There were nearly three times as many new Chinese billionaires than US ones last year, helping to make Asia home to the most billionaires for the first time and driving the global population to 1,542, according to a report from UBS and PwC.
China’s regulatory body for internet security is said to be in discussions for ownership stakes in tech giants such as Tencent and social media units under Alibaba, according to industry reports.
Midea Group, Agricultural Bank of China and Kweichow Moutai are three companies held predominantly in well-performing China equity funds, while Tencent Holdings is held by many poor performers.
The Asset Management Association of China (AMAC), the fund industry’s self regulatory body, has sharply criticised an online fund marketing campaign launched by a wealth management arm of e-commerce giant Alibaba, involving 16 fund managers.
The former chairman of the China Insurance Regulatory Commission (CIRC) has been expelled from the ruling Communist Party following allegations of corruption.
Smart beta ETFs have gained significant market share in Asia Pacific but are struggling globally, according to Morningstar.
The architects behind a Ponzi scheme that cheated 900,000 investors out of CNY50bn (£5.8bn, $7.6bn, €6.4bn) will spend their lives behind bars.
Singapore’s Fullerton Fund Management and alternatives specialist Man Group have received private fund management (PFM) licences from the Asset Management Association of China.
Private fund managers in China who raise money from retail investors could face sanctions under provisional regulations released by the country’s state council, according to a circular from the government.
China’s top prosecutor has vowed to intensify a crackdown on financial crimes disrupting the country’s securities and futures markets.
Though it might be tempting to view today’s India as yesterday’s China, Rathbones’ head of asset allocation Ed Smith thinks the region’s growth prospects could be even greater based on five key indicators.
China’s growth outlook is expected to improve between 2017 and 2021, but the country’s rising debt level skews the figures and raises strong concerns, according to the International Monetary Fund.
