IPOs, funds raised to hit record high

FIRMS listed in Shanghai and Shenzhen through initial public offerings (IPOs) and the funds raised will hit a record high in 2021, according to a recent report released by consulting firm Ernst & Young.

A total of 492 companies are estimated to be listed on the Chinese A-share market in 2021, up 25 percent year on year, and the proceeds raised expanded by 14 percent from a year ago to reach 536.3 billion yuan (US$84.26 billion), data from the report showed. The Shanghai and Shenzhen stock exchanges are expected to rank second and third, respectively, among global bourses by the number of IPOs.

QDII approved quotas total US$157.52b

THE approved quotas of the Qualified Domestic Institutional Investor (QDII) program, which allows Chinese investors to access foreign assets, totaled US$157.52 billion as of Wednesday, said the State Administration of Foreign Exchange (SAFE).

The QDII quotas were granted to 174 financial institutions, including banks, securities firms, insurers and trust companies, according to the SAFE. Since China launched the QDII program in 2006, the country has gradually normalized and accelerated the issuance of QDII quotas.

Ming Yang agrees to build factories in UK

SHANGHAI-LISTED wind turbine maker Ming Yang Smart Energy Group has agreed to help build factories in the U.K., which plans to add 40 gigawatts of offshore wind power by 2030.

Ming Yang, currently China’s fourth-largest turbine maker, signed a memorandum of understanding with the U.K Department for International Trade representative in China to invest in a blade-manufacturing plan and “conceivably” a turbine-assembly facility in the U.K., the company said in a statement Friday.

Regulator targets illegal debt financing

CHINA is launching a nationwide inspection of local financial asset exchanges, with a focus on their debt financing activities, after some platforms were found to be illegally facilitating financing for property developers.

An agency at the China Securities Regulatory Commission (CSRC) responsible for cleaning up illegal exchanges has recently sent letters to 29 provincial governments in China, urging them to start on-site inspections at local financial exchanges, the securities regulator said.