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SHANGHAI (April 11): China Huishan Dairy Holdings Co Ltd is facing a major challenge from creditors after banks including HSBC Holdings PLC said the troubled firm had violated covenants linked to a US$200 million loan, while a Shanghai court froze some assets.
The deal marks the second purchase of a Hong Kong-based insurer by a mainland firm in the past two weeks
Hong Kong insurance companies remain attractive acquisition targets for mainland entities, a trend that has helped to inject fresh capital into the local industry, yet one which also ushers in new regulatory and management challenges, according to industry players.
The HK$7.1 billion takeover of Hong Kong Life boost share price of Asia Financial, Chong Hing Bank
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A report by Morgan Stanley finds that just 16 per cent of senior executive roles across the sector are held by women
Moody’s Analytics announced that it has been selected by Chong Hing Bank (CHB) as a strategic partner for implementing a comprehensive suite of solutions for the customer credit lifecycle. These include loan origination and credit risk measurement technology, as well as risk advisory, training and certification services.
Hong Kong Life, a joint venture life insurance company owned by five financial firms, is drawing particular takeover interest thanks to its business portfolio and bank branch network. Its corporate history can also illustrate how a group of smaller lenders can join hands to compete with bigger players.
Major Chinese banks’ results for 2015 should this week show continued subdued earnings growth as margins are squeezed and assets deteriorate as growth in the world’s second-largest economy hit the slowest pace in 25 years, analysts said.
Profit before tax rises 51 per cent to HK$1.2 billion