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China's Hengfeng bank receives $14 billion strategic investment – Xinhua – TheChronicleHerald.ca

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5 years ago

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BEIJING (Reuters) – China’s Hengfeng Bank will aim to list in five years after completing a restructuring, state media Xinhua reported a senior bank official as saying, part of government efforts to support indebted smaller banks.

The bank, based in eastern Shandong province, has been undergoing a restructure since 2017 when the banking and insurance regulatory watchdog appointed its staff to head up the lender due to management and liquidity issues.

Former chairman Jiang Xiyun was found guilty of corruption and sentenced to death in December, with a two-year reprieve.

“The risk has been dissolved. The next step will focus on improving corporate management and strengthening risk control… and (the bank) will aim to list in five years,” Chen Ying, Hengfeng’s chairman, said in the Xinhua report on Sunday.

Hengfeng received 100 billion yuan ($14.46 billion) in strategic investment as part of the restructuring process led by local government, in line with government efforts to ease risk in the country’s financial system.

Central Huijin Investment Ltd [SASAWH.UL], an investment arm of country’s sovereign fund, China Investment Corp (CIC), purchased 60 billion yuan of shares in the sale, and Shandong Financial Asset Management, a local government-backed financial asset management firm purchased 36 billion yuan of shares.

Singapore’s United Overseas Bank and other investors bought the remaining 4 billion yuan in shares, it added.

Concerns over Hengfeng were rekindled last year by the state seizure of Baoshang Bank, and the state rescue of Bank of Jinzhou, which sharpened concerns about the health of hundreds of small lenders as China’s economic growth slows to near 30-year lows.

(Reporting by Muyu Xu and Shivani Singh; editing by Richard Pullin)

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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1 day ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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6 days ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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1 week ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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