The world’s third-largest lender by market capitalisation has announced a key change at the top, the latest in a slew of leadership reshuffles in the country’s banking sector this year.

The share prices of Chinese securities firms have slumped ahead of their earnings announcements for 2022 amid expectations of record losses.

Chen Shuang, who resigned as CEO of China Everbright Limited in 2019, is being investigated for ‘suspected violations of the law’, the CCDI announced in a one-line statement on Tuesday.

Bank of China and Everbright Bank become the first lenders to be fined by the mainland’s banking regulator along with their wealth management units, as their products fall short on risk limits.

The surprise reshuffle at the senior echelons of one of China’s largest brokerages came hot on the heels of the unexpected resignation on Monday by Tian Huiyu as chairman of China Merchants Bank.

Nowhere is the problem more serious than in Guangzhou, where 33,000 foreclosures were reported in a city whose economy shrank 2.7 per cent last year, more than the national average of 1.6 per cent.

Chinese banks are bracing for an unprecedented drop in profits this year as they grapple with the fallout of Covid-19.

China Everbright CEO says his goal is to turn the state-owned investment firm into ‘China’s Blackstone’ by increasing overseas assets to half of its total.

Big property developer to pay US$2.1 billion for 40.96 per cent of Guanghui Group, making it the second-largest shareholder

China Everbright Group's shareholding restructuring, and a planned flotation of assets not already listed, is aimed at improving its transparency, governance and efficiency.

Five new listings made their debuts on the Hong Kong stock exchange yesterday, with China Everbright Bank, the largest flotation of the year, performing the worst.

China Everbright Bank, a Beijing-based lender making its third tilt at a Hong Kong flotation, says it will be able to meet more stringent mainland capital requirements within two years after raising fresh equity capital.

JPMorgan Chase has pulled out of a syndicate of banks working on China Everbright Bank's US$2 billion share sale in Hong Kong, two people familiar with the matter said.

China Everbright Bank, which received the go-ahead for a listing from the Hong Kong stock exchange late last month, held a meeting with its syndicate bankers in Beijing yesterday, two people familiar with the deal said, prompting speculation of a year-end listing that would raise up to US$4 billion.

Banks have no plans to change their policy of hiring so-called princelings or other well-connected people to help grow their business on the mainland or in other emerging markets - despite the shockwaves caused by news that United States regulators are investigating JP Morgan's hirings of the children of the elite in China.

Mainland banks are reviving their listing plans to raise money in Hong Kong this year as Beijing continues to keep an indirect hold on onshore initial public offerings.

Hong Kong's dismal listings market has shown signs of a nascent recovery with some municipal-level mainland lenders and brokerage houses signalling they will retry offerings amid improving sentiment.

Boosted by a recovery in valuations among listed mainland banks since early September, the share offers could go ahead as soon as the second quarter, say people familiar with the plans.