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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Kingsoft Corporation Limited    3888   KYG5264Y1089

KINGSOFT CORPORATION LIMITED

(3888)
  Report  
End-of-day quote. End-of-day quote Stock Exchange of Hong Kong - 09/20
18.58 HKD   -1.59%
09/10KINGSOFT : Notification Letter and Change Request Form to Registered Holders
PU
08/20KINGSOFT : Announces 2019 Interim and Second Quarter Results
AQ
05/14KINGSOFT : Announces 2019 First Quarter Results
AQ
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China looking into Bank of China money laundering allegations: Xinhua

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07/10/2014 | 11:07pm EDT
Pedestrians walk past a Bank of China sign at its branch in Beijing

SHANGHAI (Reuters) - China's central bank is looking into allegations by a state broadcaster that Bank of China, the country's fourth largest lender, has been laundering money offshore for clients, the official Xinhua news agency said on Friday.

While Beijing maintains a tight control over its capital account, limiting foreign currency transfers by individuals to $50,000 a year, wealthy Chinese, including corrupt government officials, have managed to move their money out to snap up overseas property and other assets.

The China Central Television (CCTV) aired what it said was an undercover investigation program on Wednesday that focused on a service offered by BOC called "You Hui Tong", which is designed to help Chinese individuals take part in investment emigration programs in other countries to move cash offshore in amounts the exceed the annual cap.

The report quoted unnamed BOC sources as saying the bank kept the program secret because it knew it was illegal. However, BOC has denied the allegations.

Xinhua news agency reported the People's Bank of China, the central bank, was now looking into the matter.

"We have noticed the media report about a commercial bank's cross-border renminbi business, and are verifying related facts," Xinhua quoted an unidentified central bank spokesman as saying.

The PBOC statement quoted by Xinhua did not name the Bank of China specifically, referring instead to "a commercial bank," and it did not use the term "investigation," which often implies a degree of formality.

BOC has said the service was part of the government's efforts to open the capital account and increase the international popularity of the yuan, and that branches of other banks in Guangdong province offered similar services.

Investment programs that grant Chinese passport holders citizenship or residency in exchange for substantial investment have become popular with wealthy citizens and government officials.

China has been cracking down on such "naked officials", one whose spouse and children have emigrated. In May, a senior official in Guangdong province was removed from his position in what Xinhua said one of the first to lose his position.

Since the mid-1990s, an estimated 16,000 to 18,000 Communist party officials, businessmen, CEOs and other individuals have "disappeared" from China, taking with them some 800 billion yuan ($133 billion), according to a PBOC report prepared in 2008.

(Editing by Raju Gopalakrishnan)

By Kazunori Takada and Pete Sweeney

Stocks treated in this article : Kingsoft Corporation Limited, Bank of China Limited
Stocks mentioned in the article
ChangeLast1st jan.
BANK OF CHINA LTD 0.00% 3.61 End-of-day quote.0.00%
COMMERCIAL BANK -1.10% 4.5 End-of-day quote.16.58%
KINGSOFT CORPORATION LIMITED -1.59% 18.58 End-of-day quote.64.72%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) -0.06% 7.0908 Delayed Quote.3.21%
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Latest news on KINGSOFT CORPORATION LIMIT
09/10KINGSOFT : Notification Letter and Change Request Form to Registered Holders
PU
08/20KINGSOFT : Announces 2019 Interim and Second Quarter Results
AQ
06/11KINGSOFT : Morgan Stanley lifts Kingsoft to HK$23
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05/15KINGSOFT : Nomura raises Kingsoft to HK$20.5
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05/14KINGSOFT : Announces 2019 First Quarter Results
AQ
03/26KINGSOFT : Announces 2018 Annual and Fourth Quarter Results
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2018KINGSOFT : Nomura lowers Kingsoft to HK$13.4
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2018KINGSOFT : Announces 2018 Third Quarter Results
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Financials (CNY)
Sales 2019 7 757 M
EBIT 2019 -555 M
Net income 2019 -1 120 M
Finance 2019 5 454 M
Yield 2019 0,12%
P/E ratio 2019 -16,9x
P/E ratio 2020 38,5x
EV / Sales2019 2,26x
EV / Sales2020 1,72x
Capitalization 22 955 M
Chart KINGSOFT CORPORATION LIMITED
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Technical analysis trends KINGSOFT CORPORATION LIMIT
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Income Statement Evolution
Consensus
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Buy
Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 16,34  CNY
Last Close Price 16,81  CNY
Spread / Highest target 20,2%
Spread / Average Target -2,78%
Spread / Lowest Target -26,1%
EPS Revisions
Managers
NameTitle
Tao Zou Chief Executive Officer & Executive Director
Jun Lei Chairman
Wai Wai Kris Kwok Chief Operating Officer & Vice President
Yuk Keung Ng CFO, Joint Secretary & Executive Director
Quan Guo Wang Chief Information Officer & Vice President
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