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MNI China Press Digest March 19: IPOs, Data, Consumer Loans

MNI (BEIJING)
BEIJING (MNI)

MNI picks keys stories from today's China press

Policy NewsCentral Bank NewsPBOCHomepageAPACChinaEM Policy NewsEM Central Bank NewsPeoples Bank of ChinaPolicy StoryStoryRegion
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Highlights from Chinese press reports on Tuesday:

  • Stricter control over the quality of applications for companies planning to list will become the new normal, China Securities Journal reported. As of March 18, 67 companies have terminated their IPO applications amid tightening regulations, more than the 43 terminations over the same period last year. The pace has fallen significantly with only 24 companies achieving initial listings to raise a total CNY20.4 billion, down from the previous 56 companies raising CNY47.5 billion.
  • Official data from January and February shows no improvement in real-estate sector fundamentals which may need longer to stabilise according to Ming Ming, chief economist at CITIC Securities. However he expects China’s exports to continue the year's solid start and maintain single-digit growth for 2024. Data results so far point to the economy growing by 5.5% in Q1, said Luo Zhiheng, chief economist at Guangdong Securities. (Source: 21st Century Business Herald)
  • China has tightened regulation in the consumer-loan sector aimed at strengthening customer rights and interests and promoting high-quality development of the industry, according to the National Financial Regulatory Administration (NFRA). Under new rules, major investors in a consumer finance company must have a minimum CNY1 billion of registered capital. Financial institutions that want to become major investors must have a minimum CNY500 billion in total assets. Authorities have raised the shareholding ratio requirement for major investors from no less than 30% to no less than 50%. (Source: NFRA website)
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Highlights from Chinese press reports on Tuesday:

  • Stricter control over the quality of applications for companies planning to list will become the new normal, China Securities Journal reported. As of March 18, 67 companies have terminated their IPO applications amid tightening regulations, more than the 43 terminations over the same period last year. The pace has fallen significantly with only 24 companies achieving initial listings to raise a total CNY20.4 billion, down from the previous 56 companies raising CNY47.5 billion.
  • Official data from January and February shows no improvement in real-estate sector fundamentals which may need longer to stabilise according to Ming Ming, chief economist at CITIC Securities. However he expects China’s exports to continue the year's solid start and maintain single-digit growth for 2024. Data results so far point to the economy growing by 5.5% in Q1, said Luo Zhiheng, chief economist at Guangdong Securities. (Source: 21st Century Business Herald)
  • China has tightened regulation in the consumer-loan sector aimed at strengthening customer rights and interests and promoting high-quality development of the industry, according to the National Financial Regulatory Administration (NFRA). Under new rules, major investors in a consumer finance company must have a minimum CNY1 billion of registered capital. Financial institutions that want to become major investors must have a minimum CNY500 billion in total assets. Authorities have raised the shareholding ratio requirement for major investors from no less than 30% to no less than 50%. (Source: NFRA website)