China Market Intelligence
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Daily Wrap: Four-big Banks and AMCs in Debt-for-equity Scheme
A-shares ticked up, led by real estate while telecom dragged down the market. ICBC said today the big-four state owned banks and big-four AMCs would be included in the debt-for-equity scheme, which would help resolve the surplus of non-performing loans on banks’ balance sheets. Following the release of an environmental tax proposal, policymakers continued its efforts in building a green economy, saying it will curb investment in polluting industries and encourage private capital investing into environmentally friendly industries. Shanghai Composite Index rose 0.35% to close at 3,085.49, Shenzhen Component Index advanced 0.27% to 10,757.88, CSI 300 gained 0.48% to 3,327.79, and ChiNext lost 0.02% to 2,785.26. Hang Seng Index was down 0.17% to 22,976.88.
SAC to Allow Futures Firms to Participate in IPO Subscriptions
Securities Association of China (SAC) issued a notice that it will allow IPO share subscriptions from futures company asset management subsidiaries, according to Jiemian.com on August 30. The notice will take effect on September 1. Since the notice was only issued to major underwriters, some futures companies were apparently unaware of the new policy.
Didi to Improve Taxi-hailing Efficiency
Didi Chuxing said on August 31 it has signed cooperative agreements with over 50 taxi companies nationwide to introduce a coordinated ride-driver matching system to replace its old ride-bidding system. The new system will automatically assign ride requests to the most suitable vehicle, taking into account distance, traffic information, demand and supply, drivers’ ratings and other variables. The partnerships also extend to coordinating in request dispatching across taxi and private car hailing services.
Alibaba Welcomes Russian Firms on Tmall
Alibaba [BABA:US] and the Russian Export Center (REC) will soon sign an MoU during the G20 Summit, creating a Russian-oriented platform on Alibaba’s B2C e-commerce website Tmall, according to Sputnik News. Citing a general manager from REC, the news website said Alibaba and REC reached an agreement on this during the 20th St. Petersburg International Economic Forum. The two sides may also cooperate on supporting Ant Financial’s entry into the Russian market.
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