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China’s major stock exchanges are facing a tough start to the year as proceeds from initial public offerings in Hong Kong, Shanghai and Shenzhen shrink. US exchanges are strengthening their lead and ranking.
The Chinese government's efforts to stabilize the country's stock market, which has seen a $7 trillion rout, are proving ineffective. Investors are skeptical that President Xi Jinping can use the same strategies that worked in 2015 to address the current market crisis.
Signaling the growing alarm, China abruptly ousted its market chief Yi Huiman on Wednesday, rolling out another hallmark of the near decade-old blueprint to boost stocks.
Global money managers weren't counting on a 99% haircut.
China Evergrande Group's defaulted offshore bonds are trading at just 1 cent on the dollar following a Hong Kong court order for the company's liquidation, highlighting the dangers of trying to bargain with the Communist Party.