China this week - 11 Sept 2015

Added 11th September 2015

A roundup of the week's asset management industry news from mainland publications.

China this week - 11 Sept 2015

CSRC probe into Minzu Securities

China Minzu Securities, a subsidiary of Founder Securities, is being probed by the securities regulator for a matter involving 2.05 billion yuan ($321m), Founder said in a regulatory filing late Wednesday.

Founder, along with three other major mainland brokers, had been investigated by the CSRC for not carrying out know-your-customer procedures., September 10

August profits of listed brokerages down 36% on month

The net profits of 23 listed brokerages fell 36% from a month ago to 3.35bn yuan. Southwest Securities, the worst performer, saw its net profit down 93% from July.  The profit of the best performer, Shanxi Securities, grew 134% from a month ago.

September 10, The Beijing News

All funds yield negative in August, except for money market funds

Bond funds returned -0.15% in August, while QDII funds yield -3.83% and blend funds returned -6.74%.

Equity funds, the worst performing class, yielded -12.64% for the month. The Shanghai Stock market slumped 12.5% in August. Only money market funds had positive returns in August.

Shanghai Securities Times, September 8

China to adopt market circuit breaker

China plans to introduce stock market circuit breakers to control unusually strong market movements.

Under the proposal by the Shanghai and Shenzhen stock exchanges on Monday and open to public review until September 21, stock markets will halt for 30 minutes if the large-cap CSI 300 Index rises or falls 5% in a single trading session. Markets will close for the rest of the day if the index moves up or down 7%.

The circuit breaker system also applies to CSI 300 index futures at the China Financial Futures Exchange in Shanghai. The exchanges said the decision was aimed at "maintaining market order, protecting investors' interests and boosting the long-term healthy development of the capital market"., September 6

QFIIs&RQFIIs allowed into inter-bank bond market

Thirteen foreign institutions, including holders of four QFIIs and six RQFIIs, were approved by the People’s bank of China to enter the inter-bank bond markets. The PBOC has allowed foreign central banks and sovereign funds into the country’s major bond market since July.

The four QFII holders include BNP Paribas Investment Partners, Bank of Nova Scotia, Fubon and Tong Yang Asset Management. The six RQFIIs are Schroders Singapore, DBS, Shinhan BNP Paribas Asset Management, Lion Global Investors, Bank of Nova Scotia (Asia) and Tong Yang Asset Management., September 7

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