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szdaily -> Business/Markets -> 
News Bites
    2018-09-07  08:53    Shenzhen Daily

Draft rule revisions issued on share buybacks

THE securities regulator Thursday released draft revisions of company rules that it said were aimed at expediting share buybacks by listed companies.

The China Securities Regulatory Commission said the proposed rule revision would broaden the circumstances under which companies are able to buy back shares, and would simplify the procedure for these buybacks. The draft rules were published for public comments at a time when China’s stock market has taken a hammering amid concerns over economic slowdown and the escalating Sino-U.S. trade tensions.

Tencent to put new checks on hit game

TENCENT Holdings, China’s largest gaming and social media company, will unveil new checks aimed at restricting access to its popular games for underaged players.

Tencent said Thursday it will introduce from around Sept. 15 a real name-based registration system for new players of its Honor of Kings game to identify minors. The system would be linked to China’s public security database and would be the first of its kind in the Chinese gaming industry, it said. It will be able to accurately identify underaged players and impose the relevant play time restrictions it had set previously, it said.

Dalian Wanda seeks to reduce AMC stake

BILLIONAIRE Wang Jianlin’s real estate-to-media conglomerate Dalian Wanda Group is exploring a deal to cut its stake in AMC Entertainment Holdings Inc., the world’s largest cinema operator, people familiar with the matter said.

Wanda is exploring a deal in which AMC would borrow hundreds of millions of dollars through a convertible bond, and then use that money to buy back some of Wanda’s 60 percent stake. Wanda controls AMC though its ownership of Class B shares, and aims to retain control after any deal, the sources said Wednesday.

JBA to invest US$100m in Russia

JBA Holdings, a joint venture between firms including Heilongjiang Agriculture Co. and Joyvio Group, will invest US$100 million over three years to build a soybean crusher and grain port in Russia.

The firm will also lease 100,000 hectares of farmland in Russia to grow wheat, corn and soybeans, said Ren Jianchao, JBA’s chairman. Russia’s far east has vast farmland area and borders China, which, along with low local taxes, should reduce planting costs, Ren said.

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