A Code of Conduct for Sovereign Wealth Fund "Stupid" Says CIC
The transfer of economic power in the global financial markets has strengthened the hand of China Investment Corporation's (CIC) president as he calmly rejected the International Monetary Fund's (IMF) call for a "code of conduct" for Sovereign Wealth Funds (SWF). Such was the unquestionable theme of a first-ever, go-public initiative by CIC, occurring on prime-time, American television during an exclusive interview in Beijing with Gao Xiqing, president of CIC.
CIC/JCF Team to Target Wall Street Fire Sale Deals
China Investment Corp (CIC), China's sovereign wealth fund (SWF), has not stopped eying "fire sale" deals on Wall Street, despite some early missteps. But this time it's laying off some of the risk by teaming up with an experienced Wall Street player.
A Good Time to Invest in the US Gives CIC Hard Time
The Chinese Investment Corporation (CIC), China's sovereign wealth fund (SWF), aims to get a 5% rate of return on its investments, this is almost the same as China's foreign exchange reserve's long-term investment in US government bonds. However, it is now grappling with making less losses.
Market Turns, and QDII Fund Burns
Awash in liquidity, individual Chinese investors are as eager to invest their money in overseas stock markets as the government is to channel excessive liquidity outside the country. Both are looking for fat returns. But the learning curve is steep, and the process to success could be very long.
China's A-share Market Gloom and Doom as Non-tradables Loom
The steady fall of the market seems to have caught Chinese A-share investors, full of prospects of the Olympic Games and confidence in China's economy, flat footed. Loaded with stock acquired in the years of boom, many now feel deeply trapped.
PingAn Aggresive In on SOE Annuity Business
China's supervisors are requiring Chinese state-owned enterprises (SOEs) to transfer their enterprise annuity (EA) plans to professional fund managers. Of the 22 newly-approved EA plans, PingAn Life Insurance Company will manage half. PingAn has also signed an agreement with China Communications Construction Company (CCCC) over its EA trust and management.
China Life's Loose Lips Stir Market Ruckus
China Life, one of the largest institutional investors in China and one whose investment strategy lives in the limelight, has scrambled to deny reports that it planned significant cuts in its holdings of A shares. But news the day before that it would shy away from stocks had already unleashed a typhoon in the A shares market.
China's Profit Growth Stalls and the Market Falls
Over-all profits for China's industrial enterprises in 2008's first two months increased only 1/3 over the same period last year. The disappointing numbers are blamed on pressure from decreasing exports and rising production costs. The news, announced on Thursday, triggered a slump in the Shanghai Stock Market, which lost 195.36, 5.42%, and closed at 3411.49, having dropped through the 3500 defense line.
Shenzhen's Second Board to be Highly Speculative
After ten years of heated discussion and preparation, China's Securities Regulatory Commission (CSRC) has finally decided to launch in 2008 the Shenzhen Stock Exchange second board, the growth enterprise stock exchange. It is now consulting the public as it heads for the second board's first IPOs. Compared with the main board, the second board enterprises will be smaller, and the standards for these enterprises have also been largely brought down.
Another PingAn Black Monday Over Deal with Fortis
The dispute on the wisdom of "going out" Chinese financial enterprises has focused again on PingAn Insurance. PingAn, seen as the market crash culprit since the beginning of this year with its controversial refinance issue plan, has again triggered a black Monday, as the Shanghai Composite Index closed at 3626.19, dropping 170.39 points, 4.49%. PingAn, falling 9.81%, together with PetroChina again caused a slump of the blue chips.
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