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King Of Ah Fok Sr and Tan AhTiu, where are u? Now no need to wait 10yr liao, Tiongkok Offshore Investors, please take care hah.



China’s $656 Billion Offshore Bond Market Put to Test​

A Beijing court case may have far reaching implications for international creditors in the country

Tiananmen Square in Beijing.

Tiananmen Square in Beijing.
Photographer: Qilai Shen/Bloomberg
By Kari Soo Lindberg
April 23, 2024 at 11:01 PM GMT+8

This article is for subscribers only.
Welcome to The Brink. I’m Kari Soo Lindberg, a reporter in Hong Kong, where I’m following Peking University Founder’s case in mainland China. We also have news on Ecuador, US retailer Express and packaging firm Ardagh. Follow this link to subscribe. Send us feedback and tips at [email protected] or DM on X to @KariSoo1.
A legal case slowly making its way through a Beijing court promises to have far reaching implications for foreign investors in China.
Have a confidential tip for our
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Exclusive: China turns the heat up on cross-border investments in local govt debt, sources say​

By Xie Yu
April 24, 20247:00 AM GMT+8Updated 5 hours ago

HONG KONG, April 23 (Reuters) - Chinese regulators are inspecting the use of a cross-border mechanism to invest in debt-laden local governments' offshore bonds, two sources said, indicating a ramping up of efforts to contain financial risks in a loosely regulated part of the market.

The move comes after offshore debt issuances by the local governments, who already owe more than $9 trillion, surged in recent months and touched the highest monthly volume in more than a year in January.

The rush of new offshore bond offerings by the indebted local governments comes at a time when regulations for onshore issuances have been tightened and many of them are struggling to meet existing liabilities, with a slowing economy and a property sector crisis weighing on their financial


A China Coast Guard vessel and Chinese fishing trawlers during a resupply mission to the BRP Sierra Madre in the South China Sea on Nov. 10.

A China Coast Guard vessel and Chinese fishing trawlers during a resupply mission to the BRP Sierra Madre in the South China Sea on Nov. 10.

Photographer: Lisa Marie David/Bloomberg
The Big Take

Xi’s Armada Is Winning the Battle for Energy in the South China Sea​

Tensions are soaring, but Southeast Asian nations are struggling to push back on Beijing’s contested claims and tap the energy resources their growing economies need.

By Philip Heijmans
April 24, 2024 at 5:00 AM GMT+8

This was supposed to be the year that Vietnam reaped the benefits from one of its largest natural gas discoveries.

An estimated 150 billion cubic meters of the fuel, enough to power a city the size of Hanoi for decades, was discovered 50 miles (80 kilometers) from Vietnam’s central coast in 2011. If all had gone to plan, the “Blue Whale” project led by Exxon Mobil Corp. would have gone online late last year.




Guest Opinion: Destabilizing South China Sea is U.S. strategic objective​

Source: Xinhua
Editor: huaxia
2024-04-22 17:20:15

Philippine President Marcos' confrontational approach in handling the South China Sea dispute aligns closely with the U.S. strategy of containing China.
by Koh King Kee

Tensions are heating up in the South China Sea as the standoff between Chinese and Philippine Coast Guards at Ren'ai Jiao continues.

Most notably, the U.S. Army has recently deployed its new Typhon mid-range ground-based missile launcher to Luzon, the Philippines. This marked the first deployment of such a missile system by the United States following its withdrawal from the Intermediate-Range Nuclear Forces Treaty in 2019.

The deployment coincided with the first ever U.S.-Japan-Philippines summit among U.S. President Joe Biden, Japanese Prime Minister Fumio Kishida and Philippine President Ferdinand Marcos Jr. in Washington on April 11.

According to one senior U.S. official, the security issue in the South China Sea is a "pillar" of the discussions during the summit. Biden began the meeting by reiterating that "the U.S. defense commitments to Japan and the Philippines are ironclad," and affirmed that the Mutual Defense Treaty would be invoked in response to any attack on Philippine aircraft, vessels, or armed forces in the South China Sea.

In fact, many political analysts view the Philippines' decision to invite Washington into the fray, including allowing U.S. access to naval bases located at China's doorstep, as posing a potential threat to China's national security and sovereignty.

The Philippines is unlikely to receive support from other ASEAN member states in the event of a U.S.-backed conflict with China over the Ren'ai Jiao dispute. ASEAN countries are likely to maintain their stance of neutrality and refrain from taking sides between China and the United States.



South China Sea Dispute: China’s ‘Gray Zone’ Is Shrinking​

SITUATION REPORTS - April 18, 2024
By Zachary Fillingham

Key Takeaways:
  • The Marcos administration in the Philippines is internationalizing the South China Sea conflict, scrapping the bilateral approach of the Duterte years.
  • US President Biden has reiterated that the US-Philippines mutual defense treaty applies to the South China Sea.
  • ‘Gray zone tactics’ that may have worked previously are now more likely to elicit a response from Washington and other littoral claimants.

The United States and Philippines are planning their first-ever military training exercises outside of Philippines’ waters. The exercises are the latest in a series of moves suggesting a more active US stance on defending its allies’ sovereignty in the South China Sea. The overall objective is clear: remove the diplomatic and military ambiguity that China’s gray zone tactics thrive in.


The South China Sea is a critical theater for Beijing, holding out the possibility of material wealth in its underseas mineral deposits and greater military security by pushing out the PLA’s defense perimeter from China proper. But Beijing’s sweeping claims to the waters overlap with other littoral states, namely Vietnam, the Philippines, Brunei, Malaysia, and Taiwan.

The resulting clashes have played out for decades, sometimes producing a sudden redrawing of the map, as was the case after China’s occupation of the Paracel Islands in 1974, and other times leading to a more gradual ‘slicing of the salami’ where a previous status quo slowly gives way to a new one, often by way of gray zone tactics designed to fall short of producing a direct military response.



China Tells Brokers to Limit Exposure to ‘Snowball’ Derivatives​

  • Clampdown on the high-yield products follows stock rout
  • Officials conveyed new guidance this week, people say

By Bloomberg News
April 24, 2024 at 5:14 PM GMT+8

China is moving to curb “snowball” derivatives after brokers hiked returns to near-record levels to attract investors to the risky products following a stock-market selloff, according to people familiar with the matter.

Officials this week told some of the biggest brokerages to suspend any increase in their net exposure to over-the-counter derivatives involving domestic A shares, including snowball products which are based on options contracts, said the people.

While the restrictions are temporary, the regulators didn’t indicate when they may be lifted or eased, the people said, asking not to be identified as the communications are private.


https://www.allianzgi.com/en/insigh...ctured products tied,billion (USD 28 billion).


Dun underestimated CCP national team to huat big big on foreign buyers......hemg ong huat



Snowball' derivatives feed China's stock market avalanche​

By Li Gu and Vidya Ranganathan
January 24, 20247:00 AM GMT+8Updated 3 months ago

Display of stock information in Shanghai

Pedestrians wait to cross a road at a junction near a giant display of stock indexes in Shanghai, China August 3, 2022. REUTERS/Aly Song/File Photo Purchase Licensing Rights, opens new tab

SHANGHAI/SINGAPORE, Jan 23 (Reuters) - China's plunging stock market is leading to losses on billions of dollars worth of derivatives linked to the country's equity indexes, forcing a vicious cycle of selling in stocks and futures contracts as market participants manage their risks.

Stock markets in Hong Kong (.HSI), opens new tab and in mainland China plunged on Monday, extending a long spell of weakness driven by an exit of foreign investors alarmed by China's wobbly economy and a lack of stimulus measures.

Share prices stabilised somewhat on Tuesday after authorities announced plans to support the market, but analysts were hesitant to cheer.

The small-cap CSI1000 index (.CSI1000I), opens new tab has traded below the 5,000 level this week, after a 6% plunge on Monday to its lowest level in nearly four years.

Market participants said the drop triggered "knock-in" levels on "snowball" products, also known as "auto-callables" in some markets, leading to forced selling of stock futures contracts which further pressured the market.

"There is a wave of retail structured products termed snowballs that are reaching their ‘knock-in” levels, i.e. where they stop out," said Jon Withaar, who manages an Asia special situations hedge fund at Pictet Asset Management.



The intensifying price competition is adding to pressures on profitability as securities firms seek to revive sales to help offset mounting hedging losses.

While regulators have already curbed some other derivatives businesses like the so-called Direct Market Access products favored by quant funds, they had until now refrained from imposing fresh restrictions on snowballs, the people said. In 2021, authorities asked brokerages to gauge risks tied to the products and ensure they are only sold to qualified investors, Bloomberg reported at the time.

China’s OTC derivatives market has been a battleground that top brokerages from Citic Securities Co. to China International Capital Corp. “must fight for” in recent years, contributing stable profits, according to an Industrial Securities Co. report in January.

The options business, which includes products such as snowballs that are often tied to A-share indices, is a main pillar for the OTC market. Its outstanding value has surged more than 10 times since 2015 to 1.4 trillion yuan as of July 31.