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China stocks inch higher as financials shine on upbeat earnings


China stocks inch higher as financials shine on upbeat earnings
Reuters
3 hrs ago
SHANGHAI, April 29 (Reuters) - China stocks edged higher on Thursday, led by gains in financials on upbeat first-quarter earnings from many heavyweight companies in the sector, while some mutual funds high allocations to the banking sector also lent support.
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At the midday break, the Shanghai Composite index was up 0.17% at 3,463.10, while China s blue-chip CSI300 index was up 0.25% at 5,132.12.
The smaller Shenzhen index edged down 0.08%, the start-up board ChiNext Composite index was weaker by 0.57% and Shanghai s tech-focused STAR50 index was down 0.32%​.
CITIC Securities Co,, China s biggest brokerage by assets, reported a 26.7% rise in first-quarter net profit on Wednesday, led by strong growth in commission fees. ....

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Huarong Mess Shows China Needs U.S.-Style Financial Reform


Huarong Mess Shows China Needs U.S.-Style Financial Reform
Bloomberg
1 hr ago
Bloomberg News
(Bloomberg) Drama around the future of one of China’s biggest bad-debt managers is highlighting the urgent need for the country to simplify oversight of its financial system.
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As investors looked for clarity over a possible restructuring of state-owned China Huarong Asset Management Co., the issue was made more complex by the number of government agencies involved.
There’s the finance ministry, which is the company’s majority shareholder. It may sell its stake to the sovereign wealth fund, thereby transferring responsibility, according to a Bloomberg News report. The China Banking and Insurance Regulatory Commission has its say as a top watchdog, and has asked banks to extend loans to China Huarong by at least six months, another report said. The central bank, which is considering taking on some assets, is required to s ....

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