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Tycoon Said to Bring Down a Deputy Mayor, Control Key Beijing Land Deal
April 6, 2015
By Caixin staff reporters Yu Ning and Liu Ran, and intern reporter Cui Xiankang. This article was first published in Caixin.
A recent business dispute between a state-owned technology conglomerate and a private property developer has put a low-profile but powerful businessman in the spotlight. The businessman is believed to have brought down a former Beijing deputy mayor, control a landmark building project in the capital, and have close ties to a disgraced national security official.
The drama started late last year, when a fight between Peking University Founder Group Co. Ltd. and Beijing Zenith Holdings Co. was ignited by disputes over control and terms of the pair s jointly owned Founder Securities Co.
Hong Kong stock market finished session higher on Tuesday, 04 May 2021, as investors chased for bargain hunting after more than 3% losses in previous two sessions, with energy stocks leading the gains.
At closing bell, the benchmark Hang Seng Index added 0.7%, or 199.60 points, to 28,557.14. The Hang Seng China Enterprises Index climbed up 0.49%, or 52.72 points, to 10,765.72.
The sub-index of the Hang Seng tracking energy shares rose 2.3%, while the IT sector edged up 0.05%, the financial sector climbed 0.78% and the property sector gained 0.52%
Shares of with energy companies advanced on tracking strength in crude oil prices.
Sinopec led gainers among blue chips, rising 4.1% to HK$4.08, while PetroChina added 3.5% to HK$2.92
By Addison Gong
08.30 AM
In this round-up, China’s macro leverage drops on a year-on-year basis for two consecutive quarters, Ping An Insurance Group plans to invest up to Rmb50.75bn ($7.84bn) in troubled conglomerate Peking University Founder Group, and the securities regulator has put more weight on the pre-listing education process of domestic IPO candidates.
China held a politburo meeting last Friday. The country’s macro policies will be “consistent, stable, sustainable” and have “no sharp turns”, notes from the meeting said. Prudent monetary policies will be adopted to maintain “reasonable and ample liquidity”, and to keep the renminbi exchange rate “basically stable at a proper and balanced level”. The country pledged to develop the new energy sector and continue working on reducing carbon emissions, and facilitate the recovery of the manufacturing sector as well as private investments.
Ping An Insurance stock slammed after US$11 billion plan to reorganise assets of bankrupt Peking University Founder group
Ping An and Huafa Group to take up 73 per cent in new entity that will assume Founder’s assets, while 27 per cent is set aside to repay creditors
A separate filing in Beijing shows the restructuring could reach between 53.7 billion yuan and 73.3 billion yuan