Market-led reforms must continue in A-share securities: media
The state-owned Securities Times called for market-led reforms to continue in A-share securities to “cure the poison in the bone” in its second editorial in three days on the issue. The Sunday editorial recommended that China can learn best practices, overhaul obsolete rules and increase penalties on illegal activities to protect the rights of shareholders.
Shenzhen Metro will nominate executives for Vanke
New majority shareholder Shenzhen Metro would nominate Vanke executives, the Paper reported, after the rail firm bought 1.553 billion shares from Evergrande valued at 29.2 billion yuan (US$4.3 dollars). After making the payment due on June 28, Shenzhen Metro will own 29.38% of Vanke, it said in a stock exchange notice.
Price slump in 90% of ‘special treatment’ stocks this year
More than 90% of the 73 “special treatment” (ST) stocks on the Shenzhen and Shanghai stock exchanges saw their share prices decline this year, Xinhua said. Of those ST stocks, flagged as having abnormalities in their financials or share prices, 60% saw a 20% slump since January, East Money reported.
Ministry to assess effectiveness of rural reforms this year
A review of the experimental rural reforms that began in 33 counties in 2015, will be completed in June, September and December this year, Yicai reported. The Ministry of Land and Resources focused on expropriation of land, marketization of collective-owned land and homesteads in the reforms, which will end this year.
Ant Financial to extend Huabei credit system for 4 million users
The credit system of Alibaba affiliate, Huabei (“just spend”), is set to have its own user interface independent of Ant Financial, and will be extended to nearly 4 million users, Caixin reported on Sunday. Ant Financial will focus on expanding Huabei’s payment services, which will provide stiff competition in the credit card industry, it added.
Graduates fuel fire in Beijing rental market
As university students graduate, activity in the capital’s rental market has risen, the Economic Information Daily reported, with real estates agents seeing a 27% increase in May transactions compared to April in May. It is expected to peak in July.
Compliance law to take effect in October
A new compliance law to increase transparency and accountability at brokerages and investment funds will take effect on October 1, Yicai reported on Sunday, citing the China Securities Regulatory Commission. Among several key measures, the new law will require not only the designated compliance officer, but board members and senior management to ensure the brokerage complied with the rules.
Ministry drafts rules on government debt in tollways
The Ministry of Transport is drafting reforms on government debt connected to tollways and cities have been selected for a pilot program to test rules, insiders told the Economic Observer. The increase in lending rates and tough restrictions in the first half of 2017 had put pressure on government avenues to raise cash.