China turns to share buybacks to rescue market

Add share buybacks to the long list of measures that China has announced to stem a rout in its stock market, the worst performing in the world this year. After a faster-than-usual revision to the law, companies can repurchase shares with approval from at least two-thirds of the board if deemed necessary to protect shareholders’ interests, or if it is for convertible bonds … http://bit.ly/2DzAFJq

China to impose new checks on P2P lending

China has started a new round of checks on thousands of peer-to-peer (P2P) lending Web sites, a document obtained by Bloomberg News showed, as authorities continue their efforts to clean up the industry. Regulators are trying to steadily resolve risks by guiding some firms to exit the business, an Aug. 13 document issued by the Chinese Internet Lending Financial Risk Management … http://bit.ly/2o5Isox

PRC wealth fund eyeing cheap domestic market

‘VERY ATTRACTIVE’: CIC head of asset allocation Fan Hua said she sees ‘very good opportunities’ in Chinese shares and bonds should the fund be allowed to invest. China’s sovereign wealth fund has expressed a desire to invest in the domestic market as stock valuations have hit multi-year lows, underscoring how coming home could bring it new opportunities to boost returns. The … http://bit.ly/2Ldckh3

FSC downplays Shanghai listing

The Financial Supervisory Commission (FSC) yesterday downplayed the ramifications of Hon Hai Precision Industry Co’s (鴻海精密) decision to list a subsidiary on the Shanghai Stock Exchange and its speedy approval by Chinese regulators. The China Securities Regulatory Commission on Sunday announced that it would begin reviewing the listing application of the subsidiary, Foxconn … http://bit.ly/2tIHeVR

US launches probe of PRC aluminum

The last time the Commerce Department began an investigation without a complaint from a US firm was 1991, when it looked into Canadian lumber. The US on Tuesday stepped up its trade confrontation with China, ordering an investigation into imports of aluminum sheet worth hundreds of millions of dollars a year. For the first time since 1991, the US Department of Commerce said … http://bit.ly/2nDeGKF