance since October 2008. The losses have wiped out all the gains for 2015, when the index rose 9.4 per cent.
The large-cap CSI300 climbed 3.2 per cent to 2,946.09. The Shenzhen Composite Index rose 3.7 per cent to finish at 1,689.43 and the ChiNext Index gained 4.6 per cent to 1,994.06.
Turnover on Shanghai and Shenzhen markets increased slightly to 429 billion yuan, compared with 399 billion yuan in the previous session.
Hong Kong’s Hang Seng Index reversed opening losses and closed 2.5 per cent higher at 19,683.11, extending a three-day winning streak. For the week, the index is up 3.2 per cent. However, it still logged a 10.2 per cent loss for January, the biggest monthly decline since August.
Turnover for Hong Kong markets reached HK$91 billion on Friday, from HK$75.5 billion in the prior session.
Investors cheered supportive monetary policies from the central banks, as the People’s Bank of China on Friday pumped another 100 billion yuan into the money markets through reverse repurchase agreements, a type of short-term loan. This brought the weekly net cash injection to a record 690 billion yuan as the central bank acted to ease a seasonal cash crunch ahead of the Lunar New Year holiday when liquidity usually tightens.
Previously, the central bank had said it will conduct additional open market operations every day from January 29 to February 19, apart from its routine Tuesday and Thursday exercises.
On Friday, the Bank of Japan also said that it would cut its benchmark interest rate to minus 0.1 per cent starting February 16, its first negative policy rate, aiming to boost inflation and prop up the economy.
In Shanghai, financial stocks posted a broad advance as Huatai Securities surged by the 10 per cent upper limit to close at 14.58 yuan, Haitong Securities rose 6 per cent to 12.11 yuan, China Everbright Bank added 3.2 per cent to close at 3.57 yuan, and Agricultural Bank of China gained 2.8 per cent to 2.99 yuan.
After the markets closed on Friday, a spokesman for the China Securities Regulatory Commission said at the weekly press conference that the balance for margin financing and short selling were 915 billion yuan as of Thursday, while risk control levels for the business are “within safe ranges”.
Elsewhere in Asia, markets recorded broad-based gains as Tokyo’s Nikkei Average rallied 2.8 per cent to 17,518.30 and Sydney’s S&P/ASX 200 added 0.6 per cent to close at 5,005.50.
With additional reporting from Enoch Yiu
Corruption found across China’s financial industry
Wasteful spending, bribe taking and pocketing off-book gains are flagged up by investigators following two-month review
PUBLISHED : Friday, 05 February, 2016, 3:08am
UPDATED : Friday, 05 February, 2016, 3:08am
Daniel Ren
[email protected]
Investors look at computer screens showing stock information at a brokerage house in Shanghai. The reports by the Communist Party’s Central Commission for Discipline Inspection, covered 21 regulators and institutions. Photo: Reuters
Wasting public money on extravagant meals and overseas travels, taking bribes for handing out loans, and illegally pocketing off-the-book gains were some of the ways corruption had spread in the financial industry, China’s top anti-graft agency said on Thursday following a two-month review of the sector.
Some senior financial regulators and state bankers could face investigation, it added.
The reports by the Communist Party’s Central Commission for Discipline Inspection, covering 21 regulators and institutions, came after a stock market rout this summer and ensuing investigations into several senior regulatory officials and financial company executives.
The inspection covered the People’s Bank of China, the three regulators on banking, securities and insurance, the sovereign wealth fund, policy banks, top state-owned commercial banks and financial conglomerates, the two stock exchanges, and the foreign exchange administration.
Although the reports did not mention the names of the targeted officials, it said evidence in some cases had been transferred to upper-level officials at the CCDI and the party’s Organisation Department.
Zhuang Deshui, deputy director of Peking University’s Clean Government Centre, told the South China Morning Post that this round of inspections would uncover several corrupt officials in the financial sector where graft had been rampant in the past years.
The heads of the patrol teams all said that the disciplinary violations were the result of a loosened grip by the party, and the sector needed to better adhere to the central authorities.
All the heads of the regulatory bodies and institutions including central bank governor Zhou Xiaochuan and China Securities Regulatory Commission chairman Xiao Gang echoed the comments, pledging to strengthen disciplinary efforts to enhance work efficiency.
Central bank chief Zhou Xiaochuan echoed the call by graft-busters for greater efforts to strengthen disciplinary efforts in the sector. Photo: EPA
“We will capitalise on the rectification work to push the central bank to be more effective in its work,” Zhou said. “We will better implement the financial policies of the leadership in tandem with the efforts to make amends for the previous insufficient anti-corruption work.”
China’s leadership is adamant about cleaning up the sector after a stock market rout in mid-June wiped out as much as US$5 trillion of capitalisation despite an injection of more than 1.5 trillion yuan (HK$1.78 trillion) in rescue funds. The inspectors also uncovered undisciplined behaviour at cash-rich financial institutions, according to the CCDI reports.
At the Industrial and Commercial Bank of China, the world’s largest lender by assets, some officials had taken advantage of “innovative businesses” to pocket illicit gains. Inadequate regulation covering overseas branches had created loopholes for corrupt officials to commit wrongdoings.
China Investment Corporation, the mainland’s sovereign wealth fund, was described by the inspectors as a hotbed for undisciplined acts, with officials illegally using the institution’s money to foot the bills for golf and overseas travels.
State-owned financial institutions, which have enjoyed a cosy market monopoly, had been a target in the leadership’s anti-corruption campaign for a long time, according to Zhuang.
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