China
LATEST ARTICLES
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A lack of consensus on whether recent under-performance of Asian currencies will impact China’s willingness to let its own currency weaken is leading to disparate views on near-term valuations.
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China’s Project Whitelist, launched at the start of the year, exists to ensure bank funding for property development. But it is there to protect projects, not the developers behind them.
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The Singapore lender is looking to India in search of new business and growth opportunities, its chief executive Piyush Gupta tells Euromoney. Long term, it aims to emulate onshore the country’s best private-sector lenders, HDFC and Kotak Mahindra.
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Previous changes of policy direction have left analysts undecided on whether to attribute recent sharp corrections to the renminbi reference rate to accident or design – or even a combination of the two.
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Encumbered by an impotent fiscal policy and a sluggish stock market, bank lending could be China’s only route to economic recovery.
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Stock market reform has not only revitalized the country's capital markets but has also permeated the real economy. Countries like Korea are quickly following suit. Interestingly, China also seems to be drawing inspiration.
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AsiamoneyThe German lender’s decision to put its chips on southeast Asia is paying off handsomely. Under the leadership of Asia CEO Alexander von zur Mühlen, Deutsche Bank has doubled its capital in Vietnam and Indonesia, with more to come, moved a host of global roles to the region, and has seen Asean eclipse its India and China business in terms of growth and absolute numbers.
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Chinese fintech Ant Group has offered UBS a reported $250 million for Credit Suisse’s China joint venture, outbidding Citadel Securities. It is a timely reminder that despite its current malaise, Asia’s largest economy is still a great long-term place to invest.
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As Beijing works to underpin the equity market, China's fund houses and investment banks are betting on exchange-traded funds as the next big thing. That reflects a market corseted by regulation, where limited options compel a collective herd mentality.
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The Sino-Swiss corridor, set up to encourage Chinese firms to sell global depositary receipts to international investors in the European state, took off fast in 2022. But a host of challenges, from Chinese regulatory concerns to an apparent lack of global interest, has stalled its progress.
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While the world’s biggest markets are still preparing for T+1 settlement, talk is growing of the next step – but going any faster would mean a total reworking of how markets function.
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Many factors explain Japan’s renewed allure to global corporate and financial institutions. Inbound FDI is rising, with local stock prices regularly hitting record highs. Is the economy’s long-awaited renaissance a passing phase or here to stay?
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With its economy embattled and investors fleeing in droves, getting good data on China has never been more important. There are some great analysts and research shops out there. Trouble is, too many China-facing reports suffer from a lack of imagination, groupthink brought on by a fear of irritating Beijing and an over-reliance on state data. That must change.
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Hong Kong-based Chinese investment banks, plagued by the market’s liquidity issues, are looking to China's economic pivot and the renminbi's rise as a fundraising currency to restore their fortunes.
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At the start of 2023, analysts sized China and liked what they saw: an economy reopening after three years of Covid isolation, and ready once again to roar. Nothing of the sort has happened and corporates and institutional investors are now fleeing the market in droves.
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The 34th annual Asiamoney Brokers Poll is a Vox Populi poll that identifies the leading brokerages for equities research, sales and trading in Asia. Voters are institutional investors who represent fund management firms, wealth managers, hedge funds, pension funds, and insurance companies that trade in Asia.
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As the Chinese property crisis deepens, a new round of bank-led rescue efforts is on the horizon. While banks must shoulder part of the blame for the crisis, their options for action are limited.
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The travails of Zhongzhi, a key player in China’s poorly regulated $3 trillion shadow financing market, underline why a future crisis in the country is more likely, not less.
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The great and the good have assembled again for the Global Financial Leaders investment summit in Hong Kong.
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While the dollar’s international supremacy is unchallenged for now, the wider landscape is shifting. Companies are raising more funding in renminbi and the currency’s use in international payments and settlements is growing.
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A local asset management company in Liaoning province just bailed out Shengjing Bank – by borrowing the capital it needed from the very same ailing regional lender.
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Global banks spent years trying to make China’s vast market work for them, mostly in vain. Today, though, China’s manufacturers are investing in Europe and the US, and turning to Western lenders for advice. The real China opportunity starts here.
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While foreign investment in China has fallen, supply-chain shift is a different story. Rather than transferring their main production away from China, manufacturers are cultivating deep regional supply chains across Asia and beyond.
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AsiamoneyAfter years of easy Eurobond access and ramped-up Chinese lending, developing economies are now caught between rising interest rates and geopolitical tensions, making debt restructurings more numerous and more complicated. Despite some progress in inter-creditor talks, many debtor nations face an uncertain financial future.
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AsiamoneyDespite its roots in the region, HSBC’s Asian woes have sometimes seemed endemic. It has been overly dependent on Hong Kong and too often caught in Sino-US crosshairs. But under regional co-CEOs Surendra Rosha and David Liao, the lender has regained its confidence, is more regionally diverse than ever, and is busy posting record profits.
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China Merchants Bank
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AsiamoneyOutbound Chinese M&A deal-flow has slowed to a crawl even as inbound activity remains steady. So focus in the region is moving elsewhere: to rising India, steady-and-lucrative Australia and even Japan, where once-bloated conglomerates are streamlining portfolios under intense pressure from activist shareholders.
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How on earth, in this environment, did the bank deliver one of its best-ever quarters in Asia?
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Minmetals International Trust
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China Merchants Bank was a clear outlier among its domestic banking peers in the mainland in the past year as its 3.0 business model took shape and produced solid results.
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As the world’s largest bank by assets, Industrial and Commercial Bank of China has proven time and again that it is more than capable of navigating any headwinds and challenges that come its way.
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Ping An Bank’s transformation over the last five years has given it an undisputed, and long, lead over its peers in digital solutions.
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Bank of China has long been at the forefront of the mainland’s environmental, social and governance ambitions, and its pivotal role in driving the national agenda has gained steam in recent years.
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Small and medium-sized enterprises are the mainstay of the Chinese economy, given they account for about 97% of all firms in the country and play a vital role in providing employment opportunities.
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Every bank in China has put corporate social responsibility firmly in its sights, especially over the past few years of pandemic-induced hardships. But the Asiamoney 2022 award for best bank for CSR in the country goes to China Construction Bank for going above and beyond the standard CSR focus.
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HSBC has operated in mainland China since 1865 and is a force to be reckoned with: it is the largest foreign bank in the country, operating in 50 cities, with 150 outlets and over 7,000 employees.
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As a US bank operating in China, Citi has had to balance difficult political relations between the two countries to run its business, navigating trade tensions, a sparring of words between the presidents of these two superpowers, disputes over US audits of Chinese firms, and the near-halt of lucrative China-into-US IPOs.
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The 33rd annual Asiamoney Brokers Poll is a Vox Populi poll that identifies the leading brokerages for equities research, sales and trading in Asia. Voters are institutional investors who represent fund management firms, wealth managers, hedge funds, pension funds, and insurance companies that trade in Asia.
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The combination of China’s crackdown on technology companies, its zero-Covid strategy and its domestic property crisis have buffeted Chinese stocks this year. In order for sentiment to stabilize and for the economy to develop, reforms are needed urgently, putting more emphasis on the private sector and less on GDP growth.
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The outlook for the Chinese real estate sector is bleak, with many more highly indebted companies expected to default on their bonds and loans. If the market is to recover, however, the government will need to ease more restrictions so that firms can access funding again and demand for homes picks up.
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CreditEase Wealth Management
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CreditEase Wealth Management
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Minmetals International Trust
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MUFG Bank is investing in its Greater China business, but will its strategy pay off?
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Two critical developments in China caught the financial markets off guard in 2021.
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The 32nd annual Asiamoney Brokers Poll is a Vox Populi poll that identifies the leading brokerages for equities research, sales and trading in Asia. Voters are institutional investors who represent fund management firms, wealth managers, hedge funds, pension funds, and insurance companies that trade in Asia.
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Many ABS deals in China caught Asiamoney’s attention this year, whether from new issuers and asset classes or because they came with structural innovations.
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Among China’s securities houses, China International Capital Corp impressed Asiamoney the most with its ability to innovate.
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Bank of Communications has led or jointly led many landmark deals in China since it received its first ABS underwriting licence in 2013, and its peers, including foreign firms, have noticed.
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When it comes to international banks operating in China’s securitization market, HSBC is an outlier – not because of its market dominance, but because of its strategy for the asset class.
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Since setting up the ABS department in 2006, Citic Securities has become an indisputable leader in the market.
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Bank of China continues to lead the way in asset-backed securitization in mainland China, making it a clear choice for the best domestic bank for securitization award.
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Citic Securities is the undisputed leader in China’s domestic equities market.
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Citic Securities is the undisputed leader in China’s domestic equities market.
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China Securities Co’s performance in the onshore debt market has gone from strength to strength in the past year. Between July 1, 2020, and June 30, 2021, Asiamoney’s awards period, CSC claimed a 11.2% market share in bond underwriting and an increase in volume of nearly 23%, making it one of only two securities firms (the other was Citic Securities) to have a share of more than 10%, Wind data shows.
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During Asiamoney’s awards period, Haitong International was busier than all its peers in equity capital markets.
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Citi has long had a reputation of leveraging its unrivalled global network and local market expertise to help clients – no matter where they are based – to find business opportunities, either domestically or internationally.
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China Merchants Bank has once again impressed Asiamoney with its solid performance and growth, making it our choice for best corporate and investment bank in China for 2021.
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China Merchants Bank has once again impressed Asiamoney with its solid performance and growth, making it our choice for best corporate and investment bank in China for 2021.
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One of the big four Chinese state-owned banks, Bank of China has delivered solid results in the onshore debt market, making it the obvious winner of this Asiamoney award.
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In 2020, China International Capital Corp reported an impressive 40% year-on-year jump in investment banking revenues to Rmb5.96 billion ($921 million).
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In 2020, China International Capital Corp reported an impressive 40% year-on-year jump in investment banking revenues to Rmb5.96 billion ($921 million).
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In 2020, China International Capital Corp reported an impressive 40% year-on-year jump in investment banking revenues to Rmb5.96 billion ($921 million).
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The coronavirus pandemic has unearthed a wave of anti-China sentiment across the world, impacting Beijing’s trillion-dollar Belt and Road Initiative. Will BRI have a future in a post-pandemic world? A veteran banker at HSBC says yes – but the shape it takes will be vastly different.
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Some of China’s largest state-owned companies have become bond market pariahs after a spate of defaults. This may be just what the country’s markets need.
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Hong Kong must improve its environmental track record and rally the private sector if it is to succeed in its ambition of becoming Asia’s leading centre for green finance.
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China’s crackdown on its biggest technology companies shows the difficulty of balancing growth at all costs at the leading fintech firms with support for state-owned banks.
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A global competition is under way to define the future of money – and the bet is overwhelmingly on China to get there first.
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CreditEase Wealth Management
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China International Capital Corp
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Minmetals International Trust
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China Development Bank’s Rmb10 billion climate bond
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Lianhe Equator Environment Impact Assessment Co
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Research on climate-related information disclosure systems of the banking and insurance industry by CIB Research
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China Chengxin International Credit Rating
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China Merchants Bank
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Hundsun Technologies
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AsiamoneyBritish economist John Maynard Keynes famously wrote more than 80 years ago that people’s behaviour in the financial world is often driven by “animal spirits” that suggest “spontaneous optimism rather than mathematical expectations”. The current craze for special purpose acquisition company (Spac) listings is a good example.
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How should investors incorporate political risk into their view of asset markets?
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Since the People’s Bank of China (PBoC) reformed the country’s benchmark rate system in August 2019, many banks have linked their RMBS trades to the new five-year loan prime rate (LPR). But the underlying mortgages of their RMBS deals were still linked to the old benchmark rate. As a result, linking their RMBS to the new five-year LPR created a rate mismatch between the asset side and the securities side.
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The legal landscape in China around the securitization industry is often hard to navigate. But King & Wood Mallesons (KWM) stands out from its peers. The law firm provided legal services for 254 securitization transactions with a total value of Rmb296.2 billion ($45.4 billion) during the awards period, according to Wind data.
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China Chengxin International Credit Rating (CCXI) dominated ABS ratings during the awards period with a market share of more than 55%, well ahead of its closest competitor, which had a 27% share.
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Citic Securities has an enviable position in China’s ABS market: it boasts a structuring team with the ability to innovate and a large enough client base to test out those new ideas. The firm has notched up several landmark deals, each opening new ground for others to follow.
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Bank of China is the leader in the asset-backed note market. Led by Zhu Dan, vice general manager of the investment banking and asset management department, Bank of China’s team had another good year, taking the top spot in the league table again. The bank underwrote 49 ABNs worth Rmb48.4 billion ($7.4 billion) during the awards period, according to Wind data – up 58.2% from its previous record Rmb30.6 billion of ABNs in the last awards period.
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The Chinese account receivables securitization market has expanded dramatically over the years. In 2017, there were 141 deals with a total value of Rmb158.6 billion ($24.3 billion). By 2019, there were 569 new deals worth Rmb428.5 billion. In the first 11 months of 2020, 739 deals with a total value of Rmb653.1 billion were sold, Wind data shows.
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For the third year in a row, China Merchants Securities (CMS) has stood out from the crowd in China’s residential mortgage-backed securities (RMBS) market.
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CICC underwrote six commercial mortgage-backed securities (CMBS) deals with a total value of Rmb16.52 billion ($2.53 billion) during the awards period, representing a market share of 27.67%. In terms of CMBS issuance deal numbers and volumes, the securities house ranked first and second respectively.
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It was an easy decision to give the auto ABS house award to Citic Securities. The advantage the securities house has in the market is impossible to overlook.
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Competition for this year’s best house for securitization was fierce. Despite the Covid-19 pandemic, new issuance in China’s ABS market still rose 16.1% to Rmb2.585 trillion ($396 billion) during Asiamoney’s awards period, between October 2019 and the end of September 2020, Wind data shows.
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The 31st annual Asiamoney Brokers Poll invited chief investment officers, fund managers and investment analysts to take part. Voters represented fund management houses, hedge fund & private equity firms, insurance companies and wealth management houses in Asia, Europe and North America.
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The 31st annual Asiamoney Brokers Poll invited chief investment officers, fund managers and investment analysts to take part. Voters represented fund management houses, hedge fund & private equity firms, insurance companies and wealth management houses in Asia, Europe and North America.
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Too many Chinese investors focus on the originator more than the asset pool. That undermines one of the crucial purposes of securitization.
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China’s decision to clamp down on Ant Group has derailed an IPO of at least $34 billion, despite execution being finished last week. The move appears to be little more than political muscle-flexing by Beijing. The real winners will be the country’s critics.
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It was Chairman Mao who said Chinese women should play an equal role, working in the fields and factories: decades later, women are evident in the upper ranks of the financial sector, but seldom make it to the very top.
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Ant Group’s choice of Hong Kong and Shanghai for its listing signals how flush the two markets are with liquidity. But the upcoming US presidential elections have issuers worried.
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Shenzhen-based China Merchants Bank continues to set the standards for corporate and investment banking in the domestic market in almost every segment, under Chen Yujia, general manager of investment banking.
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Citic Securities underwrote Rmb1.1 trillion ($161 billion) of domestic bonds during our awards period, between July 1, 2019, and June 30, 2020, and was the only firm to exceed the Rmb1 trillion mark. That big undertaking was split across 2,479 onshore bonds, proof of the frenetic pace of China’s domestic debt market.
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Haitong International has become a respected player in the offshore equity market. Under Sean Huang, group head of corporate finance and co-chairman of investment banking, the firm has helped a variety of Chinese companies raise cash offshore.
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It is seven years since CLSA was acquired by Citic Securities, becoming a wholly owned subsidiary. CLSA’s staff in Hong Kong now work closely with their domestic counterparts, creating a powerful double-act for M&A advisory.
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As one of the largest and most internationalized Chinese banks, Bank of China (BOC) continued to serve as the bridge for domestic clients venturing offshore, as well as for foreign issuers seeking funding opportunities in mainland China’s Rmb109 trillion ($16 trillion) market.
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Citi’s China business, led by chief executive Christine Lam, delivered Rmb5.95 billion ($871 million) of revenues with Rmb2.07 billion of net profits in 2019.
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Liu Xiaodan almost single-handedly built Huatai United Securities into a top Chinese investment bank for mergers and acquisitions within a decade. But Liu, M&A banker-turned-chair, left Huatai United in August 2019 and set up her own private equity firm this May.
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Citic Securities remains the leader in domestic equities underwriting, with a volume of Rmb304.1 billion during our awards period, according to Wind – an increase of 35% from a year ago, which is an eye-catching rise for such a large firm.
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Citic Securities is the clear winner of this category – just look at the numbers. The firm reported revenues of Rmb43.1 billion ($6.3 billion) in 2019, and a net profit of Rmb12.2 billion, surpassing all of its rivals among the Chinese securities houses.
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During our awards period between July 1, 2019, and June 30, 2020, Industrial and Commercial Bank of China (ICBC) underwrote 2,298 domestic bonds, according to Wind.
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Bank of China (BOC) was involved in nearly 150 M&A projects worth a combined $62 billion during our awards period – between July 1, 2019, and June 30, 2020 – taking the total number of deals it has been involved in over the years to nearly 1,000.
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China Merchants Bank (CMB) provides its clients with advisory services beyond just lending and potential acquisitions; under its president Tian Huiyu, CMB has become one of the most tech-savvy banks in the country, using these skills to provide advice on financing strategy and deal structuring.
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There is plenty of green finance research done by banks and credit rating agencies in China.
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Many Chinese green companies find it hard to finance their overseas Belt and Road projects, even with the guarantee of their parent firms.
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Many Chinese banks have rolled out financial products to facilitate green finance transactions. But Industrial Bank’s ‘Lv Chuang Dai’ – which literally translates as ‘green innovative loan’ – stood out because of its ability to tap a huge pool of government funding.
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Sustainable investment is still in its infancy in the Chinese onshore market. Many funds have not yet set up any environment, social and governance (ESG) -themed or green products. But China Southern Asset Management, led by general manager Yang Xiaosong, has integrated ESG principles into its own business operation as well as its investment decisions.
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It was a particularly tough year to pick the winner of this award. With China’s domestic green finance industry fast developing, multiple verification agencies have sprung up in recent years.
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China Chengxin International Credit Rating (CCXI), which has over 27 years of experience in rating domestic bonds, has long had a dominant market share in the wider onshore bond market. That now applies to the green bond market, too.
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Bank of China’s $960 million Sofr-linked deal, issued in dollars, euros and offshore renminbi, was a landmark deal in more ways than one.
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All of the big four Chinese banks – Agricultural Bank of China, Bank of China, China Construction Bank and Industrial and Commercial Bank of China – have bet big on the green bond market. But ABC stands out for beating even its own lofty track record during our awards period.
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Provincial and regional banks have a huge role to play in boosting the appeal of China’s green finance industry for local governments. No other bank has done this better than the Bank of Huzhou, a local joint-stock commercial firm based in Zhejiang province.
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Industrial Bank has become the leading green finance bank in China’s domestic market.
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China Minsheng Bank is regarded as one of the most innovative and technology-savvy Chinese banks – and its precious metals
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Shanghai Pudong Development Bank (SPDB), run by president Pan Weidong, is recognized by both its state-owned and joint stock commercial peers as a leading Chinese joint stock bank in gold trading. Over the last five years, its turnover from retail customers trading gold on the Shanghai Gold Exchange jumped 28 times, from Rmb41.6 billion ($5.8 billion) in 2014 to a record Rmb1.21 trillion in 2019. Year-on-year growth was nearly 127%.
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Bank of China (BoC) entered the international gold market in the 1970s, when it was a specialized foreign exchange and trade bank – becoming the first Chinese commercial bank to do so.
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Agricultural Bank of China (ABC), managed by president Zhang Qingsong, has a natural advantage over its Chinese peers when it comes to the retail market: it has at least 20,000 branches in mainland China, serving more than 600 million clients nationwide and providing its retail precious metal clients easy access to the products on offer.
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In the decade since it set up its specialized precious metal business in Shanghai, Industrial and Commercial Bank of China (ICBC) has become a leader in sales, trading, leasing and other services relating to physical and financial precious metals – particularly gold – for both retail and institutional clients. ICBC was the first bank to win a licence for its precious metals division. Over the last decade, it has grown into a full-service gold bank, offering clients over 500 products across 36 categories. More than 120 million clients have invested in ICBC’s regular gold investment product, which has brought in Rmb4.6 billion ($644 million) of income for the bank.
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Deyu may still be young in global terms but it was one of the earliest multi-family offices established in China. The MFO was founded over four years ago by Zhang Yong, a senior banker who had previously helped to set up the private banking department at China Minsheng Bank.
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Minmetals Trust’s wealth management arm serves tens of thousands of high net-worth individuals and corporate clients, providing asset allocation across all markets through its flagship Heng Xin product line, which offers underlying assets ranging from infrastructure projects to supply chain finance.
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CICC became a pioneer among securities houses in China when it ventured into wealth management in 2007, setting an example to rivals who have only recently recognized the potential of the wealth management sector.
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Harvest may not be the largest fund manager in China, but it has managed to deliver stunning returns for investors year after year.
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Noah’s overseas assets under management reached Rmb24.8 billion ($3.49 billion) in 2019, some 14.6% of the company’s total AuM. Its net income from overseas also jumped, rising 25.4% last year to hit nearly Rmb1 billion. Its contribution to the company’s overall revenues rose by 5 percentage points, to 27.9% from 22.9%.
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At CreditEase, the number of clients and the assets under management both increased in 2019. The number of clients with at least Rmb1 million ($140,225) rose, helping assets under management top Rmb100 billion by the end of 2019, a year-on-year increase of more than 20%.
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At CreditEase, the number of clients and the assets under management both increased in 2019. The number of clients with at least Rmb1 million ($140,225) rose, helping assets under management top Rmb100 billion by the end of 2019, a year-on-year increase of more than 20%.
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At CreditEase, the number of clients and the assets under management both increased in 2019. The number of clients with at least Rmb1 million ($140,225) rose, helping assets under management top Rmb100 billion by the end of 2019, a year-on-year increase of more than 20%.
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In recent years, China’s online financial services industry has welcomed a handful of ambitious newcomers, including Ping An Bank’s One Connect and Alibaba Cloud Financial Services Solutions. But Hundsun Technologies, a pioneer in the field, has managed to maintain its leading position as a technology partner to banks.
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Competition in the Chinese mobile banking market, whether for corporate or retail clients, is fierce. But China Merchants Bank’s CMB Corporate App stands out because of the sheer number of clients it serves, as well as its wide array of functions.
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All Chinese banks are keen to adopt financial technologies, but none has taken the mission to heart as much as China Merchants Bank. Since about 2014, executives at the bank have repeatedly said that the bank’s goal is to become a financial technology bank. Last year, the bank put that promise on paper. In October, the bank amended its Articles of Association to include specific amounts of fintech spending – the first Chinese commercial bank to do such a thing.
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In 2019, Bank of China and its offshore subsidiaries completed $5.2 trillion of international trading transactions. It also conducted Rmb7.32 trillion ($1 trillion) of cross-border renminbi payments. Both numbers put it in the top spot, not just in China, but in the world.
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Industrial Bank has chosen to focus its supply-chain finance business on several key industries: auto, consumer products, green, medicine and public infrastructure. Driven by vice-president Chen Xinjian, the bank has managed to expand its supply-chain finance business much more rapidly than its rivals. By 2019, the bank’s outstanding supply-chain finance volume reached Rmb249.5 billion ($35 billion), a jump of 115% from the previous year. The bank signed up 121 leading companies in 2019, bringing the total to 403 so far. These companies have in turn brought in 4,845 small and medium-sized enterprises as part of their supply chains. That number also represents a 64% increase from the previous year. Financing through the bank’s bills pool reached Rmb143.4 billion, nearly tripling the amount from the end of last year.
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Ping An Bank’s cash management business offers an extensive range of products befitting a wide range of clients, including renminbi cash pool, foreign exchange risk management and business overdrafts. Li Yue, president of the transaction banking department, has led the bank’s drive to establish a cross-bank, cross-border smart cash management platform that allows corporate clients to monitor their bank accounts at partner banks, domestic and international, on a real-time basis.
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Bank of China only set up its global transaction banking department in 2018. But it was still the first and the only one among China’s big four – Agricultural Bank of China, Bank of China, China Construction Bank and the Industrial and Commercial Bank of China – to do so.
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Creative strategies to avoid the appearance of non-payment are becoming more common in China’s domestic bond market. That leaves many investors at a disadvantage and uncertain of their rights.
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Chinese issuers responded to Covid-19 by selling bonds that were designed to help fight the pandemic – in reality, only a fraction of the money raised was used to tackle problems created by the virus.
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Family offices in China have grown from practically nothing 15 years ago to a hyper-competitive industry now. Zhang Yong, a former private banker who set up one of the country’s biggest multi-family offices, shows how the market has developed.
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Hong Kong’s status as Asia’s leading financial centre is being undermined by politics. Can it survive?
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Many Chinese banks have made impressive progress in promoting technology innovation, but the bank that has pushed furthest in all aspects of its business is China Merchants Bank, led by Zhang Dong.
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As the largest bank in China, Industrial and Commercial Bank of China is never worried about not having enough retail clients. By June 2019, the bank boasted 627 million retail customers, issued 874 million new debit cards and 154 million new credit cards. ICBC also has the largest number of online banking clients among all Chinese banks.
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China Merchants Bank had more than 90 million active credit cards by the end of the first six months of 2019, ranking fifth in the country. However, the volume of CMB’s credit card transactions grew 12% year on year and reached Rmb2.04 trillion ($290 billion), ranking top among all Chinese banks and Rmb420 billion more than the nearest rival. CMB also managed to secure the top spot in both credit-card business revenue and offshore credit-card transaction volume in 2019.
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China’s urban population is among the most tech-savvy in the world, yet members of its rural population often have much more basic needs. China Construction Bank, more than any other bank in China, has been able to serve both populations.
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Joint stock commercial bank China Citic Bank’s private-banking business has been growing quickly. With a team of 216 specialists, Citic picked up over 8,100 clients in 2019, up 24% and taking the total to nearly 42,000. Assets under management amounted to Rmb574 billion ($82 billion), up 22.3% over the year.
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Ping An Bank is the dark horse of private banking: it has quietly raced ahead despite fierce competition in China’s growing wealth management market, and at a time when growth at many of its rivals has moderated.
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Despite competition not only from its ‘big four’ peers but also increasingly from joint-stock and regional players, China Construction Bank Private Banking picked up over 12% more private-banking clients in 2019, lifting its client base to 143,000. That brought a similar 12% increase in assets under management, which rose to Rmb1.5 trillion ($215 billion).
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One of the first joint-stock commercial banks to start private-banking operations in the country, China Merchants Bank has established itself as a market leader over the years. That makes it all the more impressive that the bank was still able to expand its presence in 2019.
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One of the first joint-stock commercial banks to start private-banking operations in the country, China Merchants Bank has established itself as a market leader over the years. That makes it all the more impressive that the bank was still able to expand its presence in 2019.
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Last year was an important milestone for Bank of China Private Banking. In August, it consolidated three departments –wealth management and private banking, personal finance and internet finance – into two main business sections: personal digital finance and consumer finance.
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Last year was an important milestone for Bank of China Private Banking. In August, it consolidated three departments –wealth management and private banking, personal finance and internet finance – into two main business sections: personal digital finance and consumer finance.
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Foreign banks hoping to break into China’s capital markets will have their chance at the end of 2020, but muscling in on primary capital markets could prove expensive and risky.
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The Chinese asset-backed securities market saw a boom in 2019, marked by relentless innovation and cutthroat competition. The winners of Asiamoney’s second China ABS awards have driven this growth
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The 30th annual Asiamoney Brokers Poll invited chief investment officers, fund managers and investment analysts to take part. Voters represented fund management houses, insurance companies, pension funds, sovereign wealth funds, hedge funds and wealth managers from around the world.