China - CIC, SAFE, NSSF, Central Huijin etc.

Re: China - CIC, SAFE, NSSF, Central Huijin etc.

Postby winston » Thu Jun 19, 2014 6:21 am

Auditor blames CIC

Mismanagement at China Investment Corp, the nation's US$575 billion (HK$4.48 trillion) sovereign wealth fund, led to overseas investment losses that could widen, according to the National Audit Office.

A dereliction of duty by managers and inadequate due diligence and post- investment management, were identified in 12 investments made abroad by the fund between 2008 and 2013, according to results of an audit conducted last year.

Six of the deals were unprofitable, four of them had unrealized losses, and two may potentially lose money. The report released yesterday did not name the investments or disclose their size.

Auditors also found that CIC's domestic unit, Central Huijin Investment, lost 1.26 billion yuan (HK$1.57 billion) in potential investment gains in 2011.


Source: REUTERS
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Re: China - CIC, SAFE, NSSF, Central Huijin etc.

Postby winston » Thu Jun 19, 2014 7:23 am

CIC Chairman: To expand investments in agriculture projects
2014-06-18

CIC Chairman Ding Xuedong stated in his article on the Financial Times that CIC plans to carry out more investments in agriculture projects, and may cooperate with the government and other institutional investors.

Ding believed the agriculture industry is relatively stable, which can hedge against inflation and diversion risks.


Source: AAStocks Financial News
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Re: China - CIC, SAFE, NSSF, Central Huijin etc.

Postby winston » Sun Jun 29, 2014 6:59 am

China's pension fund reports lower investment return

BEIJING: China's National Social Security Fund (NSSF) earned 68.6 billion yuan ($11 billion) from its investments in 2013, implying a 6.2 percent return on investment, the Xinhua news agency said on Saturday.

The rate of return was lower than 7 percent recorded in 2012, which was the highest in three years.

The NSSF, which manages the country's biggest pension fund, had total assets of 1.24 trillion yuan by the end of last year, with an average investment return of 8.1 percent since the inception of the fund in 2000, Xinhua said.

Despite the steady investment return, the fund was found to have incurred some losses due to mismanagement, the agency said.

It cited a recent reported by the National Audit Office as saying that losses incurred by "irregular management and unwise decisions" at the fund totaled 17.5 billion yuan between 2010 and 2013.

China is trying to shore up its pension system to cope with the huge demographic challenge of an already shrinking working-age population as it looks to turn the economy into one driven by consumption and services rather than investment and exports.

Source: Reuters
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Re: China - CIC, SAFE, NSSF, Central Huijin etc.

Postby winston » Mon Jun 01, 2015 5:52 am

Boss leaves Huijin after share-sale fall

State-owned investment company Central Huijin Investment said its president has left his post after the company's share sale of state banks was cited by traders as a factor behind a plunge in China's STOCK MARKETS last week.

Xie Zhichun "will no longer serve as president of the company," Central Huijin, an asset management company controlled by Beijing, said in a statement posted on its website on Friday.

Xie will also no longer serve as executive director after approval from the State Council, Central Huijin said. It did not name his replacement.

The company did not give a reason for Xie's departure, which came three days after it sold a combined 3.5 billion yuan (HK$4.37 billion) worth of mainland-listed SHARES in China Construction Bank and Industrial and Commercial Bank of China.

Traders said the sharp drop in China's STOCK MARKETS was partly due to news that Central Huijin had reduced its holdings in CCB and ICBC, both of which are index heavyweights.

The company cited Ding Xuedong, chairman of Central Huijin, as saying he "appreciates Xie's contributions, including pushing forward Central Huijin's reform and development and enhancing the work of equity management and improving corporate governance of the institutions INVESTED in and held directly by Central Huijin."

China's stock markets plunged on Thursday, with indexes dropping more than 6 percent in record turnover as investors rushed to sell after more brokers tightened margin TRADING requirements for clients and the central bank drained money market liquidity.

Source: REUTERS
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Re: China - CIC, SAFE, NSSF, Central Huijin etc.

Postby winston » Wed Oct 28, 2015 6:53 am

Pension fund stocks foray

China is preparing to allow its multi-billion US dollar pension fund, to invest in the stock market next year to boost share prices which have plunged by more than 30 percent since June, an official said yesterday.

As part of a rescue package to support the market, China's securities regulator announced in July that the government was drafting a plan to invest up to 30 percent of its pension fund in stocks.

"We will step up work and aim to carry out the plan in 2016," said human resources and social security ministry spokesman Li Zhong.

The fund, to which workers must contribute and which was previously only allowed to invest in treasury bonds and bank deposits, had 3.5 trillion yuan (HK$4.27 trillion) in net assets as of the end of 2014.

The news helped prop up the stock market after a rout. The benchmark Shanghai Composite Index edged up 0.14 percent to 3,434.34 points yesterday, but it is still more than 33 percent lower than the peak in June.

Source: AGENCE FRANCE-PRESSE
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Re: China - CIC, SAFE, NSSF, Central Huijin etc.

Postby winston » Thu Dec 31, 2015 7:03 am

Huijin ups stakes for asset unit

State investor Central Huijin Investment has transferred equities it holds in several large domestic financial institutions to its asset management unit.

A portion of the shares transferred were initially bought to support the volatile A-share market in the summer.

Bank of China (3988) said yesterday its controlling shareholder Central Huijin Investment, had transferred 1.81 billion A shares to Central Huijin Asset Management. Huijin now directly holds 188.46 billion A shares of BOC 89.42 percent of its A-share capital.

Agricultural Bank of China (1288) said Huijin shifted 1.26 billion A shares of the bank to its wholly-owned subsidiary. It still holds 130 billion A shares 40.03 percent of its issued shares.

Industrial and Commercial Bank of China (1398) reported 1.01 billion A shares were transferred by Huijin, who still owns 45.89 percent of its A-share capital.

Huijin also shifted 496.64 million A shares of China Construction Bank (0939) and 28.25 million A shares of New China Life Insurance (1336) to the unit, retaining 57.11 percent and 31.34 percent of their issued shares.

The asset management unit was set up last month with a registered capital of five billion yuan (HK$5.97 billion).

Source: The Standard
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Re: China - CIC, SAFE, NSSF, Central Huijin etc.

Postby winston » Sat Apr 09, 2016 7:17 am

Why China’s central bank became a mysterious player in the nation’s stock market

Subsidiary of the lender has taken stakes in big banks, prompting speculation about its long-term motives for taking such a direct role in the market

China’s central bank is now effectively a player in the nation’s stock market, but the technicalities of how and why it is involved is the subject of much conjecture


Source: SCMP

http://www.scmp.com/news/china/economy/ ... ions-stock
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Re: China - CIC, SAFE, NSSF, Central Huijin etc.

Postby winston » Tue Apr 12, 2016 2:22 pm

China Central Bank Unit Took Shares as Loan Repayment: Report

Wutongshu and units received holdings in ICBC, BOC, and others
China Securities Finance bought shares to support market

China Securities Finance received more than $400 billion from the central bank and other sources to help prop up share prices after the nation’s stocks crashed in June. The firm repaid some of those loans by transferring stocks it purchased during the market support operation, the report said.

The Shanghai Securities News reported last month that yuan-denominated shares held by Wutongshu and its two subsidiaries exceeded 27 billion yuan ($4.2 billion).


Source: Bloomberg

http://www.bloomberg.com/news/articles/ ... o.headline
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Re: China - CIC, SAFE, NSSF, Central Huijin etc.

Postby winston » Sat Jul 23, 2016 9:37 am

China sovereign fund CIC records first loss on overseas investments in 4 years

China’s $813.8 billion sovereign wealth fund posted its first loss on overseas investments in four years last year as commodity prices sunk, while stock and bond returns were damped by negative interest rates and a strong U.S. dollar.

China Investment Corp. had a loss of 2.96 percent in the year ended December, compared with a 5.47 percent gain a year earlier, according to the Beijing-based company’s 2015 annual report released Friday.

Net income at the fund, which holds government stakes in China’s biggest banks, fell 17 percent to $73.9 billion, the report showed.



The U.S. accounted for 46.3 percent of CIC’s public-equity investments, compared with 45.6 percent a year earlier, according to the report.

Financials, the biggest category by industry, made up 21.5 percent, compared with the previous year’s 22.6 percent.



Source: Deal Street Asia

http://www.dealstreetasia.com/stories/c ... tes-48278/
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