Primary Dealers (With Effect from 1 October 2021)
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Preliminary Thesis Outline
THE PENNSYLVANIA STATE UNIVERSITY SCHREYER HONORS COLLEGE DEPARTMENT OF ECONOMICS LOCAL GOVERNMENT FINANCING VEHICLES (LGFVS) – A LENS OF THE POTENTIAL FINANCIAL INSTABILITY IN CHINA YIYANG ZENG SRPING 2014 A thesis submitted in partial fulfillment of the requirements for baccalaureate degrees in economics and sociology with honors in economics Reviewed and approved* by the following: Ruilin Zhou Associate Professor of Economics Thesis Supervisor Russell Chuderewicz Senior Lecturer of Economics Honors Adviser * Signatures are on file in the Schreyer Honors College. i ABSTRACT China has experienced rapid credit expansion since late 2008 as the result of its response to the 2007-2009 global financial crisis. The stimulus plan offered by the central government has significantly encouraged local governments’ borrowing and infrastructure spending. Due to the limited funding sources, the local governments have been heavily dependent on a peculiar financing form called the Local Government Financing Vehicle (LGFV) to help finance their investments. However, despite the short-term positive effects, the expansion of LGFVs has implanted critical risks and vulnerabilities in China’s economic system. The obscure and sophisticated relationships among the local governments, the LGFVs, the commercial banks and other financial institutions, and the investors are unsustainable in the long run. Without active policy reforms, the LGFV financing will bring unbearable debt burdens to local governments in a few years. As a result, measures have to be taken to prevent the financial position of the local governments from further deteriorating and to consolidate the safety of China’s financial system. Keywords: Credit, local government, LGFV, debt, wealth management products, bond, financial crisis ii TABLE OF CONTENTS List of Figures ............................................................................................................. -
List of CMU Members 2021-08-18
List of CMU Members 2021-09-23 Member Bond Code Member Name Bank Repo CMUBID Connect ABCI ABCI SECURITIES COMPANY LIMITED - Y Y ABNA ABN AMRO BANK N.V. - Y - ABOC AGRICULTURAL BANK OF CHINA LIMITED - Y Y AIAT AIA COMPANY (TRUSTEE) LIMITED - - - ASBK AIRSTAR BANK LIMITED - Y - ACRL ALLIED BANKING CORPORATION (HONG KONG) LIMITED - Y - ANTB ANT BANK (HONG KONG) LIMITED - - - ANZH AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED - - Y AMCM AUTORIDADE MONETARIA DE MACAU - Y - BEXH BANCO BILBAO VIZCAYA ARGENTARIA, S.A. - Y - BSHK BANCO SANTANDER S.A. - Y Y BBLH BANGKOK BANK PUBLIC COMPANY LIMITED - - - BCTC BANK CONSORTIUM TRUST COMPANY LIMITED - - - SARA BANK J. SAFRA SARASIN LTD - Y - JBHK BANK JULIUS BAER AND CO. LTD. - Y - BAHK BANK OF AMERICA, NATIONAL ASSOCIATION - Y Y BCHK BANK OF CHINA (HONG KONG) LIMITED - Y Y CDFC BANK OF CHINA INTERNATIONAL LIMITED - Y - BCHB BANK OF CHINA LIMITED, HONG KONG BRANCH - Y - CHLU BANK OF CHINA LIMITED, LUXEMBOURG BRANCH - - Y BMHK BANK OF COMMUNICATIONS (HONG KONG) LIMITED - Y - BCMK BANK OF COMMUNICATIONS CO., LTD. - Y - BCTL BANK OF COMMUNICATIONS TRUSTEE LIMITED - - Y DGCB BANK OF DONGGUAN CO., LTD. - - - BEAT BANK OF EAST ASIA (TRUSTEES) LIMITED - - - BEAH BANK OF EAST ASIA, LIMITED (THE) - Y Y BOIH BANK OF INDIA - - - BOFM BANK OF MONTREAL - - - BNYH BANK OF NEW YORK MELLON - - - BNSH BANK OF NOVA SCOTIA (THE) - - - BOSH BANK OF SHANGHAI (HONG KONG) LIMITED - Y Y BTWH BANK OF TAIWAN - Y - SINO BANK SINOPAC, HONG KONG BRANCH - - Y BPSA BANQUE PICTET AND CIE SA - - - BBID BARCLAYS BANK PLC - Y - EQUI BDO UNIBANK, INC. -
Bank of Jiujiang Co., Ltd.* * (A Joint Stock Company Incorporated in the People’S Republic of China with Limited Liability) (Stock Code: 6190)
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Bank of Jiujiang Co., Ltd.* * (A joint stock company incorporated in the People’s Republic of China with limited liability) (Stock Code: 6190) ANNOUNCEMENT PROPOSED RE-ELECTION AND APPOINTMENT OF DIRECTORS AND SUPERVISORS PROPOSED AMENDMENTS TO THE ARTICLES OF ASSOCIATION ESTABLISHMENT OF COMPLIANCE MANAGEMENT COMMITTEE OF THE BOARD I. PROPOSED RE-ELECTION AND APPOINTMENT OF DIRECTORS According to the relevant laws and regulations and the Articles of Association of Bank of Jiujiang Co., Ltd. (the “Articles of Association”), the directors (“Directors”) of Bank of Jiujiang Co., Ltd.* (the “Bank”) shall serve a term of three years. The term of a Director is renewable by re-election after its expiry, but the cumulative term of office for independent non- executive Directors at the Bank shall not exceed six years. The term of the fifth session of the Board of the Bank will soon expire, and a re-election is proposed. The board of Directors (the “Board”) of the Bank has resolved at the Board meeting held on 30 March 2020 to propose the nomination of Mr. LIU Xianting, Mr. PAN Ming and Ms. CAI Liping for re-election as executive Directors of the Bank; the nomination of Mr. ZENG Huasheng, Mr. ZHANG Jianyong, and Mr. -
2020 Annual Report 9668
渤海銀行股份有限公司 CHINA BOHAI BANK CO., LTD. (A joint stock company incorporated in the People’s Republic of China with limited liability) Stock Code : 9668 CHINA BOHAI BANK CO., LTD. CO., CHINA BOHAI BANK 2020 ANNUAL REPORT 2020 ANNUAL REPORT Annual Report 2020 Contents 1 Contents Definitions 2 Important Notice 4 Chairman’s Statement 5 President’s Statement 6 Statement of the Chairman of the Board of Supervisors 7 Corporate Profile 8 Awards and Ranking 10 Summary of Accounting Data and Business Data 11 Management Discussion and Analysis 15 Changes in Share Capital and Information on Shareholders 65 Directors, Supervisors, Members of Senior Management, Employees and Branches 71 Corporate Governance 86 Report of the Board of Directors 108 Report of the Board of Supervisors 117 Important Events 124 Audit Report and Financial Report 129 Organizational Structure Chart 280 CHINA BOHAI BANK CO., LTD. Annual Report 2020 2 Denitions Definitions Articles of Association the Articles of Association of CHINA BOHAI BANK CO., LTD. Bank, our Bank, Company, CHINA BOHAI BANK CO., LTD. (渤海銀行股份有限公司), a joint stock company our Company established on December 30, 2005 in the PRC with limited liability pursuant to the relevant PRC laws and regulations, and its H Shares were listed on the Hong Kong Stock Exchange (Stock Code: 9668) CBIRC China Banking and Insurance Regulatory Commission (中國銀行保險監督管理委員會) CBRC the former China Banking Regulatory Commission (中國銀行業監督管理委員會) Central Bank, PBoC the People’s Bank of China China Accounting Standards Accounting Standards for -
China Zheshang Bank Co., Ltd. 浙 商 銀 行 股 份 有 限
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. CHINA ZHESHANG BANK CO., LTD. 浙商銀行股份有限公司 (A joint-stock company incorporated in the People’s Republic of China with limited liability) (Stock Code: 2016) (Stock Code of Preference Shares: 4610) 2018 ANNUAL RESULTS ANNOUNCEMENT The board of directors (the “Board”) of China Zheshang Bank Co., Ltd. (the “Bank”) hereby announces the audited results of the Bank for the year ended December 31, 2018. This announcement, containing the full text of the 2018 annual report of the Bank, complies with the relevant requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) in relation to information to accompany preliminary announcements of annual results. Publication OF Annual Results ANNOUNCEMENT AND Annual Report Both the Chinese and English versions of this results announcement are available on the websites of the Bank (www.czbank.com) and the Stock Exchange (www.hkex.com.hk). In the event of any discrepancies in interpretations between the English and Chinese text, the Chinese version shall prevail. The printed version of the 2018 annual report of the Bank will in due course be delivered to the H shareholders of the Bank and available for viewing on the websites of the Bank (www.czbank.com) and the Stock Exchange (www.hkex.com.hk). -
Market Overview
China Green Bond Market Newsletter Q3 2019 中国绿色债券市场季报 2019 第三季度 July-September 2019/2019 年 7 月- 9 月 Market overview Green bond market increase in Q3 2019 Both global and Chinese green bonds issuance have increased At a glance significantly in Q3 compared to the same quarter of 2018, although the total amount of global green bonds that are aligned with Total Q3 Chinese issuance: USD14.5bn/CNY104.3bn international definitions decreased from last quarter. Onshore issuance: USD13.9bn/CNY100.2bn 80 Offshore issuance: USD600m/CNY4.1bn 60 Issuance that meets international definitions: USD5.8bn/CNY40.3bn 40 Largest issuer: Industrial Bank Co., Ltd at USD2.9bn 20 Largest issuing sector: Low Carbon Transport USD Billions 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Greater levels of alignment might be achieved if Chinese issuers 2018 2019 provide more clarity on the use of proceeds for working capital. Pending Tightening NDRC regulations, which allow up to 50% of green bond China issuance not aligned with international definitions proceeds to be allocated to working capital, and Shanghai Stock China issuance aligned with international definitions Exchange rules, which allows 30% for bonds listed on it, would help. Global issuance aligned with international definitions (excl. China) Despite the surge from the same period last year, the USD14.5bn 2% worth of green bonds dropped by 2% from Q2. Only 40% (or Working capital/General needs USD5.8bn) of the Q3 volume from Chinese issuers is in line with 35% international green bond definitions. Another 45% is aligned with Not aligned 63% China’s domestic green bond definitions only Insufficient information There are 15 deals on the Pending list, all from onshore issuers. -
2019 Annual Report 2019Re P O Rt Annu a L
l l t A R Annu Repo 2019 HUA XIA BANK CO., LIMITED 2019 ANNUAL REPOrt This report is printed on environmentally friendly paper is printed on environmentally This report Address: Hua Xia Bank Mansion, 22 Jianguomennei Street, Dongcheng District, Beijing Postal code: 100005 District, Beijing Postal Address: Hua Xia Bank Mansion, 22 Jianguomennei Street, Dongcheng 010-85239605 Fax: 010-85239938 010-85238570 Tel: www.hxb.com.cn Website: 2019 Annual Report CONTENTS 3 Message from Chairman 7 Message from President 8 Important Notice 9 Section I Definitions 10 Section II Company Profile 22 Section III Financial Highlights 27 Section IV Discussion and Analysis of Operations 74 Section V Significant Events 84 Section VI Details of Changes in Ordinary Shares and Shareholders 90 Section VII Preference Shares 94 Section VIII Directors, Supervisors, Senior Management Members, Other Employees and Branches 106 Section IX Corporate Governance 112 Section X Financial Statements 113 Section XI List of Documents for Inspection 114 Written Confirmation of the Annual Report 2019 by Directors, Supervisors and Senior Management Members of Hua Xia Bank Co., Limited 117 Auditor’s Report Chairman: Li Minji 2 2019 Annual Report MESSAGE FROM CHAIRMAN The year 2019 marked the 70th anniversary of the several consecutive years. We set up a steering institution founding of the People’s Republic of China, and saw the dedicated to poverty alleviation, put into practice the success of Hua Xia Bank’s fourth Party congress and requirements for precision poverty alleviation work relating defining of the development course. Guided by Xi Jinping to finance, strengthened financial services for poverty Thought on Socialism with Chinese Characteristics for a alleviation, elderly care, community, education, medical New Era, we thoroughly implemented the guiding principles care and other fields, and went all out to provide financial of the 19th National Party Congress, the second, third and support to poverty alleviation. -
Fantasia Holdings Group Co., Limited 花樣年控股集團有限公司 (Incorporated in Cayman Islands with Limited Liability) (Stock Code: 1777)
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. This announcement is not for distribution, directly or indirectly, in or into the United States. This announcement and the information contained herein does not constitute or form part of an offer to purchase, subscribe or sell securities in the United States. Securities may not be offered or sold in the United States unless registered pursuant to the U.S. Securities Act of 1933, as amended (the “Securities Act”), or pursuant to an applicable exemption from such registration requirements. Any public offering of securities to be made in the United States will be made by means of a prospectus that will contain detailed information about the Company and management, as well as financial statements. The securities referred to herein have not been and will not be registered under the Securities Act and no public offering of securities will be made in the United States. The securities described in this announcement will be sold in accordance with all applicable laws and regulations. No money, securities or other consideration is being solicited by this announcement or the information contained herein and, if sent in response to this announcement or the information contained herein, will not be accepted. Fantasia Holdings Group Co., Limited 花樣年控股集團有限公司 (Incorporated in Cayman Islands with limited liability) (Stock Code: 1777) OVERSEAS REGULATORY ANNOUNCEMENT This overseas regulatory announcement is issued pursuant to Rule 13.10B of the Rules Governing the Listing of Securities (the “Listing Rules”) on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”). -
Chinese Banks' Capital Issuance
Strictly Private and Confidential Chinese Banks’ Capital Issuance September 2013 – February 2014 Offer Size Issue Date Bank Offer Type (US$m) % of Total Equity Offerings 51.7% 07-Jan-14 Ping An Bank (1) Additional Equity Offering 2,443 11.3% 13-Dec-13 China Everbright Bank H Shares Equity Offering 3,205 14.8% 20-Nov-13 Chongqing Rural Commercial Bank Additional Equity Offering 64 0.3% 19-Sep-13 China Merchants Bank Additional Equity Offering 5,502 25.4% IPOs 19.5% 12-Dec-13 China Cinda Asset Management IPO 2,500 11.5% 31-Oct-13 Bank of Chongqing IPO 548 2.5% 11-Nov-13 Huishang Bank Corp IPO 1,188 5.5% Debt Markets 28.7% 24-Jan-14 Bank of Jinzhou Tier-2 Sub. Notes due 2024 246 1.1% 09-Jan-14 Bank of China (London) Notes due 2017 409 1.9% 10-Dec-13 Agricultural Bank of China Notes due 2018 500 2.3% 27-Nov-13 Ping An Insurance Convertible Bond due 2019 4,270 19.7% 08-Nov-13 China Citic Bank Tier-2 Sub. Notes due 2024 300 1.4% 02-Oct-13 ICBC (Asia) Tier-2 Sub. Notes due 2023 500 2.3% Total 21,675 Note: (1) Ping An Bank raised US$2.4bn by selling stock to Ping An Insurance, its main shareholder, which raised its stake in Ping An Bank to 59.0% from 52.4% 1 Merchant Banking Innovation Strictly Private and Confidential Chinese Banks’ Capital Needs September 2013 – February 2014 Selected Board Approved New Issuance (2014-2016) (1) (2) NPL Ratios for Chinese Commercial Banks (3) ICBC: up to c. -
Issuance Overpricing of China's Corporate Debt Securities
Internet Appendix for “Issuance Overpricing of China’s Corporate Debt Securities” Yi Ding Wei Xiong Jinfan Zhang In this Internet Appendix, we report the following figures, tables, and additional analyses omitted from the main paper. Fig. A1 depicts debt security issuance across the interbank market and the exchange market from 2009 to 2019. In Table A1, we list the 68 licensed underwriters in the interbank market at the end of 2019. Information on underwriters is obtained from NAFMII. In Table A2, we summarize overpricing for CP and MTNs separately for both before and after the rebate ban period. Although the magnitude declined after the ban for both CP and MTNs, overpricing remains statistically significantly. Taken together, we find significant overpricing in all these issuance categories. In Table A3, we report summary statistics of issuance overpricing by using excess returns of the first secondary-market trading day as the overpricing measure. The table shows that the overpricing is robust across time, debt securities, and issuers with different characteristics, consistent with Table 3 in the main paper. In Tables A4 and A5, we conduct difference-in-difference analyses to examine how the underwriter rebate ban affects the excess return across different issuers and across different underwriters. Consistent with results in Tables 5 and 6 of the main paper from using the yield-spread measure, these tables show that after the ban, the drop in overpricing is significantly greater for securities issued by central SOEs than for those issued by other firms, and the drop in overpricing is significantly smaller for issuances underwritten by the Big Four banks. -
China Zheshang Bank Co., Ltd. 浙 商 銀 行 股 份 有 限
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. CHINA ZHESHANG BANK CO., LTD. 浙商銀行股份有限公司* (A joint-stock company incorporated in the People’s Republic of China with limited liability) (Stock Code: 2016) 2016 ANNUAL RESULTS ANNOUNCEMENT The board of directors (the “Board”) of China Zheshang Bank Co., Ltd. (the “Bank”) hereby announces the audited results of the Bank for the year ended December 31, 2016. This announcement, containing the full text of the 2016 annual report of the Bank, complies with the relevant requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) in relation to information to accompany preliminary announcements of annual results. Publication of Annual Results Announcement and Annual Report Both the Chinese and English versions of this results announcement are available on the websites of the Bank (www.czbank.com) and the Stock Exchange (www.hkex.com.hk). In the event of any discrepancies in interpretations between the English and Chinese text, the Chinese version shall prevail. Printed version of the 2016 annual report of the Bank will in due course be delivered to the H shareholders of the Bank and available for viewing on the websites of the Bank (www.czbank.com) and the Stock Exchange (www.hkex.com.hk). -
Banking Newsletter
September 2017 Banking Newsletter Review and Outlook of China’s Banking Industry for the First Half of 2017 www.pwccn.com Editorial Team Editor-in-Chief：Vivian Ma Deputy Editor-in-Chief：Haiping Tang, Carly Guan Members of the editorial team： Cynthia Chen, Jeff Deng, Carly Guan, Tina Lu, Haiping Tang (in alphabetical order of last names) Advisory Board Jimmy Leung, Margarita Ho, Richard Zhu, David Wu, Yuqing Guo, Jianping Wang, William Yung, Mary Wong, Michael Hu, James Tam, Raymond Poon About this newsletter The Banking Newsletter, PwC’s analysis of China’s listed banks and the wider industry, is now in its 32nd edition. Over the past one year there have been several IPOs for small-and-medium-sized banks, increasing the universe of listed banks in China. This analysis covers 39 A-share and/or H-share listed banks that have released their 2017 first half results. Those banks are categorized into four groups as defined by the China Banking Regulatory Commission (CBRC): Large Commercial Joint-Stock Commercial City Commercial Banks Rural Commercial Banks Banks (6) Banks (9) (16) (8) Industrial and Commercial Chongqing Rural Commercial Bank Bank of China (ICBC) China Industrial Bank (CIB) Bank of Beijing (Beijing) (CQRCB) China Construction Bank China Merchants Bank (CMB) Bank of Shanghai (Shanghai) (CCB) Guangzhou Rural Commercial Bank SPD Bank (SPDB) Bank of Hangzhou (Hangzhou) Agricultural Bank of China (GZRCB) (ABC) China Minsheng Bank Corporation Bank of Jiangsu (Jiangsu) (CMBC) Jiutai Rural Commercial Bank Bank of China (BOC) Bank of