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Refinancing Rules to Spur Buybacks

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Refinancing Rules to Spur Buybacks CHINA DAILY HONG KONG EDITION Tuesday, November 13, 2018 BUSINESS 17 Tech giants eyeing pole Refinancing position in rules to spur unmanned driving buybacks By LIA ZHU in San Francisco Investors welcome regulators’ latest effort to [email protected] simplify procedures for A­share companies Chinese tech giant Tencent Hold­ ings Ltd has joined the race, along By SHI JING in Shanghai structure, public utilities and with rivals such as Baidu Inc and [email protected] finance, according to Wing Info. Alibaba Group Holding Ltd, to Among the 118 stocks that have recruit senior autonomous driving A Tencent employee demonstrates a test vehicle equipped with the company’s unmanned driving system in Central regulators greenlighted listed since December last year, 18 engineers in Silicon Valley. Shenzhen, Guangdong province. XUAN HUI / FOR CHINA DAILY refinancing for China’s A­share have seen their prices contract over The Shenzhen, Guangdong prov­ companies late last week, in a move 30 percent so far this year, Wind ince­based company, owner of pop­ to encourage buybacks. Info said. ular social media app WeChat, is tle and New York. The company which means the vehicle can per­ mass production by the end of The China Securities Regulatory The new guideline also stipulates building an autonomous driving did not immediately respond to a form fully­automated driving on 2019. Commission, the Ministry of Com­ that public companies are encour­ research team based in Palo Alto, request for further information. certain sections of road — hit the Alibaba set up artificial intelli­ merce and State­owned Assets aged to introduce buyback mecha­ California, according to job post­ The tech company set up an road this year. gence labs in 2016. In April, the Chi­ Supervision and Administration nisms in their articles of ings on LinkedIn. autonomous driving lab in 2016, Baidu ventured into the autono­ nese e­commerce giant confirmed Commission jointly released a incorporation, to improve commu­ “Expert/senior researchers” who with a focus on high­definition mous driving space before its two it was testing its own autonomous guideline on Friday to expand the nication between management and “have a strong interest in develop­ maps, positioning solutions and rivals Alibaba and Tencent. The technologies. financing channels and simplify the shareholders. ing cutting­edge technologies are analog simulation, among others. biggest search engine in China set The company launched a Level 4 implementation process for compa­ Shanghai­based Wonders Infor­ being recruited. The technologies It launched Tencent Autono­ up a base in Silicon Valley in 2011. It self­driving logistics vehicle at a nies’ buyback plans. mation, Jiangxi Fushine Pharma­ include simultaneous localization mous Driving as an independent already has an autonomous vehicle computing conference in Septem­ Buoyed by the new guideline, the ceutical and Wuxi Honghui New and mapping (SLAM) and localiza­ brand at the Tencent Global Part­ testing permit in California. ber in Hangzhou, Zhejiang prov­ benchmark Shanghai Composite Materials Technology all announced tion, machine learning, motion ner Conference held on Nov 1 in This month, Baidu and Chinese ince. Index gained 1.22 percent to close at buyback plans on Sunday, shortly planning, perception and sensor Nanjing, Jiangsu province. carmaker FAW Hongqi unveiled a Developed by Alibaba AI Labs, 2630.52 points, while the Shenzhen after the guideline was released. fusion, and behavior prediction,” The company has been given the Level 4 autonomous driving pas­ the vehicle is designed for urban Component Index was up 2.4 per­ Essence Securities said the according to a posting on the green light by the Shenzhen and senger car in Beijing, which means logistics delivery. The Hangzhou cent to close at 7832.29 points. A­share market has registered a online job board last month. Beijing authorities to test autono­ the car can drive autonomously in authorities have issued a license for The guideline specified that total of 2,867 buybacks between Tencent has three offices in the mous vehicles on the cities’ roads. most conditions without human Alibaba to road­test its autono­ A­share financial companies can 2010 and 2018. Among those, 1,597 United States — in Palo Alto, Seat­ Its Level 3 autonomous vehicle — intervention. The cars will enter mous vehicles. provide stock option incentive plans were passive buybacks used for to employees with the repurchased stock incentives while the rest were shares. active buybacks. Public securities firms are The situation will change signifi­ AECOM set to build on China’s solid foundation allowed to carry out employee stock cantly with the new guideline, ownership plans via asset manage­ according to Essence Securities. ment and trust models. Guosheng Securities said active By REN XIAOJIN up strategy has switched its focus region and the Yangtze River Delta, ment board member of Messe Listed companies are encouraged buybacks will hopefully bring in [email protected] from high speed to high quality, we have made our contribution. Frankfurt Group, said China has to issue preferred stocks and con­ additional capital of over 100 billion and we believe the demand for pre­ This showcases that AECOM’s always been and will continue to be vertible bonds to provide financing yuan ($14 billion) into the A­share US architecture and infrastruc­ mium services in infrastructure determination has never changed a market of vitality for trade, espe­ for their buybacks. Public compa­ market in the near future. ture consulting company will soon emerge in the Chinese in the more than four decades we cially after the CIIE. The company nies that have already repurchased Based on the past few months, the AECOM said it expects a bright market,” Chiao said. have participated in China’s devel­ also said it hopes to introduce more their shares will be exempt from an pharmaceuticals, chemicals and future in the Chinese market as it “AECOM feels deeply honored opment.” high­end industrial and trade fairs interval restriction for refinancing. engineering industries have regis­ foresees a profound need for to participate in the CIIE. We are According to a report from the in China in the future. Companies can buy back their tered the most active buybacks, and high­quality services amid the very much inspired by President Ministry of Commerce, released “We started from one show a stocks if their prices have dropped that will not change soon, according country’s further urbanization Xi Jinping’s speech, in which he during the recent CIIE, China year 31 years ago, to constantly below their net asset value per share, to the securities firm. and development. said, ‘The Chinese economy is a ranked No 2 for the volume of adding more, with 35 shows a year or have seen their prices drop by 30 A­share listed companies have “China has entered a phase of sea, not a pond. Storms can over­ imported services in 2017. The now,” Buurma said. percent within 20 trading days. accelerated their buybacks this year. increasing expansion in consump­ turn a pond, but never a sea’.” report said total service imports He added the company has According to Shanghai­based According to Great Wall Securities, tion and imports,” said Sean Chiao, Chiao added that “AECOM aims could reach $2.5 trillion over the reported a strong performance market information provider Wind there were a total of 853 A­share president of AECOM Asia­Pacific. to make the world a better place to next five years. because the Chinese industry and Info, there were a total of 372 companies that had adopted buy­ He predicted $10 trillion of live. In many strategic develop­ Another service provider, Messe economy is growing — not only are A­share companies which had seen backs by October, totaling 32.9 bil­ goods and services will be import­ ment plans, such as the Belt and Frankfurt, one of the world’s larg­ more Chinese companies going their prices fall below their net asset lion yuan. ed to China in the next five years. Road Initiative, the Guangdong­ est trade fair organizers, said it abroad to attend trade shows, but value per share by Friday. Most of Only 565 companies repurchased “The China International Import Hong Kong­Macao Greater Bay also eyes great potential in China. more international fairs are com­ them come from traditional indus­ shares last year, with the value com­ Expo signals that China’s opening­ Area, the Beijing­Tianjin­Hebei Stephan Buurma, a manage­ ing to China. tries such as property, steel, infra­ ing in at 9.2 billion yuan. Daily Stock Market Performance GainersGainers and andLosers Losers International Stock Markets Daily YTD Daily Daily Daily YTD % Chg Index Close % Chg % Chg GAINERS Close % Chg LOSERS Close % Chg Close % Chg –20% 0% +20% Shanghai Stock Exchange Composite Index 2630.52 +1.2 –20.5 Shanghai Stock Exchange Hang Seng Index 25,633.18 0.1 3600 Kingswood Enterprise 2.18 10.10 Eastern Gold Jade Co 4.82 –9.91 Hang Seng China Ent Index 10,440.34 0.1 ShandongJiangqnIndstry 4.48 10.07 Qijing Machinery Co 16.11 –8.47 TAIEX Taiwan Stock Index 9,831.21 0.0 3200 TimePublishing & Media 8.31 10.07 ChinaHainanRbbrIndstry 5.01 –6.53 Nikkei 225 22,269.88 0.1 JiangsuSafetyWire Rope 7.55 10.06 Zhejiang Golden Eagle 5.86 –5.79 Sensex 34,944.33 –0.6 2800 Shanghai Yimin Cmrc 3.83 10.06 Shenzhen Geoway Co Ltd 4.24 –5.57 KOSPI 2,080.44 –0.3 BeijingElZoneInvst&Dev 6.13 10.05 XinjngWnkTmsDprtmntStr 13.75 –5.17 S&P/ASX 200 5,941.30 0.3 2400 Lotus Health Group Co 2.19 10.05
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