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

StanChart first foreign bank to get China fund custody licence

Standard Chartered Bank (China) has become the first foreign bank to be granted a licence to provide custody services to domestic funds and asset managers in China, the bank said on Monday, as Beijing took another step towards opening its capital markets. Since 2017, a handful of foreign asset managers have been permitted to set up onshore operations and sell investment … https://reut.rs/2SCmXtK

HSBC set to become first foreign company to list in China

HSBC is on track to become the first foreign company to trade on a Chinese bourse under plans by a new stock exchange link between London and Shanghai. In a move that has been in the making for more than a decade, the London-Shanghai stock connect plans to make the bank the first offering of Chinese Depositary Receipts — a tradeable security that reflects underlying s … https://on.ft.com/2RYaTCM

SSGA receives $2bn in RQFII quotas

In total, seven firms in August became first-time recipients of China’s quota programme, allowing them to invest in the onshore markets. Four State Street Global Advisors (SSGA) entities based in the UK, US and Ireland collectively received RQFII quotas of RMB 14.7bn ($2.14bn) for the first time in August, according China’s State Administration and Foreign Exchange (SAFE) … http://bit.ly/2Nm4gqe