By Addison Gong
10.00 AM
In this round-up, Beijing plans to beef up capital requirements for domestic systemically important banks, foreign investors reduce their investment in domestic Chinese bonds in March, and JD.com’s technology unit is reportedly planning to set up a financial holding company.
The People’s Bank of China (PBoC) and the China Banking and Insurance Regulatory Commission (CBIRC) published draft regulations at the end of last week, asking domestic systemically important banks (D-Sibs) to comply with additional capital requirements.
The regulators finalised the D-Sibs framework in December 2020. The framework assesses which banks qualify as D-Sibs and assigns them into five buckets, with those in bucket five being the most systemically important.
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HONG KONG (March 11): JD.com Inc posted better-than-expected 31% revenue growth, suggesting China’s e-commerce boom may persist as the country bounces back from the pandemic.
China’s No. 2 online retailer reported sales of 224.3 billion yuan (US$35 billion) in the December quarter, outpacing the 219.52 billion yuan average of analysts’ estimates. Net income was 24.3 billion yuan. Its shares surged 10% in pre-market trading in New York.
JD’s inhouse logistics network has proven instrumental to buoying the company’s operations during the pandemic, when lockdowns drove a record number of consumers online. That fueled a surge in e-commerce for players from Alibaba Group Holding Ltd to Pinduoduo Inc in 2020, straining delivery networks, and questions remain about whether they can sustain growth this year.