Chinese market News

China’s Fosun International Appoints Deutsche Bank to Sell Stake in Peak Re: Sources

China’s Fosun International Ltd. has appointed Deutsche Bank to advise on a potential sale of its stake in Hong Kong-based reinsurance company Peak Re, four people with knowledge of the matter told Reuters. The sale comes as the tourism-to-financials conglomerate …

Chubb Gets Regulatory Nod to Raise Stake in China’s Huatai to 83.2%

Chubb Ltd. announced it has received regulatory approval from the China Banking and Insurance Regulatory Commission to increase the company’s ownership in Huatai Insurance Group Co. Ltd. from 47.3% to 83.2%. Financial details of the deal were not disclosed. Huatai …

China’s Sunshine Insurance Gets Approval for $1 Billion IPO: Sources

China’s Sunshine Insurance Group Co. has received approval from the Hong Kong stock exchange for an initial public offering that could raise about $1 billion, according to people familiar with the matter. The Beijing-based company may start taking investor orders …

Allianz CEO Baete Sees ‘Huge Opportunity’ From Asset Management in China

Allianz SE sees a “huge opportunity” from asset management in China because the nation needs to diversify overseas investments, its chief executive officer said. Chinese investors need to diversify, which requires advice on how to invest in Europe or US …

China’s Regulators Commit to Growth and Reforms, Seeking to Allay Foreign Concerns

China’s top financial regulators said on Wednesday that economic growth remains a priority and reforms and liberalization would continue, seeking to allay foreign investors’ fears that ideology could take precedence during President Xi Jinping’s third leadership term. Speaking at the …

China’s Fosun Weighs Options for Hong Kong-Based Peak Re: Sources

Fosun International Ltd. is weighing strategic options for its Hong Kong-based Peak Reinsurance Co. as the Chinese conglomerate looks to pay down debt, according to people familiar with the matter. Fosun is working with a financial adviser as it considers …

Moody’s Cuts Fosun International’s Credit Rating Amid Concerns Over Asset Sales

Global credit rating agency Moody’s downgraded Fosun International Ltd. by one notch on Tuesday and revised its outlook to “negative” from “ratings under review” amid concerns over the firm’s accelerated asset sales. The downgrade to B2 from B1 followed the …

China’s Sunshine Insurance to Seek HK Stock Exchange Nod for $1B IPO: Sources

China’s Sunshine Insurance Group Co. is planning to seek Hong Kong stock exchange approval for its initial public offering as soon as next week, according to people familiar with the matter. The Beijing-based company may start gauging investor demand once …

Allianz in Talks With Chinese Banks to Launch Asset Management Venture: Sources

Allianz SE is in talks with Chinese banks to set up a majority-owned asset management venture in the world’s second-largest economy, two people with direct knowledge of the matter said, aiming to tap a $4.3 trillion market for wealth products. …

China Sentences Tycoon Xiao to 13 Years, Fines His Financial Services Group $8.1 Billion

A Shanghai court on Friday sentenced Chinese-Canadian billionaire Xiao Jianhua, not seen in public since 2017, to 13 years in jail and fined his Tomorrow Holdings conglomerate 55.03 billion yuan ($8.1 billion), a record in China. Xiao and Tomorrow Holdings …