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Cheng Leng

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Beijing, Hong Kong, Shanghai Shi
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Covers:  banks, credit, financial regulations, fintech
@FinancialTimes China business and finance reporter. Formerly w/ @Reuters @Caixin and Shanghai Daily. | Usual disclaimer.
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EXCLUSIVE China readies plan to elevate status of antitrust unit - sources

EXCLUSIVE China readies plan to elevate status of antitrust unit - sources

Reuters — BEIJING, Oct 13 (Reuters) - China is considering boosting the status of its antitrust bureau within the market regulatory agency as it steps up a campaign against anti-competitive behaviour, two people familiar with the matter said.
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Analysis: Extreme weather sounds alarm for under-insured China

Analysis: Extreme weather sounds alarm for under-insured China

Reuters — BEIJING, Aug 12 (Reuters) - Devastating summer floods in the populous province of Henan in central China are a wake-up call for local authorities to seek better insurance cover against natural disasters, potentially opening up a huge market for insurers in the country.
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China targets offshore IPO structure, to require ministry approval -sources

China targets offshore IPO structure, to require ministry approval -sources

Reuters — China's securities regulator is setting up a team to review plans by Chinese companies for initial public offerings (IPOs) abroad, sources with knowledge of the matter said, including those using a corporate structure which Beijing says has led to abuse.
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EXCLUSIVE China pushes Huarong to sell non-core units, mulls implicit support - sources

EXCLUSIVE China pushes Huarong to sell non-core units, mulls implicit support - sources

Reuters — BEIJING/HONG KONG, June 4 (Reuters) - China is pushing China Huarong Asset Management Co (2799.HK) to sell non-core assets, two people involved in the revamp told Reuters, while considering offering an implicit guarantee of the liabilities of the debt-laden bad-debt manager.
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EXCLUSIVE China bars banks from selling commodities-linked products to retail buyers -sources

EXCLUSIVE China bars banks from selling commodities-linked products to retail buyers -sources

Reuters — BEIJING, May 26 (Reuters) - China's banking regulator has asked lenders to stop selling investment products linked to commodities futures to mom-and-pop buyers, three people with knowledge of the matter told Reuters, to curb investment losses amid volatile commodity prices.
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Ageing China boosts private sector role as pensions time bomb ticks

Ageing China boosts private sector role as pensions time bomb ticks

Reuters — BEIJING, May 20 (Reuters) - China is tweaking its $1.2 trillion pension system to increase private sector involvement as its population ages rapidly and underfunding looms, but experts say fundamental changes are needed to provide adequate safety nets.
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EXCLUSIVE China asks banks not to withhold loans to asset manager Huarong - sources

EXCLUSIVE China asks banks not to withhold loans to asset manager Huarong - sources

Reuters — Chinese regulators have asked some banks not to withhold loans to embattled asset management giant China Huarong Asset Management Co, as part of support measures to stabilize its cash flow and reduce the risk of market contagion, sources told Reuters.
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EXCLUSIVE China's antitrust regulator bulking up as crackdown on behemoths widens

EXCLUSIVE China's antitrust regulator bulking up as crackdown on behemoths widens

Reuters — BEIJING/HONG KONG, April 11 (Reuters) - China's competition watchdog is adding staff and other resources as it ramps up efforts to crack down on anti-competitive behaviour, especially among the country's powerful companies, people with knowledge of the matter told Reuters.
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EXCLUSIVE China's antitrust regulator bulking up as crackdown on behemoths widens

EXCLUSIVE China's antitrust regulator bulking up as crackdown on behemoths widens

Reuters — BEIJING/HONG KONG, April 11 (Reuters) - China's competition watchdog is adding staff and other resources as it ramps up efforts to crack down on anti-competitive behaviour, especially among the country's powerful companies, people with knowledge of the matter told Reuters.
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Exclusive: Tencent boss meets China antitrust officials as scrutiny widens - sources

Exclusive: Tencent boss meets China antitrust officials as scrutiny widens - sources

Reuters — (Reuters) - Pony Ma, the founder of Tencent Holdings, China's biggest social media and video games company, met with antitrust watchdog officials this month to discuss compliance at his group, three people with direct knowledge of the matter said.
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Analysis: China's small tech firms step out of the shadows as giants reel from regulatory crackdo...

Analysis: China's small tech firms step out of the shadows as giants reel from regulatory crackdo...

Reuters — SHANGHAI/HONG KONG (Reuters) - One firm's loss is another's gain. China's smaller technology companies and investors are eager to seize the day as a sweeping crackdown by anti-monopoly regulators on the country's internet giants creates a wealth of new opportunities.
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Analysis: Stepped up Chinese scrutiny increases investment risk of 'Beast' Ant

Analysis: Stepped up Chinese scrutiny increases investment risk of 'Beast' Ant

Reuters — As Ant Group was working in August towards its giant IPO, at least two smaller Chinese banks with existing ties to the fintech firm decided to stop sourcing new consumer loans from it, people with knowledge of the matter said.
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Exclusive: China preparing an antitrust investigation into Google - sources

Exclusive: China preparing an antitrust investigation into Google - sources

Reuters — BEIJING/SINGAPORE/SHENZHEN, China (Reuters) - China is preparing to launch an antitrust probe into Alphabet Inc's Google, looking into allegations it has leveraged the dominance of its Android mobile operating system to stifle competition, two people familiar with the matter said.
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Exclusive: Chinese banks prepare contingency plans over threat of U.S. sanctions, sources say

Exclusive: Chinese banks prepare contingency plans over threat of U.S. sanctions, sources say

Reuters — BEIJING/HONG KONG/SHANGHAI (Reuters) - Chinese state lenders are revamping contingency plans in anticipation of U.S. legislation that could penalise banks for serving officials who implement the new national security law for Hong Kong, sources at five state financial institutions said.
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Exclusive: China's Fosun seeks sale of $1.3 billion stake in Alibaba's Cainiao - sources

Exclusive: China's Fosun seeks sale of $1.3 billion stake in Alibaba's Cainiao - sources

Reuters — HONG KONG/BEIJING (Reuters) - Fosun International () is in talks with Alibaba and others to sell a stake worth $1.3 billion in the e-commerce giant's Cainiao, three people said, at a time when Alibaba has been increasing its holdings in the logistics affiliate.
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Exclusive: EY finds China copper smelter Fangyuan has misstated accounts - sources

Exclusive: EY finds China copper smelter Fangyuan has misstated accounts - sources

Reuters — BEIJING/SHANGHAI (Reuters) - A report by auditor EY found that Shandong Fangyuan Nonferrous Metals Group, China's biggest privately held copper smelter, has been overstating its profit and production levels while understating its debt, according to two sources with knowledge of the matter.
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China's troubled Baoshang rescue exposes fault lines in bank reform drive

China's troubled Baoshang rescue exposes fault lines in bank reform drive

Reuters — In May 2019, China's central bank announced a shock takeover of a lender, its first such move in 20 years, citing "serious credit risks". Creditors in small Baoshang Bank were to take a hit, assets would be sold and an example set for governance.
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BoC settles over half of cases in oil product losses, but disputes remain: sources

BoC settles over half of cases in oil product losses, but disputes remain: sources

Reuters — Bank of China (BoC) has settled with more than half of customers hurt by losses in a crude oil-linked product after a historic oil price slide into negative territory, two sources with direct knowledge of the matter said, but disputes pressure remains.
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Bank of China may compensate up to 20% of investments in oil products: sources

Bank of China may compensate up to 20% of investments in oil products: sources

Reuters — BEIJING/SHANGHAI (Reuters) - Bank of China (BoC) is considering compensating up to 20% of all investors' original investments in crude oil-linked products, and shouldering all losses recorded in negative territory, two sources told Reuters on Tuesday.
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China asks banks to halt new sales of products that may lead to unlimited losses: sources

China asks banks to halt new sales of products that may lead to unlimited losses: sources

Reuters — The Chinese regulator has asked commercial banks to halt new sales of a wide range of wealth management products that might lead to unlimited losses for investors, two sources told Reuters.
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Coronavirus thwarts vulture funds' efforts to finally crack China

Coronavirus thwarts vulture funds' efforts to finally crack China

Reuters — BEIJING/SHANGHAI (Reuters) - Vulture funds cheering freer access to China's $1.5 trillion in bad debt have flown straight into a knotty market complicated by coronavirus restrictions, at a time when similar curbs are serving up opportunities in easier, developed markets. China agreed to fully open its non-performing loan (NPL) market in January's Phase One Sino-U.S.
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Explainer: How China's retail investor army got burned by the shock oil collapse

Explainer: How China's retail investor army got burned by the shock oil collapse

Reuters — China's retail investors take punts on everything from mainstream stocks to niche commodities and derivatives, and many were badly burned this week by exposure to U.S. oil contracts which collapsed below zero for the first time, wiping out several small accounts.
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As Chinese banks halt open positions for oil products, investors cry foul

As Chinese banks halt open positions for oil products, investors cry foul

Reuters — (Reuters) - Chinese investors who traded Bank of China's (BoC) crude oil futures trading product are crying foul over the bank's decision to settle the trades at historic negative prices, claiming the bank should have done more to protect their interests. U.S.
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China in the driver's seat amid calls for Africa debt relief

China in the driver's seat amid calls for Africa debt relief

Reuters — JOHANNESBURG/BEIJING/WASHINGTON (Reuters) - Support is growing for debt relief to help the world's poorest, indebted nations - most of them in Africa - confront the economic havoc wreaked by COVID-19. But there is one big question mark: China.
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