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MarketScreener Homepage  >  Equities  >  Shanghai Stock Exchange  >  Haitong Securities Co., Ltd.    600837   CNE000000CK1

HAITONG SECURITIES CO., LTD.

(600837)
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China to probe three banks in widening default inquiry

11/19/2020 | 07:19am EST

SHANGHAI (Reuters) - China widened its probe into last week's shock bond default by a state-owned coal miner, saying on Thursday that three underwriting banks were suspected of misbehavior.

China's interbank bond market regulator said in a statement it will launch investigations into Industrial Bank Co, China Everbright Bank and Zhongyuan Bank Co, which helped Yongcheng Coal & Electricity Holding Group issue bonds.

The National Association of Financial Market Institutional Investors (NAFMII) said Xigema Certified Public Accountants and China Chengxin International Credit Rating Co are also suspected of violating rules.

Yongcheng defaulted on a 1 billion yuan ($151.84 million) bond on Nov. 10, just weeks after it sold fresh debt, sparking a selloff in China's corporate debt market.

The market jitters heighten funding costs for many corporate borrowers, threatening China's nascent economic recovery.

The fresh probe comes a day after NAFMMI threatened to sanction Haitong securities, saying the brokerage was suspected of facilitating illegal issuance of bonds by Yongcheng Coal, and of manipulating the market.

NAFMII, a self-regulatory body under the People's Bank of China, announced a "self-disciplinary" investigation into Yongcheng on Nov. 12, immediately after its default.

The companies named by NAFMII could not be immediately reached for comment.

Several high-profile defaults recently by Chinese state firms, including Huachen Auto Group Holdings Co and Tsinghua Unigroup, sent shockwaves across China's corporate bond market.

Investors rushed to sell bonds issued by companies in provinces seen as fiscally weak, such as Liaoning, Shanxi and Henan.

Seeking to soothe investor nerves, the deputy governor of Shanxi said on Wednesday state firms from the province would be able to meet repayment obligations on bonds which mature in the near term, pleading support from financial institutions.

($1 = 6.5859 Chinese yuan renminbi)

(Reporting by Samuel Shen and Andrew Galbraith; Editing by Toby Chopra and Bernadette Baum)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BANK OF CHINA LIMITED 0.00% 2.78 End-of-day quote.4.91%
CHINA EVERBRIGHT BANK COMPANY LIMITED 2.92% 4.23 End-of-day quote.6.02%
CHINA EVERBRIGHT LIMITED 1.80% 11.32 End-of-day quote.9.06%
HAITONG SECURITIES CO., LTD. -0.08% 12.66 End-of-day quote.-1.56%
INDUSTRIAL BANK CO., LTD. 0.82% 23.41 End-of-day quote.12.17%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.07% 6.4644 Delayed Quote.-0.24%
ZHONGYUAN BANK CO., LTD. -0.94% 1.05 End-of-day quote.1.94%
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Financials
Sales 2020 37 551 M 5 812 M 5 812 M
Net income 2020 10 579 M 1 637 M 1 637 M
Net Debt 2020 118 B 18 294 M 18 294 M
P/E ratio 2020 14,1x
Yield 2020 2,09%
Capitalization 144 B 22 302 M 22 318 M
EV / Sales 2020 6,99x
EV / Sales 2021 6,27x
Nbr of Employees -
Free-Float 65,6%
Chart HAITONG SECURITIES CO., LTD.
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Haitong Securities Co., Ltd. Technical Analysis Chart | MarketScreener
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Technical analysis trends HAITONG SECURITIES CO., LTD.
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TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 19
Average target price 14,01 CNY
Last Close Price 12,67 CNY
Spread / Highest target 63,4%
Spread / Average Target 10,5%
Spread / Lowest Target -39,1%
EPS Revisions
Managers and Directors
NameTitle
Qiu Ping Qu General Manager & Executive Director
Jie Zhou Chairman
Yuxing Mao Chief Information Officer
Peng Ren Executive Director & Deputy General Manager
Ming Zhang Independent Non-Executive Director
Sector and Competitors