Goldman Sachs has sold its remaining shareholding in Industrial and Commercial Bank of China (ICBC) in a $1.1 billion block trade. This is the last of six sell-downs over the past seven years.
Royal Bank of Scotland’s John McCormick will leave the bank’s Asia-Pacific operations later this year. He will be replaced by Donald Workman, who has been appointed executive chairman.
PICC Property & Casualty, China’s largest non-life insurer plans to raise $944 million in a rights offer in Hong Kong and China to help meet capital requirements.
New bankruptcy petitions were up a fifth in Hong Kong in April, reflecting prevailing tough business conditions
Lu Ting, Bank of America’s head of Greater China economics in Hong Kong claims China’s trade surplus is one-tenth the official $61 billion reported so far this year after accounting for fake transactions used to disguise hot-money inflows.