Lenovo to sell CDRs in Shanghai, boosting Star Market’s pitch for China’s national champions to raise funds at home Georgina Lee georgina.lee@scmp.com
Lenovo, the world s largest personal computer maker, is seeking shareholders approval to sell Chinese depositary receipts (CDRs) in Shanghai, in a move that further opens the city s stock exchange for offshore companies to raise capital.
The owner of the IBM Thinkpad laptop brand is seeking to issue 1.3 billion new shares, or 10 per cent of its enlarged capital, through CDRs, Lenovo said in a Tuesday announcement to the Hong Kong stock exchange, without specifying the amount raised. Based on Tuesday s closing price of HK$8.05 per share, Lenovo s CDR sale could raise up to HK$10.8 billion (US$1.4 billion).
China fintech: banking and insurance watchdog CBIRC lays out ways it may punish risky consumer finance companies Alison Tudor-Ackroyd and Enoch Yiualison.t-a@scmp.com, enoch.yiu@scmp.com The China Banking and Insurance Regulatory Commission has created a grading system for consumer finance companies. Photo: CCTV.com
China s top banking and insurance watchdog has created a trial framework for grading consumer finance companies, which could lead to the break-up of the most errant industry players.
The China Banking and Insurance Regulatory Commission (CBIRC) said it would judge these companies on factors such as corporate governance, internal controls, capital and risk management, professionalism and technology, according to a notice on its website on Wednesday. The notice was issued on December 30, but it has only been made public now.
China may have started to rein in the pace of credit growth at the start of 2021 as December's financial data fell below market expectations, and with policymakers signalling that they are leaning toward tapering off the expansionary monetary policy conducted last year. Weak financial data released by the People's Bank of China (PBOC) on Tuesday has reinforced the belief held by many analysts that the central bank has started to gradually.
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China’s legal reforms seek to cement party leadership’s role William Zheng william.zheng@scmp.com The National People’s Congress will have to follow the central leadership’s guidance in the legislative process. Photo: Xinhua
The Chinese Communist Party has unveiled new plans to overhaul the country s legal system in the next five years, emphasising the importance of the party s leadership.
The 15,000-word document, published by state news agency Xinhua on Sunday, outlined how the leadership wanted a country with a system of distinctively Chinese socialist rule of law . By 2035, the state, government, and a society governed by the rule of law will be basically completed, a socialist rule of law system with Chinese characteristics will be basically formed. The (Chinese) people s right to equal participation and development will be fully guaranteed, and the modernisation of the nation s governance system and capabilities will be largely achieved,