Is the Shanghai Stock Exchange finally becoming a hub for global finance?
This week, Shanghai brought the annual practice of fixing GDP growth targets into sharp focus by simply abandoning it; Alibaba and SAIC washed their dirty linen in public; and Apple posted record profits bolstered by Chinese fans of the iPhone 6.
This week, CEO Wang Jianlin missed the opportunity to become the richest man in China when the much awaited Dalian Wanda IPO turned out to be a damp squib and Xiaomi was valued at $45 billion, way higher than Uber.
This week, the BYD stock price fell sharply, as did Geely’s; Baidu invested in ride-sharing company Uber; and China’s factory activity slowed further.
This week, the Shanghai Composite Index reached a 40-month peak; experts speculated on future PBOC rate cuts, following last week’s interest rate cut which was the first since 2012; and Tencent and Alibaba locked horns.
The long awaited Shanghai-Hong Kong Stock Connect Program is finally here. But is it living up to its lofty goals?
This week, the HSBC PMI showed an uptick in China’s manufacturing activity; news of the possibility of an RMB clearing house in Toronto made waves; and Alibaba posted strong second quarter results.
Xiaomi was officially crowned the world’s third-largest smartphone maker but news of Lenovo completing its buyout of Motorola Mobility is clouding the verdict; and meanwhile Alibaba’s share price touched new highs.
This week, China’s factory activity improved a little even as factory employment figures slumped; Adobe announced its intention to shutter its China R&D center while other MNCs remain upbeat; and the Alibaba share price fell after last week’s spectacular IPO.
The Alibaba IPO, which debuted on the NYSE recently, has broken all sorts of records. What are its prospects going forward?