China's largest private investment fund, China Minsheng Investment Group, was on the verge of bankruptcy, Bloomberg reported. The Chinese financial sector is experiencing a non-payment crisis - in 2018 overdue payments reached 120 billion yuan. CMIG Investment Fund urgently needs to pay $800 million to Eurobond holders after it failed to redeem bonds worth 3 billion yuan back in February. The fund, the assets of which amount to $45.5 billion, does not seem to have the means to pay the debt in excess of $35 billion. The Hong Kong Stock Exchange received a notice from the fund stating that it hired lawyers from Kirkland & Ellis. This message, in conjunction with the fact that banks have assembled a committee of creditors, speaks of the approaching bankruptcy of the fund with the exchange of debt for shares.
On Friday, the Chinese technology company ByteDance said that it would consider listing its domestic businesses in Hong Kong or Shanghai due to rising Sino-U.S. tensions. The company's standalone listing in Hong Kong or Shanghai might value ...
On Monday, Remington Arms Co. filed for bankruptcy protection for the second time since 2018 as the U.S. firearms manufacturer faced financial difficulties due to gun sales restrictions. According to the court filing, the company filed for ...
China’s industrial firms had seen an increase in profits for two consecutive months. This came as the most rapid pace ever recorded in over a year, suggesting that the country’s recuperation from the novel coronavirus pandemic ...
Oil prices fell on Monday as a surge in coronavirus cases and the escalating U.S.-China tensions prompted a safe-haven bid. Brent crude slid 0.2%, or 8 cents, at $43.26 per barrel. U.S. West Texas Intermediate crude fell 0.2%, or 7 cents, ...
The dollar was under pressure on Monday as the escalating U.S.-China tensions weighed on the market, while investors worried that the U.S. coronavirus resurgence could stall economic recovery. The dollar fell to a four-month low on the yen ...