Regulator acts tough on market violations

THE securities regulator has continued to crack down on capital market violations, meting out more administrative penalties in the first half of the year.

The China Securities Regulatory Commission (CSRC) handed out 159 administrative penalties in the first half, up 41 percent year on year, CSRC Vice Chairman Yan Qingmin said. A total of 6.4 billion yuan (US$965 million) in fines or confiscation orders were imposed, a record high, Yan said. The crackdown on the capital market is part of efforts to ensure financial stability and prevent risk.

Shenzhen-listed firms see 12-41% profit growth

A TOTAL of 1,010 companies listed on the Shenzhen Stock Exchange released profit forecasts for the first half of the year by Tuesday, projecting an 11.7-40.7 percent increase in combined net earnings.

Their net profits were forecast to total 154.5-194.7 billion yuan (US$23.4 billion-US$29.4 billion), according to the Shenzhen exchange. A total of 928 out of the 1,010 firms forecast that they made profits in the first half, it said. Provided at the lower end of their guidance ranges, 596 firms, or 59 percent, would report year-on-year net profit growth. A total of 245 firms would report profit growth of more than 30 percent.

Yuan bitcoin trading falls below 1% of world total

BITCOIN trading in yuan has fallen to less than 1 percent of the world’s total, from a peak of more than 90 percent, China’s central bank said Friday.

Chinese authorities ordered a ban on initial coin offerings (ICOs) last year and stopped direct trading between the yuan and virtual currencies, including bitcoin, as the rapidly expanding market spawned concern over financial risk. The People’s Bank of China said the country had ensured a zero-risk exit for 88 virtual currency exchanges and 85 ICO trading platforms since September 2017.

China Mobile to set up research institute in Xiongan

CHINA Mobile said Friday that it will establish a research institute in the Xiongan New Area in northern China’s Hebei Province.

The institute will cooperate with the company’s research base in Beijing on the development of cyber technology and artificial intelligence to help build Xiongan into a smart city, according to the company.