|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||16.09 - 16.42|
|52 Week Range||14.10 - 17.73|
|Beta (5Y Monthly)||0.84|
|PE Ratio (TTM)||5.19|
|Forward Dividend & Yield||0.90 (5.49%)|
|Ex-Dividend Date||Jul 01, 2020|
|1y Target Est||N/A|
(Bloomberg) -- Billionaire Jack Ma’s newest chieftain is accelerating Alipay’s evolution into an online mall for everything from loans and travel services to food delivery, in a bid to claw back shoppers lost to Tencent Holdings Ltd.Ant Group Chief Executive Simon Hu is aggressively pitching digital payment and cloud offerings to the local arms of KFC Holding Co. and Marriott International Inc., expanding the firm’s focus from banks and fund managers on its ubiquitous app.The Alibaba Group Holding Ltd. affiliate’s strategy is two-pronged. It halts Tencent and food delivery giant Meituan Dianping’s run-away success in attracting local merchants to their platforms, eroding Ant’s dominance of China’s $29 trillion mobile payments space. It also diversifies Ant’s business into less-sensitive areas after the firm drew regulatory scrutiny for its blistering expansion in financial services with in-house products.“We want to help digitize the services industry,” said Hu in his first interview with foreign media since taking on the CEO role in December. “We’ve been pursuing the strategy to evolve Ant into a tech company, with an open-platform strategy for many years.”Hu wants users to think of Alipay not as a niche provider of financial services and the payments gateway for the world’s biggest e-commerce platform, but as the go-to app for a wide array of needs from groceries to wealth management, and hotel booking to loan applications. He aims to simultaneously peddle technology solutions like artificial intelligence, blockchain and risk control to the businesses that use the platform.His goal is for more than 80% of Ant’s revenue to come from local merchants and finance firms in five years, up from about half at the end of 2019. The contribution from proprietary services, such as Ant’s own money market fund and loans, would shrink as a result.“We want to share the technology and resources we’ve developed as an online financial platform with more companies in finance, local services, public services and other countries,” he said. The shift doesn’t hinder any initial public offering plans and the company is still open to listing, he said, declining to provide a time frame.To mark the transformation, Ant changed its registered name to Ant Group Co. from Ant Financial Services Group at the end of May. Alibaba owns a 33% stake in Ant.Unusual PositionThe focus on everyday consumer services puts Ant in the unusual position of underdog, despite its reach into the spending patterns of 900 million users. While Alipay still controls more than half of all mobile transactions in China, it’s been late to so-called mini programs, an innovation championed by Tencent three years ago.The lite apps have allowed the gaming and social media giant to host more than a million service providers in its WeChat environment, with 400 million users a day tapping in to rent bicycles, order food, pick cinema seats and even buy apartments through a single interface. Their popularity has swelled Tencent’s share of mobile payments and ad revenue.Hu’s most important task has been to fend off competition from players like Tencent. But companies like Meituan and live-streaming site Kuaishou have added to the challenge, encroaching on the greater Alibaba ecosystem, chipping away at e-commerce and payments.“Ant and Alibaba are battling companies traditionally not even operating in their fields of payments and e-commerce,” said Mark Tanner, founder of Shanghai-based research and marketing company China Skinny.Personalized ContentThe Alipay platform offers some natural advantages to make up lost ground, Hu said. Its interface lets users personalize and pin frequently-used services and the company plans to use algorithms to further customize Alipay’s landing page.Ant currently has about 600 million monthly users for its 2 million mini programs after two years. Hu didn’t provide a forecast for its expansion.For the first time, the app has elevated local neighborhood services to the same level as its finance vertical. Its moved services such as Ele.me and Fliggy, Alibaba’s food delivery and travel units, to Alipay’s front page. Alipay will also enhance the importance of its search function, so people can find the mini programs of local services more easily, Hu said.“Alipay is weaving the advantages of a super app with that of mini programs, users can have faster access to services via our platform compared with WeChat,” he said.Such efforts are showing results. Alipay’s share of mobile payments has increased for three consecutive quarters, rising to 55.1% in the fourth quarter, according research consultant iResearch. Tencent has 38.9% of the market.Hu, who joined Alibaba in 2005 after working at China’s second-largest lender China Construction Bank, has built a reputation for rolling out new innovations such as using data analytics to offer collateral-free financing services to small businesses and helping Alibaba beat Amazon.com Inc. to build Asia’s largest cloud business.His experience will help Ant target small companies in the consumer services sector looking to digitize, said Michael Norris, research and strategy manager at Shanghai-based consultancy AgencyChina.Hu must also navigate Ant through a coronavirus-induced economic downturn, which will test the resilience of the lending portfolio it has built in the past decade along with about 200 partner banks in China.Its Huabei, which means “just spend,” is on track to help banks issue 2 trillion yuan ($283 billion) of consumer loans by 2021, according to Goldman Sachs Group Inc. analysts. Online lender MYbank, where Ant is the largest shareholder, has helped banks issue 600 billion yuan of credit to 10 million small and medium businesses as of end May.So far, the company’s risk controls have held up, Hu said. The bad loan ratio for Huabei and MYbank rose to about 2% compared with about 1.5% before the virus outbreak, the company said. By comparison, Fitch Ratings estimates that the non-performing loan ratio for Chinese banks may rise 2 percentage points to 3.5% compared with the first half of last year.“We’ve seen a slight up-tick in non-performing loans among our SME and young credit borrowers after Covid,” said Hu, adding that he expects the bad loan ratio to drop to pre-Covid levels by March next year.Wealth ManagementAlongside easy loans, Ant is also keen to introduce the 600 million users of its money market fund platform Yu’e Bao to wealth management options.It will cross-sell products such as equity and bond-backed investments offered by banks as well as work with more foreign asset managers to provide advisory services, similar to a venture established with Vanguard Group. The robo adviser with Vanguard has attracted 100,000 people since its April launch.“An open platform strategy is what we’ve always pursued, so we will definitely work with more partners in the future,” Hu said.(Adds final three paragraphs on wealth management services)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Investing in China has never been easy, and recently it’s become a whole lot harder. But there’s still opportunity, if investors choose a targeted approach.
As Beijing moved ahead with a national security law for Hong Kong, some of the hundreds of thousands of professionals working at the local units of Chinese financial firms could find themselves stuck in the crosshairs. Staff at BOC Hong Kong, the local arm of Bank of China, CEB International, a unit of China Everbright Bank, and a local unit of China Construction Bank said they had been asked by managers in the last few days to put in signatures in support of the law.
Let's talk about the popular China Construction Bank Corporation (HKG:939). The company's shares received a lot of...
(Bloomberg Opinion) -- China’s banks have a deposit problem. The timing couldn’t be worse.The virus shutdown pushed households to put their money in a safe place in the first quarter, with system-wide deposits rising by a record 6.47 trillion yuan ($912 billion). Some large banks did the same, parking their own cash at smaller peers that offer higher returns. At China Construction Bank Corp., for instance, such deposits with other institutions shot up 70.3%. At Agricultural Bank of China Ltd., they rose 61.25%.Liquidity flowing between banks should be comforting for the broader economy, where financing pressures are squeezing companies, households and lenders. In theory, this could enable credit growth. Smaller institutions get reliable funding, and they typically end up supporting weaker, regional small-and-medium enterprises that account for 60% of gross domestic product.But they’re also facing a profitability squeeze with a crackdown on wealth management products and lower lending rates, along with rising bad loans. Depositing the cash may help tide them through but won’t fill in the cracks in China’s financial system, relied upon by hundreds of millions of households. The logic in this shuffle: Big banks can currently earn more from making these short-term deposits than by lending in the repo market. They can then book the returns to boost profits. Unsurprisingly, such interest-earning assets drove first-quarter earnings. The tactics worked during the Covid-19 shutdown, despite net margins shrinking and expected savings from lower rates on deposit costs, stuck at 1.5%, failing to come through. But it can’t last for long, as banks are being pushed to lend cheaply.Small banks are the industry’s most troubled segment; jitters caused a pullback in lending in the interbank market in the first place. Why, then, does it make sense to put cash there even if the returns are higher? The risk-reward trade-off doesn’t quite tally. Lending is backed by collateral, but deposits could leave billions of dollars of cash sitting at a weaker bank for up to a year. For the deposit-taking institution, withdrawal could create more pressure. All this in an environment where liquidity is already tight, though China Construction Bank judged it “relatively ample” enough to increase its time deposits.Troubled Baoshang Bank Co. was doing such transactions with institutions when it was seized last year. One lost more than $850 million on interbank deposits. Only a part of those were guaranteed by regulators. Another took a hit that wasn’t covered by China’s national deposit insurance. Sure, all small lenders aren’t created equal. But policy makers have already shown concern about these higher-rate time deposits. China’s interbank network of deposits and lending is vast and tightly connected. If one pocket sees stress, the entire system feels the ripples to varying degrees. Regulators can seize and post bail for only so many institutions.Even if the central bank cuts deposit rates, which has been widely discussed, it won’t move the needle much for the smaller lenders that aren’t big holders of individual savings. Meanwhile, the deposit insurance fund isn’t large or savvy enough to cover the millions of people who give their cash to banks for safe-keeping. For China’s households, this should be worrying. Even if they park their money at a large, reliable bank, the lender could place that cash at a more humble peer. Savers have a claim on the institution where they deposited, but what if that bank doesn’t end up getting covered? Considering that the gap between Chinese income and expenditure on a per capita basis has “never been this large,” according to Rhodium Group, any prospect of risk to personal assets is unsettling. This inequality is even more acute in the lower socio-economic strata. Tough times in China’s banking system have been buffered before by trillions of yuan of savings. This isn’t the time to be playing around with that money or with the legions of ordinary people struggling to get through the crisis of their lifetimes.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Anjani Trivedi is a Bloomberg Opinion columnist covering industrial companies in Asia. She previously worked for the Wall Street Journal. For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of China Construction Bank Corporation 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.
(Bloomberg Opinion) -- China’s banks may be about to assume the mantle of the ultimate widows-and-orphans home for Hong Kong’s small investors.For decades, HSBC Holdings Plc has held that status — a reliable provider of investor income that even carried on paying dividends through the global financial crisis in 2008-2009. Hong Kong’s biggest bank hadn’t missed a payout in Bloomberg-compiled data going back to 1986. That changed Wednesday when London-headquartered HSBC scrapped its interim dividend in response to a request from the Bank of England. The lender’s stock plunged 9.5% in Hong Kong, the most in more than a decade.It’s difficult to overstate the importance of HSBC to individual investors in the city where it was founded more than 150 years ago. The stock is unusually widely held. Institutions own just 61.5% of the shares, compared with 94% for Standard Chartered Plc, HSBC’s London-based and Hong Kong-listed rival. Standard Chartered also cancelled its dividend along with other British banks after the BOE called on them to conserve cash amid the coronavirus pandemic.HSBC’s dependable payouts have also been a lure for institutional investors. Shenzhen-based Ping An Insurance Group Co., the bank’s second-largest shareholder, cited the dividend as an attraction for taking its 7% stake. Mainland Chinese investors will also be feeling the pain: As much as 8.2% of HSBC’s Hong Kong-listed stock sits with investors who bought via trading pipes that connect the city’s exchange with counterparts in Shanghai and Shenzhen. That’s risen from about 2% three years ago.HSBC said it would cancel an interim dividend slated to be paid this month and make no payouts or buybacks until at least the end of the year. That raises the question of where investors will turn in search of the stable income that they used to take for granted from HSBC. The answer may lie in the bank’s giant, state-controlled rivals across the border in mainland China.That might seem surprising. Shares of Industrial & Commercial Bank of China Ltd., and three fellow Chinese lenders that are members of Hong Kong’s benchmark Hang Seng Index, have languished over the past decade. Their poor performance reflects investor concerns that China’s post-financial-crisis buildup of debt will eventually lead to a surge in bad loans. ICBC’s Hong Kong-traded shares are 13% lower than they were a decade ago, and Bank of China Ltd. has slumped 27%. While China Construction Bank Corp. has lost only 1%, Bank of Communications Co. has fallen 44%.Yet all have been steady dividend payers. Including dividends, ICBC has returned 46% in the past decade, Construction Bank 65% and Bank of China 28%. Only Bocom has lost money for its investors. The four banks have typically traded at high dividend yields over that period. Yields for ICBC, Construction Bank and Bank of China have all averaged more than 5%, with peaks higher than 8%. Elevated yields often indicate that investors expect payouts to be cut or omitted altogether, but dividends have actually been rising at the Chinese banks in recent years.China’s opaque financial system and the state-owned banks’ status as policy tools of the government have helped to deter some investors. Yet with the coronavirus shutting down economies from the U.S. to Europe and pressuring financial systems, it’s debatable whether Chinese institutions should be seen as any more risky than their overseas counterparts. For one thing, having been first into the coronavirus outbreak, China’s economy is also the first to start getting back to normal. For another, the government has an incentive to ensure that the banks keep paying dividends because it relies on that income to fund social security spending. An unofficial rule has mandated the big state banks to pay at least 30% of their profits out as dividends, another reason to be sanguine that payouts will be sustained.In 2016, HSBC chose to keep its headquarters in London rather than move back to Hong Kong, a call that it may now be tempted to revisit. It would be ironic if a decision by its adopted jurisdiction helped send shareholders in the bank’s home city — and biggest market — scurrying into the hands of Chinese rivals. This column does not necessarily reflect the opinion of Bloomberg LP and its owners.Nisha Gopalan is a Bloomberg Opinion columnist covering deals and banking. She previously worked for the Wall Street Journal and Dow Jones as an editor and a reporter.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg Opinion) -- China needs banks to open the credit taps to get the economy back on its feet after the sudden stop caused by the coronavirus outbreak. The trouble is that they’re in far worse shape than in 2008, when a government-mandated lending boom helped revive growth. That’s why a cut in the deposit rate is long overdue.The People’s Bank of China is in discussions to lower the interest rate banks pay on deposits for the first time since 2015 and a decision could be announced within days, the Financial Times reported last week, citing people familiar with the deliberations. A reduction would shore up banks’ profitability, buying lenders breathing room as authorities lean on them to support companies that are struggling to stay afloat after a shutdown that affected two-thirds of the economy.It can’t come a moment too soon. The government is pushing banks to extend relief by rolling over debts, lowering loan rates and keeping credit lines open. It has allowed them to refrain from collecting interest from virus-affected companies until June 30 and has loosened the criteria for classifying loans as nonperforming. To encourage lending, regulators have also reduced the percentage of deposits that lenders must lodge with the central bank, known as the required reserve ratio.All these measures will increase pressure on a state-controlled banking system that is already undercapitalized and having its net interest margins squeezed. What will really help is a reduction in banks’ funding costs. While the rate on demand deposits is a puny 0.35%, the amount paid on time deposits is far higher — as much as 1.5% on sums locked up for one year.On Monday, the PBOC reduced the interest rate that it charges on loans to commercial banks by the most in five years. The seven-day reverse repurchase rate was cut to 2.2% from 2.4%. While that lowers funding costs, it also signals an impending reduction in lending rates. Analysts say a cut in the central bank’s medium-term lending facility rate, its main policy tool, isn’t far away. That in turn will influence the loan prime rate, set by 18 banks once a month.Smaller banks — outside the big four of Industrial & Commercial Bank of China Ltd., Bank of China Ltd., China Construction Bank Corp. and Agricultural Bank of China Ltd. — will be the biggest beneficiaries of lower rates for time deposits. These account for a large portion of customer accounts at lenders such as Bank of Communications Co. and Ping An Bank Co., according to to CGS-CIMB Securities Ltd. analyst Michael Chang. Such banks have more small and medium-size enterprises among their loan clients and also lend out more of their deposits.Even the big four could do with some relief. While they’re better capitalized and more profitable than the rest, they bear the burden of being the government’s principal policy tool, requiring them to hand out low-interest loans and help out struggling smaller banks.The bigger question is how much difference even lower deposit rates will make given the scale of the challenge the economy faces. A prolonged health emergency will cause the nonperforming loan ratio to triple to 6.3%, S&P Global Inc. estimates.In 2008, China’s banks were still flush from recapitalizations and initial public offerings conducted earlier in the decade, and their shares were trading above book value. Now, most are at discounts: Bank of China’s Hong Kong-listed stock trades at a price-to-book ratio of less than half. At the same time, the financial system has ballooned in size and leverage has soared. The ratio of debt to gross domestic product jumped to 276% at the end of 2018 from 162% at the end of 2008, according to Bloomberg Economics.China’s banks “make just enough in profits to keep pace with growth and keep capital ratios stable so they can’t afford to do a lot more than they’re doing now,” said Grace Wu, Fitch Ratings head of Greater China bank ratings.Regulators could relax capital ratios at mid-size lenders such as China Minsheng Banking Corp. and China Guangfa Bank Co. Still, that would risk storing up bigger problems down the road. Consumer defaults are already piling up, with overdue credit-card debt swelling last month to 50% from a year earlier. Qudian Inc., a Beijing-based online lender, said its delinquency ratio jumped to 20% in February from 13% at the end of last year.Cutting deposit rates also punishes consumers, the very people the government needs to help get the economy back up and running. Lower rates could also compound banks’ challenges by encouraging depositors to pull out money, though a crackdown on shadow banking has reduced the range of alternatives.There are no easy answers. Whatever their limitations or unwanted side effects, the need to keep banks in some semblance of health suggests lower deposit rates are coming soon. This column does not necessarily reflect the opinion of Bloomberg LP and its owners.Nisha Gopalan is a Bloomberg Opinion columnist covering deals and banking. She previously worked for the Wall Street Journal and Dow Jones as an editor and a reporter.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
At the same time, Moody's has affirmed the B2 backed long-term rating on the USD-denominated senior unsecured notes due October 2020 issued by New Lion Bridge Co., Ltd. and guaranteed by Lionbridge Capital. Moody's has also withdrawn the debt-level outlook on New Lion Bridge Co., Ltd.'s backed long-term senior unsecured rating for its own business reasons. Please refer to the Moody's Investors Service Policy for Withdrawal of Credit Ratings, available on its website, www.moodys.com.
(Bloomberg Opinion) -- The last place on earth where bankers and traders can make real money is opening up. As part of its trade deal with the U.S., China vowed to grant Western financial institutions more access to its $14 trillion wealth-management industry. A number of foreign-controlled joint ventures with banks are in the works. Days before Christmas, Beijing approved the first one, a tie-up between Amundi Asset Management and a unit of Bank of China Ltd. Shortly afterward, China Construction Bank Corp. agreed to partner with BlackRock Inc. and Temasek Holdings Pte, while Industrial & Commercial Bank of China is flirting with Goldman Sachs Group Inc.Millions of dollars are being thrown at this. JPMorgan Chase & Co. and Nomura Holdings Inc. are buying up extra office space in Shanghai, where staff could be paid more generously than in Hong Kong. Goldman plans to double its headcount in China to 600 over the next five years. But why would foreigners want to crowd into the world’s most competitive market? Simple: Investors in China still have faith in active managers. Last year, it took just 10 hours for a star stock picker to attract more than $10 billion in orders for his firm’s debut mutual fund.Foreign firms might reason that they have deep talent pools, too. Bin Shi, a portfolio manager who has been with UBS Group AG since 2006, can churn out profit better than many of his mainland competitors. His Luxembourg-registered All China Fund returned 50% over the past year. By tapping into local banks’ distribution networks, Western asset managers could benefit from the army of retail investors that might come crowding in.If allowed to compete, Wall Street managers could almost effortlessly bat local competitors away. After all, Beijing wants Chinese wealth managers to emulate the U.S. model. In the West, middle-class savers have built up their nest eggs with mutual funds. They get some sense of their risk-return trade-off by checking (sometimes obsessively) the charts and numbers that showcase the historical ups-and-downs of their fortunes.Not so in China. Two years after the government unveiled sweeping rule changes, many products still carry the false perception of guaranteed future returns. It’s not uncommon for money managers to post these forecasts on their websites weekly. The concept of metrics like net asset value remain completely foreign to a money manager sitting in a Chinese bank branch. In that sense, Western competitors are miles ahead.Then consider the options. If Chinese savers looked at BlackRock’s range of offerings, for example, they’d be blown away. Some funds are designed to help you retire by 2040, while others are more tactical in nature. Blending bonds with stocks in a portfolio is commonplace, and financial metrics such as the Sharpe Ratio or effective duration for fixed income funds are readily available for savers to peruse, if they decide to get a bit technical.In China, investments that can deliver steady, stable gains are rare. Moms-and-pops are stuck with either bank deposits, which are essentially subsidies to the state-owned banks, wealth management products — nowadays pretty boring, thanks to Beijing’s sweeping rule changes to limit risk — or speculative private funds that can cost you dearly.To Beijing’s credit, foreigners have a fairly level playing field in the asset-management business. The new rules, which require banks to spin off their wealth units, are re-drawing the landscape entirely. The first such operation opened for business just six months ago, and there are now about half a dozen. It wasn’t until early December that the government even finalized net capital rules for these operations. So assuming the likes of Goldman and BlackRock can get their licenses quickly, their peers won’t be that far behind. That’s quite a positive step for a country that actively blocks Alphabet Inc.’s Google and Facebook Inc. to allow its domestic players flourish.Of course, we all know the realities of marriage: Whether a partnership yields happiness is anyone's guess. But that shouldn't discourage Western asset managers from trying. There's plenty of money to be made.To contact the author of this story: Shuli Ren at email@example.comTo contact the editor responsible for this story: Rachel Rosenthal at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. She previously wrote on markets for Barron's, following a career as an investment banker, and is a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
BEIJING/SHANGHAI (Reuters) - U.S. asset manager BlackRock Inc, Singapore state investor Temasek Holdings (Pte) Ltd and China Construction Bank Corp (CCB) have agreed to set up a wealth management joint venture in China, said people with direct knowledge of the matter. A memorandum of understanding has been announced internally within BlackRock and CCB, according to the people and an internal notice seen by Reuters. The deal comes as China's government continues to open up its financial industry to foreign firms.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of China Construction Bank (Europe) S.A. Paris, November 18, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of China Construction Bank (Europe) S.A. and other ratings that are associated with the same analytical unit. 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.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of CCB Life Insurance Company Limited 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.
Rating Action: Moody's assigns A1 rating to senior unsecured notes issued by China Construction Bank Corporation, Singapore Branch; outlook stable. Global Credit Research- 07 Nov 2019. Hong Kong, November ...
Norwegian Air <NWC.OL> unveiled higher-than-expected earnings and a deal to offload 27 new Airbus <AIR.PA> jets, sending its shares sharply higher on hopes that the low-cost carrier can avoid becoming the latest in a series of airline collapses. The carrier on Thursday posted third-quarter net income of 1.67 billion crowns (£141.9 million), raised its 2019 savings goal and outlined plans to cut capacity while increasing operating profit by 4 billion crowns over two years. Under a long-awaited joint venture, Norwegian will sell its A320 NEO planes on order from Airbus to a new leasing company 70% owned by China Construction Bank <601939.SS>, generating a much-needed cash profit on each aircraft due in 2020-2023.
Rating Action: Moody's assigns A1 rating to green bonds issued by China Construction Bank's two branches; outlook stable. Global Credit Research- 21 Oct 2019. Hong Kong, October 21, 2019-- Moody's Investors ...
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of CCB Financial Leasing Corporation Ltd. Hong Kong, September 06, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of CCB Financial Leasing Corporation 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.
BEIJING/SHANGHAI (Reuters) - China's banks face pressure on earnings and asset quality in the coming months as interest rate reforms squeeze margins and a Chinese-U.S. trade war adds to economic uncertainty. Three of the nation's top listed banks this week each reported a profit rise of nearly 5% in the first half of the year, but warned they faced headwind. "The trade war causes uncertainty, and there is downward pressure on the economy," Gu Shu, president of the world's largest commercial lender, Industrial and Commercial Bank of China (ICBC), told a news conference on Thursday.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of China Construction Bank (New Zealand) Limited and other ratings that are associated with the same analytical unit. "IMPORTANT NOTICE: MOODY'S RATINGS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS. 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.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of China Construction Bank (Asia) Corp. Ltd. Hong Kong, August 03, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of China Construction Bank (Asia) Corp. 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.