China’s IPO Market is the Hottest It Has Ever Been

China’s IPO Market is the Hottest It Has Ever Been

China’s market for initial public offerings (IPO) has been the hottest it can be. The 62 new stocks that have finished their 1st month of trading has climbed 420% on average. Huge returns on the mainland IPOs are not new and China Securities Regulatory Commission is trying to stabilize the nation’s $6.1 trillion equity market.

“China’s market for initial public offerings has been the hottest it can be. The 62 new stocks that have finished their 1st month of trading have climbed 420% on average.”

~ Bloomberg

More than 800 companies have filed for IPO and are waiting for approval according to CSRC. The 78 completed sales this year compares with 219 deals in 2015 and the value of the deals is about a quarter of the 2015 amount. Wuxi Honghui New Materials Technology Co. was one of the lucky ones, raising $39 million in June. The shares soared 553 percent in their first month on the Shenzhen exchange, and are now up 580 percent from their IPO price.

Related Reports: Bloomberg, Business Times

 

About China Securities Regulatory Commission

China Securities Regulatory Commission (CSRC), a ministerial-level public institution directly under the State Council, performs a unified regulatory function, according to the relevant laws and regulations, and with the authority by the State Council, over the securities and futures market of China, maintains an orderly securities and futures market order, and ensure a legal operation of the capital market.

China Securities Regulatory Commission is located in Beijing, with appointed one chairman, four vice chairmen, one secretary of the Disciplinary Inspection Commission (on the vice-ministerial level) and three assistants to the chairman.

Visit: China Securities Regulatory Commission


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World’s Biggest Pension Fund Loses $51 Billion

World’s Biggest Pension Fund Loses $51 Billion

The world’s biggest pension fund posted the worse annual performance since global financial crisis with losses extended by unfavourable currency and a foray into equity markets.

“Japan $1.3 trillion Government Pension Investment Fund lost 3.8% in the year ended 31st March or 5.3 trillion yen ($51 billion).”

~ Bloomberg

Japan $1.3 trillion Government Pension Investment Fund lost 3.8% in the year ended 31st March or 5.3 trillion yen ($51 billion). This is the biggest drop since the fiscal year ended 31st March 2009. It lost 10.8% on domestic equities and a 9.6% on shares in other markets while Japanese bonds handed the fund a 4.1% gain.

Related Reports: Bloomberg, Business Times

 

About Government Pension Investment Fund

The pension fund for Japanese public sector employees. The GPIF pension fund is the largest in the world, with approximately $1.3 trillion (122 trillion yen) in assets under management as of 2009. The GPIF contributes to the stability of the Employee’s Pension Insurance and National Pension programs.

Visit: GPIF


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Singapore Aim to be Asia’s Top Financial Hub is Taking a Hit

Singapore Aim to be Asia’s Top Financial Hub is Taking a Hit

The biggest hit has been to its public markets. This year nearly $5.5 billion in market capitalization is expected to disappear from Singapore’s stock exchange when companies like Neptune Orient Lines AND SMRT delist.

“The combined market capitalization of Singapore’s stock exchange has fallen to less than $664 billion from more than $740 billion 2 years ago.”

~ Wall Street Journal

The combined market capitalization of Singapore’s stock exchange has fallen to less than $664 billion from more than $740 billion 2 years ago. The last high profile one was in 2011, a $5.5 billion offering by a trust company set up by Hong Kong billionaire Li Ka-Shing.  Recently, Singapore’s reputation for handling private money has been affected by allegations at several financial institutions, which arose with fund flows connected to 1MDB.

Related Reports: Wall Street Journal

 

About Neptune Orient Lines

NOL is a global company with core business in container shipping. NOL is part of the CMA CGM Group, a leading worldwide shipping group founded in 1978 by Jacques R. Saadé. CMA CGM has a global presence thanks to its numerous vessels calling various ports all over the world. CMA CGM has grown continuously, and has been constantly innovating to offer its clients new sea, land and logistics solutions. Headquartered in Marseille, the Group has employees all over the world in hundreds of agencies.

Visit: Neptune Orient Lines

 

About SMRT

SMRT Corporation Ltd (SMRT) is Singapore’s premier multi-modal land transport provider.  Our core businesses are in rail operations, maintenance and engineering as well as in bus, taxi and automotive services. Complementing these are our integrated businesses in retail, media and marketing, as well as properties and retail management.

We are committed to Service and Business Excellence as we strive towards our vision of “Moving People, Enhancing Lives”.

SMRT Corporation Ltd was incorporated on 6 March 2000 and was listed on the Singapore Exchange on 26 July 2000. The company enjoys an annual turnover of approximately S$1.1 billion and has total assets worth more than S$2.5 billion.

Visit: SMRT


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China Bank To Package Bad Loans Into Securities

China Bank To Package Bad Loans Into Securities

Agricultural Bank of China Ltd is planning to offload bad loans by packaging them up as asset backed securities. The bank is planning to sell securities backed by 10.7 billion yuan ($1.6 billion ) of non performing loans on the interbank bond market.  As corporate leverage soars and economic growth cools, China’s banks face a rising tide of bad loans.

“The bank is planning to sell securities backed by 10.7 billion yuan ($1.6 billion ) of non performing loans on the interbank bond market.”

~ Bloomberg

China’s efforts to get to grips with its credit woes include debt swaps for local government, proposals for banks to swap loans for equity stakes in companies and the trial of the non performing loan backed securities.

Related Reports: Bloomberg

 

About Agricultural Bank of China

The predecessor of the Bank is Agricultural Cooperative Bank, established in 1951. Since the late 1970s, the Bank has evolved from a state-owned specialized bank to a wholly state-owned commercial bank and subsequently a state-controlled commercial bank. The Bank was restructured into a joint stock limited liability company in January 2009. In July 2010, the Bank was listed on both the Shanghai Stock Exchange and the Hong Kong Stock Exchange, which marked the completion of our transformation into a public shareholding commercial bank.

Visit: Agricultural Bank of China


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Monetary Authority of Singapore to Take Action Against DBS, StanChart & UBS in 1MDB Probe

Monetary Authority of Singapore to Take Action Against DBS, StanChart & UBS in 1MDB Probe

Singapore authorities said they have found lapses in anti-money laundering controls including DBS and the Singapore branches of Standard Chartered Bank and UBS and will be taking action against them. They also added that bank accounts which belong to several individuals have been seized and dealings in properties belonging to these individuals have also been curtailed. These assets amount to S$240 million.

“Singapore authorities said they have found lapses in anti-money laundering controls including DBS and the Singapore branches of Standard Chartered Bank and UBS and will be taking action against them.”

~ Monetary Authority of Singapore

The MAS said the deficiencies at the banks were related to lapses in specific processes and by individual officers which would be met by the firm regulatory action. MAS also mentioned that the inspections did not find any pervasive weakness or staff misconduct.

Related Reports: MAS, CNBC

 


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Elliot Management Sues Bank of East Asia

Elliot Management Sues Bank of East Asia

Elliot Management Corp has begun legal proceedings against Bank of East Asia over a share placement. Elliot which has a 7% stake in BEA has filed a lawsuit in Hong Kong court against the bank, majority of the bank directors, its CEO and chairman. In a statement, Elliott cited “allegations of unfairly prejudicial conduct” and “alleged serious corporate governance failings” in relation to last year’s issue of new shares to Japan’s Sumitomo Mitsui Banking Corp (SMBC).

“Elliot Management Corp has begun legal proceedings against Bank of East Asia over a share placement.”

~ Reuters

The dispute pits the $27 billion hedge fund against BEA’s chairman and former politician David Li, whose grandfather founded the bank nearly 100 years.

Related Reports: Reuters, Bloomberg

 

About Elliot Management

Elliot Management Corporation is an employee owned hedge fund sponsor. The firm primarily provides its services to pooled investment vehicles. It invests in the public equity, fixed income and alternative investment markets across the globe. The firm obtains external research to complement its in-house research. Elliot Management Corporation was founded in 1977 and is based in New York City with an additional office in London, United Kingdom.

Visit: Elliot Management

 

About Bank of East Asia

Incorporated in Hong Kong in 1918, The Bank of East Asia, Limited (“BEA”) is dedicated to providing comprehensive corporate banking, personal banking, wealth management, and investment services to its customers in Hong Kong, Mainland China, and other major markets around the world.

BEA is Hong Kong’s largest independent local bank, with total consolidated assets of HK$781.4 billion (US$100.8 billion) as of 31st December, 2015. Listed on The Stock Exchange of Hong Kong, the Bank is a constituent stock of the Hang Seng Index. BEA also operates one of the largest branch networks in Hong Kong, with 88 branches, 55 SupremeGold Centres, and 10 i-Financial Centres throughout the city.

Visit: Bank of East Asia


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DBS, Falcon & UBS face Singapore Scrutiny Over 1MDB Transactions

DBS, Falcon & UBS face Singapore Scrutiny Over 1MDB Transactions

Singapore central bank is analyzing several banks including UBS & DBS Group Holdings to see if they had broken any regulations in handling transactions linked to Malaysian state fund 1MDB. The Monetary Authority of Singapore is looking at different aspects of the banks operations. The probe could lead to fines and other penalties if lapses are found.

“Singapore central bank is analyzing several banks including UBS & DBS Group Holdings to see if they had broken any regulations in handling transactions linked to Malaysian state fund 1MDB.”

~ Bloomberg

Singapore faces pressure to show that banks in the city-state are complying with increasingly tough anti-money laundering rules around the world. While the United States has imposed hefty fines on banks for lapses related to money laundering, tax evasion and international sanctions.

Related Reports: CNBC, Business Times

 

About DBS

Headquartered and listed in Singapore, DBS is a market leader in Singapore with over four million customers and also has a growing presence in the three key Asian axes of growth, namely, Greater China, Southeast Asia and South Asia. With over 280 branches across 18 markets in Asia, we are the largest bank in Singapore and Southeast Asia.

Visit: DBS


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UBS Remains World’s Largest Private Bank

UBS Remains World’s Largest Private Bank

UBS retains the title of the world’s largest private bank although their assets under management has fallen 1% over the year. At the end of December last year, UBS was managing US$1.74 trillion down from 1% from 2014.

“UBS retains the title of the world’s largest private bank although their assets under management has fallen 1% over the year.”

~Scorpio Partnership

Bank of America Merrill Lynch came in second with AUM of US$1.444 trillion down 2% for the year while Morgan Stanley was third with US$1.439 trillion, down 2.8% over the year. The top 25 biggest private banks in the world managed a total of US$11 trillion at the of last year, indicating a 56.3% market share, up from 55.9 per cent in 2014.

Related Reports: Caproasia, Scorpio Partnership

 

About UBS

Headquartered in Zurich and Basel, the UBS Group is a global firm providing financial services to private, corporate and institutional clients. The UBS Group is present in all major financial centers and has offices in over 50 countries. The UBS Group employs approximately 60,000 people around the world. The UBS Group’s historical roots stretch back more than a century.

Visit: UBS

 

About Bank of America Merrill Lynch

Bank of America is an American multinational banking and financial services corporation headquartered in Charlotte, North Carolina. As of 2013, Bank of America is the twenty-first largest company in the United States by total revenue.

Bank of America provides its products and services through operating 5,100 banking centers, 16,300 ATMs, call centers, and online and mobile banking platforms. Its Consumer Real Estate Services segment offers consumer real estate products comprising fixed and adjustable-rate first-lien mortgage loans for home purchase and refinancing needs, home equity lines of credit, and home equity loans.

Visit: Bank of America Merrill Lynch


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Temasek Posts First Annual Drop in Portfolio Value Since Global Debt Crisis

Temasek Posts First Annual Drop in Portfolio Value Since Global Debt Crisis

Temasek Holdings registered an annual drop for the first time in the value of its portfolio since the global financial crisis, due to falls in share prices of its holdings in financial and resources companies. Temasek said its total assets declined 9% to SGD$242 billion in the year ended 31st March from SGD$266 billion a year earlier. Its net profit fell 43% to SGD$8 billion.

“Its total assets declined 9% to SGD$242 billion in the year ended 31st March from SGD$266 billion a year earlier.”

~Temasek Holdings

The fund which holds stakes in Standard Chartered PLC. China Construction Bank and Singapore Airlines warned that the current financial year which ends in March 2017 could prove to be challenging.

Related Reports: Wall Street Journal, Reuters

 

About China Construction Bank

China Construction Bank (Asia) Corporation Limited [“CCB (Asia)”] is the retail and commercial business platform of China Construction Bank Corporation [“CCB”] in Hong Kong. As of April 30, 2016, CCB (Asia) has 50 branches in Hong Kong and offers a wide array of banking products and services to customers, including consumer banking services, commercial banking services, corporate banking services, private banking services and cross-border financial services, etc.

Visit: China Construction Bank


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World Biggest Pension Fund Lost $43 Billion Last Quarter

World Biggest Pension Fund Lost $43 Billion Last Quarter

Japan’s Government Pension Investment Fund (GPIF) will probably post a 4.4 trillion yen ($43 billion) loss in the April-June quarter, according to calculations by Yohei Iwao, executive director of the institutional equities division at Morgan Stanley MUFG Securities Co.

“Japan’s Government Pension Investment Fund (GPIF) will probably post a 4.4 trillion yen ($43 billion) loss in the April-June quarter.”

~Yohei Iwao, Executive Director of Institutional Equities Division at Morgan Stanley MUFG Securities Co.

GPIF has been hurt after global stock routs in mid-2015 and early this year wiped off about $7.4 trillion in the past 12 months. Japan’s Topix index has also tumbled 19 percent in 2016 to be the second-worst performing developed stock market as the yen strengthened, reducing returns from overseas holdings. The fund’s assets under management probably fell to 133 trillion yen, Iwao estimates, from about 140 trillion yen at the end of December when it last reported results.

Related Reports: Bloomberg, CNBC

 

About Japan’s Government Pension Investment Fund

The pension fund for Japanese public sector employees. The GPIF pension fund is the largest in the world, with approximately $1.3 trillion (122 trillion yen) in assets under management as of 2009. The GPIF contributes to the stability of the Employee’s Pension Insurance and National Pension programs.

Visit: Government Pension Investment Fund


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