CBIRC trials rule on funds for investment

Finance | Agencies and Staff Reporter 15 Oct 2021

Major shareholders should use their own legally-obtained funds, rather than entrusted funds or borrowed money, to invest in banks and insurers, according to the trial regulatory rules issued by China Banking and Insurance Regulatory Commission.

While regulators are checking the past lending of financial institutions to companies, China Evergrande (3333) is making small progress in selling its stakes to repay debt.

A unit of Evergrande Real Estate Group plans to sell a 40 percent stake in a furnishings joint venture to Qumei Home Furnishings Group for 72 million yuan (HK$86.98 million), Qumei said in a statement.

Meanwhile, China's antitrust bureau will become the National Antimonopoly Bureau and be elevated to deputy-ministerial status, while remaining within the State Administration for Market Regulation.

In other news, a group of private sector employees in China have begun an online campaign to gather working hours information in a protest against the excessive work culture in the country.

The so-called Worker Lives Matter campaign is asking employees in various industries, like technology and finance, to share what time they start and end their workday, as well as how many days they work per week.

As of yesterday, the spreadsheet had more than 4,000 entries, including contributions from within tech giants like Tencent (0700), Alibaba (9988) and ByteDance.



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