|Bid||13.74 x 0|
|Ask||13.75 x 0|
|Day's Range||13.71 - 13.99|
|52 Week Range||8.61 - 14.84|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||11.97|
(Bloomberg) -- One of China’s biggest brokerages is barred from investing its own money in initial public offerings, after the firm’s staff failed to meet a deadline to place orders on a new trading venue for technology stocks.Proprietary accounts of China Galaxy Securities Co. are suspended from this month through January 2020, the Securities Association of China said in a statement Friday. The firm will demote its head of trading and has warned other employees linked to the breach of rules on the IPO of Suzhou TZTEK Technology Co., Galaxy Securities said in an email Monday.The punishment, meted out by a self-regulated industry body under the China Securities Regulatory Commission, shows how serious authorities are on enforcing compliance as they near the July 22 start of the so-called tech board. The project, announced by President Xi Jinping, is key to policy makers’ goal of deepening capital markets after decades of relying on state-run banks to fund the economy, and could help develop the technology sector that’s being buffeted by the trade war with the U.S.“Regulators want to make sure every link of the new tech board is rigorously implemented and foolproof,” said Lin Jin, an analyst at Shenwan Hongyuan Securities Co. “IPO subscription rules on the new board are more rigid than on the main board, so one breach will get a broker added to the blacklist.”Galaxy Securities’s staff bid for shares of Suzhou TZTEK on June 27, and the bid was accepted, but traders didn’t place final orders by the designated time on the July 2 subscription date for institutional investors, the firm said. “Party Committee of Galaxy Securities highly values the new tech board, the company has reiterated that investment banking, brokerage, proprietary investment, and IT departments should be fully prepared for the board,” it added.The bid was for 6.4 million shares, according to a Suzhou TZTEK filing, worth about 163 million yuan ($24 million) based on the final pricing of 25.5 yuan. Brokerages are typically allotted only a portion of their total bid. Galaxy Securities is ranked No. 10 by market capitalization among Chinese peers.“Money-wise, the impact of the ban is limited, it’s more a damage on their reputation,” said Wang Jiyue, general manager at Shanghai Pegasus Consulting Co. “A minor mistake like this should not happen and it speaks about the internal risk controls of Galaxy Securities.”Separately, the National Interbank Funding Center on Monday said China will suspend licenses of traders at Ping An Bank Co. and China Merchants Bank Co. for one year due to their error in repo trading July 2. The lenders conducted a transaction that resulted in an abnormal overnight pledged repo rate of 0.09%, the NIFC said.Ping An Bank has suspended the trader, transitioned responsibilities, and evaluated its practices to prevent such incidents, the lender said in an email. China Merchants Bank didn’t immediately reply to requests for comment.Shares of Galaxy Securities were down 3.5% as of 2:29 p.m. in Shanghai on Monday, steeper than the 2.4% drop in the benchmark index. Ping An Bank fell 1.9% and China Merchants Bank declined 2.3%.(Updates with comments, shares in penultimate and final paragraphs.)\--With assistance from Jun Luo.To contact Bloomberg News staff for this story: Evelyn Yu in Shanghai at firstname.lastname@example.org;Amy Li in Shanghai at email@example.comTo contact the editors responsible for this story: Sam Mamudi at firstname.lastname@example.org, Jeanette Rodrigues, Charlie ZhuFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Ping An Bank Co., Ltd and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
* PREVIOUS TRADING SESSION MOVES: * SSEC -1.1 pct, CSI300 -1.4 pct, HSI -1.2 pct * HK- Shanghai Connect daily quota used -9.7 pct, Shanghai- HK daily quota used 2.4 pct * HK- Shenzhen Connect ...
May 8 (Reuters) - Ping An Bank Co Ltd: * SHENZHEN STOCK EXCHANGE FILING SHOWS BLOCK TRADE OF PING AN BANK'S 28.31 MILLION SHARES INVOLVING 330.15 MILLION YUAN ($48.73 million)ON MAY 8 Source text in Chinese: ...
* PREVIOUS TRADING SESSION MOVES: * SSEC -0.5 pct, CSI300 -0.2 pct, HSI +0.0 pct * HK- Shanghai Connect daily quota used -6.3 pct, Shanghai- HK daily quota used 1.6 pct * HK- Shenzhen Connect ...
China Life Insurance Co , Ping An's main competitor in the domestic insurance market, warned in January its 2018 net profit would fall 50-70 percent. Boosting Ping An's bottom line in 2018 was its life and health insurance business, where net profit jumped 62 percent to 57.9 billion yuan from a year earlier. Ping An is the controlling shareholder of Ping An Bank Co Ltd, which last week reported a 7 percent rise in annual net profit to 24.8 billion yuan.
March 6 (Reuters) - Ping An Bank Co Ltd: * SAYS 2018 NET PROFIT UP 7.0 PERCENT Y/Y AT 24.8 BILLION YUAN ($3.70 billion) Source text in Chinese: https://bit.ly/2NJXVGY Further company coverage: ($1 = 6.7057 ...
* PREVIOUS TRADING SESSION MOVES: * SSEC +0.0 pct, CSI300 -0.2 pct, HSI -0.3 pct * HK- Shanghai Connect daily quota used 1.4 pct * HK- Shenzhen Connect daily quota used 0.5 pct * CNY official close ...
(Refiles with additional bullet point) Jan 3 (Reuters) - Ping An Bank Co Ltd: * SAYS PRELIM 2018 NET PROFIT UP 7.0 PERCENT Y/Y * SAYS PRELIM 2018 NET PROFIT AT 24.8 BLN YUAN VS 23.2 BLN YUAN YEAR EARLIER ...
BEIJING/HONG KONG, Nov 5 (Reuters) - A stake of Chinese private lender WeBank, which counts gaming and social media firm Tencent Holdings Ltd as a major shareholder, is being auctioned with a price tag of 441 million yuan ($63.63 million) following a court ruling. Shenzhen Brightoil Petroleum Group Co, WeBank's fourth-largest shareholder, has been forced to sell 12.6 million WeBank shares at 35 yuan each, showed an auction announcement on Taobao, the flagship e-commerce site run by Tencent rival Alibaba Group Holding Ltd. In total, Brightoil owns 120 million WeBank shares, or a 2.857 percent stake, showed a disclosure accompanying the announcement.
Oct 23 (Reuters) - Ping An Bank Co Ltd: * SAYS Q3 NET PROFIT UP 7.3 PERCENT Y/Y * SAYS 9-MONTH NET PROFIT UP 6.8 PERCENT Y/Y Source text in Chinese: https://bit.ly/2R60bbW Further company coverage: (Reporting ...
Moody's Investors Service has assigned a first-time A2 issuer rating to Shenzhen Investment Holdings Co., Ltd. (SIHC). SIHC's A2 issuer rating considers its baseline credit assessment (BCA) of baa2 as well as the potential for support in times of stress, based on the assumption of a very high dependence on and high level of support from its local government owner, which results in a rating that is three notches above its BCA. Moody's support assessment reflects SIHC's important role as a key state-owned capital investment company for the Shenzhen Government which owns 100% of the company.
Aug 15 (Reuters) - Ping An Bank Co Ltd: * SAYS H1 NET PROFIT UP 6.5 PERCENT Y/Y Source text fin Chinese: https://bit.ly/2MfADLz Further company coverage: (Reporting by Hong Kong newsroom)
SHANGHAI/BENGALURU July 24 (Reuters) - Concerns that a sharp fall in Chinese stocks this year will turn into a rout as China and the United States exchange barbs on trade are overdone, some investors say. By some estimates, the stock market is pricing in sharper downgrades in corporate earnings for 2019 than analysts are forecasting, suggesting that investors are overly pessimistic. Instead, these fund managers, investors and equity analysts, see limited downside potential for Chinese stocks, pointing to relatively low valuations historically and signs that some buyers are starting to put money back into the market.
July 18 (Reuters) - Wintime Energy Co Ltd: * SAYS CONTROLLING SHAREHOLDER SIGNS STRATEGIC AGREEMENT WITH CHINA DEVELOPMENT BANK, CHINA CITIC BANK, CHINA MINSHENG BANKING, PING AN BANK AND BANK OF SHANGHAI ...