China’s official manufacturing PMI fell to 50.4 in July from 50.9 the month before, missing the consensus forecast of 50.8. The National Bureau of Statistics cited extreme weather conditions in some areas, including flooding in Henan Province, as one of the reasons for the slowdown in the expansion of manufacturing activity. The non-manufacturing PMI stood at 53.3.

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Last Friday, U.S. Securities and Exchange Commission Chairman Gary Gensler said that Chinese IPO applicants operating under a Variable Rights Entity (VIE) structure must “disclose visible and clear “the problems – and the risks – linked to the VIE structure. In addition, all Chinese companies must disclose the risks of their U.S. IPO applications being refused or canceled, and the potential risks of delisting. Gensler said he had also asked SEC staff to “engage in additional targeted reviews of cases for companies with large operations based in China.”

The China Securities Regulatory Commission (CSRC) responded to new information disclosure requirements on Sunday. Regulatory authorities in the two countries should step up their communication and find “appropriate solutions” to the supervision of Chinese stocks listed in the United States, and “create a good political expectation and institutional environment for the market,” the CSRC said. .

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China’s Ministry of Industry and Information Technology held a meeting with 25 Chinese tech companies on Friday last week, demanding that companies conduct self-examinations in areas such as data security and protection. consumer rights. Among those called were Alibaba Group Holding, Baidu, ByteDance, Didi, Huawei, Meituan, NetEase, JD.com, Kuaishou and Pinduoduo.

The Internet Society of China also asked twelve major technology companies last Wednesday to strengthen the management of the export of important data.

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The People’s Bank of China (PBoC) has said it will push for the launch of financial instruments supporting the reduction of carbon dioxide emissions to provide low-cost capital to qualified financial institutions which, in turn, can provide cheap financing to the industries concerned. The central bank will also continue its work on carbon disclosure and green finance assessment.

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Foreign investors held 3.76 tr Rmb ($ 568 billion) of onshore stocks at the end of June, as well as 3.84 tr Rmb of domestic bonds, according to data from the PBoC.

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The China Banking and Insurance Regulatory Commission (CBIRC) focused its work in the second half of the year on a number of areas. These include getting rid of risky institutions, curbing the rise in non-performing assets and a resurgence of high-risk shadow banking, preventing the illegal inflow of funds into the real estate market and to regulate financial activities on Internet platforms.

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Chinese banks divested 1.2 tr Rmb of non-performing assets in the first half of 2021, the CBRIC said. These included 1.1 tr Rmb of non-performing loans, or about 49.6 billion Rmb more than a year ago.

Home loans in China rose 9.8% at the end of June, the slowest pace in eight years, according to data from the CBIRC.

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The CBIRC said last Saturday that it had decided to ban Chinese trust companies from setting up non-financial subsidiaries in China. Existing non-financial subsidiaries are not allowed to make new investments in continental or foreign companies. The new rules came into effect on July 21.

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Chinese regulators have issued over-the-counter directives to some banks and consumer finance companies, asking them to keep interest rates on personal loans below 24%, onshore media including 21 Jingji reported.

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Shanghai plans to further regulate its microcredit companies, proposing new rules requiring lenders to have at least Rmb200 million in registered capital, with a five-fold leverage cap.

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Sumitomo Mitsui Financial Group and SMBC Nikko Securities jointly asked the CSRC to set up an onshore securities firm last week, according to a press release.

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Goldman Sachs’ Chinese securities unit, Goldman Sachs Gao Hua Securities, has obtained approval from the CSRC to start a land-based alternative investment business. The license is obtained through the acquisition of Beijing Gaohua Shengze Investment Management Co and will be limited to making direct investments on the boards of Star and ChiNext.

This move opens the door for Goldman to sponsor deals in both markets. Sponsors are required to invest – through their alternative investment subsidiaries – in their Star Board IPOs and certain ChiNext listings.

Goldman, which owns 51% of Goldman Sachs Gao Hua, is in the process of gaining full control of the securities joint venture.

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Citibank (China) Co has obtained final approval from the CSRC to launch custodial services of securities investment funds on the mainland, making it the world’s first major custodian authorized to operate a fund safekeeping business onshore in China, the bank said in an announcement Friday.

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The CBIRC has approved the creation of Allianz Insurance Asset Management Co, the first wholly foreign-owned insurance asset management company in China, Allianz (China) Insurance Holding Co. announced last Friday.

The company will be headquartered in Beijing, with a registered capital of Rmb 100 million. The CBIRC authorized the Allianz unit to begin work on its preparatory establishment in January.

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Didi Global denied a the Wall Street newspaper reported last week that he was considering going private to “appease authorities in China” and make up for losses to investors since being listed in the United States. The information in the report is “false” and the company “is fully cooperating with relevant government authorities” for a cybersecurity review, Didi said in a statement on Weibo last Thursday.

the WSJ The report gave Didi shares a boost to close at $ 9.86 on Thursday, up from the previous close of $ 8.86. The company closed at $ 10.31 on Friday, up from a listing price of $ 14.

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The Securities Association of China is considering revising the sponsorship rules for Chinese brokerage firms. One of the main changes proposed relates to due diligence. The regulator listed seven scenarios in an issuer that require consideration by its IPO promoters, including differences in the company’s accounting policies compared to its industry peers.

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The Shenzhen CSRC office has asked the securities companies it oversees to conduct a self-review of their sponsorship activities by August 31, in areas such as due diligence and internal control. It will also launch on-site inspections in September and October.