Lunar New Year Market Rally: Stimulation Policy Plays
The recent Chinese New Year's cheer infected the stock market here during the first six trading days after the holiday on January 26 as the Shanghai Composite Index (SCI) rose steadily from below 2000 points to break the 2100 and 2200 point barriers. With the launch of the government's industrial stimulation policies, the market looks set to climb even higher.
Shanghai Stock Exchange to Launch New ETF Instruments
The Shanghai Stock Exchange (SSE) plans to launch Exchange Traded Fund (ETF) related to Dow Jones Index, and indices in the stock markets of ***** and London, and pushes forward the Shanghai-Shenzhen 300 ETF, and experiments with ETF products related to indices of finance and consumer goods industries.
Tycoons Yelp Over Hong Kong Trading "Blackout" Extension
More than 200 individuals, listed companies, and securities companies have protested against the new regulation in the form of an open letter published in major Hong Kong newspapers. The list of names, 264 strong, contains the names of powerful companies owned by Li Ka-shing, Lee Shau Kee, Sun Hung Kai Properties' Kuok Brothers, Cheng Yu-tung, and Ronnie Chan, among other blue chip Hong Kong companies. Other important business figures signed the letter in their own names, including David Li, Chairman and Chief Executive of the Bank of East Asia.
QFIIs See the Value of A-Shares
More and more domestic and overseas analysts believe that after a spectacular slump in 2008, China's A-share market is stabilizing gradually and its investment value is emerging. With the support of strong economic stimulus policies, it will reach the bottom and rebound in 2009.
Carlyle Seeks USD 200 Million from Prominent Chinese Venture Capitalist
Carlyle Group is suing the founding managing partner of the Sequoia Capital China Growth Fund Neil Shen on the grounds that he unlawfully prevented it from buying into a Chinese medical research company founded by Shen's former classmate, Ren Jun. If convicted, Shen may face penalties of over US$200 million, rather expensive for choosing "guanxi" over legal governan
China Taps Wall Street's Chinese Talent Pool
The financial crisis has pushed the unemployment rate in the US to 6.7%. Wall Street may cut as many as 200,000 employees in the financial and related IT areas. Chen Xunyong, founder and chairman of Wall Street Ren, an organization of Chinese Wall Street professionals, says nearly 10% of Chinese working on Wall Street have lost their jobs.
Portfolio Holds 90% Cash and CIC Is Reluctant to Invest Overseas
Despite sharply falling global asset prices, China Investment Corporation (CIC), China's sovereign wealth fund (SWF), seems to be running a bit scared these days as lessons from its nasty early losses, and the losses of other SWFs, from ill-timed investments in US and European financial firms have convinced it that holding cash is a preferable option
Steep Rate Cut, as Usual, Doesn't Boost the A-Share Market
The People's Bank of China's (PBoC) striking 1.08 percentage point interest rate cut on Wednesday has apparently not struck the country's investors, and the A-share market has shrugged off what most of the rest of the country is taking as good news.
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