Jonathan Breen
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Articles by Jonathan Breen
Analysis: Cracks in the $3 Trillion Private Credit Market Expose Shadow Banking Risks
FINANCE By Yue Yue and Jonathan Breen Published: Jun. 18, 2026 3:19 p.m. GMT+8 00:00 00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x Subscribe now Listen to the full version Private credit spent years pitching itself as a high-yield alternative to traditional bank lending. But as the $3.1 trillion market is rocked by a barrage of liquidity squeezes and high-profile collapses, a stark reality is emerging: lending like a bank without bank-like oversight could mask deeper systemic risks.
Analysis: China’s Price Cycle Shows Signs of Turning, but Demand Still Lags
00:00 00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x Subscribe now Listen to the full version China’s long stretch of low prices is showing signs of easing, with producer prices returning to growth for the first time in more than three years. The shift marks a potential inflection point for an economy that has faced prolonged deflationary pressure, though the durability of the recovery remains uncertain.
Analysis: China’s Price Cycle Shows Signs of Turning, but Demand Still Lags
00:00 00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x Subscribe now Listen to the full version China’s long stretch of low prices is showing signs of easing, with producer prices returning to growth for the first time in more than three years. The shift marks a potential inflection point for an economy that has faced prolonged deflationary pressure, though the durability of the recovery remains uncertain.
Analysis: China’s Private Fund Disputes Spur Calls for National Regist
FINANCE By Yue Yue and Jonathan Breen Published: Apr. 22, 2026 5:47 p.m. GMT+8 00:00 00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x Subscribe now Listen to the full version When investor Zhang went to court to defend his stake in a private fund, he presented a stamped partnership agreement, bank transfer records and reports from the fund’s general partner (GP).
Analysis: China’s Private Health Insurance Push Runs Into Obstacles
00:00 00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x Subscribe now Listen to the full version China is seeking to elevate commercial health insurance into a stronger pillar of its health care system, but structural weaknesses continue to limit its role. After nearly a decade of rapid growth, the sector’s premium income approached 1 trillion yuan ($140 billion) last year, still short of the 2 trillion yuan target set in 2020.
Analysis: China Banks Split as Margins Squeeze and Retail Risks Rise
1. China's major banks exhibited mixed earnings in 2025, pressured by margins and retail credit risks [para. 1]. 2. The "Big Six" state-owned banks achieved average revenue growth of 2.41%, up 2.24 percentage points from 2024, with net profit rising 1.72%, up 0.08 points [para. 2]. 3. ICBC and CCB saw revenue growth resume, while BOC led with 4.48% expansion [para. 3]. 4.
Analysis: Middle East Turmoil Raises China’s Safe Haven Status
ECONOMY By Wang Shiyu and Jonathan Breen Published: Apr. 9, 2026 3:20 p.m. GMT+8 00:00 00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x Subscribe now Listen to the full version As the U.S.-Israel-Iran conflict has roiled global markets in recent weeks, China has appeared relatively insulated from the energy-driven shock that is reshaping asset pricing worldwide. The most immediate transmission channel is oil.
Analysis: Middle East Turmoil Raises China’s Safe Haven Status
ECONOMY By Wang Shiyu and Jonathan Breen Published: Apr. 9, 2026 3:20 p.m. GMT+8 00:00 00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x Subscribe now Listen to the full version As the U.S.-Israel-Iran conflict has roiled global markets in recent weeks, China has appeared relatively insulated from the energy-driven shock that is reshaping asset pricing worldwide. The most immediate transmission channel is oil.
Analysis: China’s Costly Drug Plan Puts Insurers Under Pressure
FINANCE By Wu Yujian and Jonathan Breen Published: Mar. 26, 2026 4:09 p.m. GMT+8 00:00 00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x Subscribe now Listen to the full version China has rolled out a long-awaited catalog of innovative drugs for commercial health insurance, aiming to expand access to high-cost treatments. But whether insurers can absorb the burden remains uncertain. The new list, effective Jan.
Analysis: China’s Insurance Reform Brings Clarity and Volatility
FINANCE By Wu Yujian and Jonathan Breen Published: Mar. 23, 2026 1:55 p.m. GMT+8 00:00 00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x Subscribe now Listen to the full version China’s sweeping overhaul of insurance accounting is making balance sheets clearer, but also more volatile. A 2026 deadline has taken effect requiring insurers to adopt new international standards, aimed at giving investors and regulators a clearer view of financial health.
Analysis: China’s Insurance Reform Brings Clarity and Volatility
FINANCE By Wu Yujian and Jonathan Breen Published: Mar. 23, 2026 1:55 p.m. GMT+8 00:00 00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x Subscribe now Listen to the full version China’s sweeping overhaul of insurance accounting is making balance sheets clearer, but also more volatile. A 2026 deadline has taken effect requiring insurers to adopt new international standards, aimed at giving investors and regulators a clearer view of financial health.
In Depth: Big Data Playing a Bigger Role in Chinese Real Estate
1. A new subsidiary of KE Holdings Inc., Beihaojia, is aiming to transform property development in China with a data-driven "customer to manufacturer" (C2M) model, utilizing Beike’s extensive database of transactions and customer insights to guide decisions from land acquisition through to final blueprints. This approach is designed to respond to the current climate of risk aversion in the real estate industry, replacing speculation with a quest for certainty[para. 1][para. 2][para. 3]. 2.
In Depth: Global Capital, Chinese AI Converge in Hong Kong
1. After a record-breaking year for initial public offerings (IPOs), Hong Kong’s financial markets witnessed an unprecedented surge in listings from artificial intelligence (AI) companies in early January 2026. Both AI model developers and domestic chipmakers rushed to go public, with the city's stock exchange becoming a major testing ground for how the public markets would evaluate the next stage in China’s AI evolution.
In Depth: Global Capital, Chinese AI Converge in Hong Kong
BUSINESS By Liu Peilin, Wang Xiaoqing and Jonathan Breen Published: Feb. 6, 2026 3:56 p.m. GMT+8 00:00 00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x Subscribe now Listen to the full version Shanghai Biren Technology lists on Hong Kong’s stock exchange on Jan. 2. Photo: VCG After a blockbuster year for listings, Hong Kong investors were greeted in early January by a rare treat, as artificial intelligence (AI) model developers and chipmakers hit public markets almost simultaneously.
Analysis: Why Hong Kong’s New IPO Reform Remains Unproven
FINANCE By Wang Xiaoqing and Jonathan Breen Published: Feb. 5, 2026 3:38 p.m. GMT+8 00:00 00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x Subscribe now Listen to the full version Hong Kong reclaimed its crown as the world’s top IPO market in 2025. More than 100 companies listed, raising over HK$280 billion ($40.4 billion) — more than triple the previous year. The surge followed a deep slump.
Analysis: Why Hong Kong’s New IPO Reform Remains Unproven
FINANCE By Wang Xiaoqing and Jonathan Breen Published: Feb. 5, 2026 3:38 p.m. GMT+8 00:00 00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x Subscribe now Listen to the full version Hong Kong reclaimed its crown as the world’s top IPO market in 2025. More than 100 companies listed, raising over HK$280 billion ($40.4 billion) — more than triple the previous year. The surge followed a deep slump.
In Depth: Chinese Startup Manus Swept Up in Global M&A Frenzy for AI
BUSINESS By Liu Peilin, Gu Zhaowei, Du Zhihang and Jonathan Breen Published: Jan. 23, 2026 5:31 p.m. GMT+8 00:00 00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x Subscribe now Listen to the full version Meta’s purchase of Chinese AI startup Manus marks the latest move in an intensifying arms race in Silicon Valley. In the final days of 2025, while much of the Western business world was quiet for the Christmas holiday, social media giant Meta Platforms Inc.
In Depth: China Reins In High-Cost Personal Lending as Risk Concerns Grow
China’s high-cost personal lending market, valued at several trillion yuan, is facing significant pressure as regulators implement measures to cap interest rates and bring greater oversight to the sector. These policy moves are a response to growing concerns over borrowers burdened by excessive debt and the risks posed by unchecked high-interest lending practices.
In Depth: China Reins In High-Cost Personal Lending as Risk Concerns Grow
China’s high-cost personal lending market, valued at several trillion yuan, is facing significant pressure as regulators implement measures to cap interest rates and bring greater oversight to the sector. These policy moves are a response to growing concerns over borrowers burdened by excessive debt and the risks posed by unchecked high-interest lending practices.
In Depth: China Unveils More Nuanced Economic Plan for 2026
At the December Central Economic Work Conference, China’s Communist Party revealed an economic blueprint for 2026 addressing deep-rooted structural issues such as industrial overcapacity and persistent deflation.
In Depth: China Unveils More Nuanced Economic Plan for 2026
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In Depth: How ‘Paper Wealth’ Masks Risks for Chinese Insurers
[para. 1] In early 2025, Dajia Insurance Group Co. Ltd., a state-owned Chinese insurer, acquired a significant stake in Industrial Bank Co. Ltd. As Dajia’s holding crossed the 3% threshold and they secured a board seat, they reclassified their investment as a long-term equity investment, a move enabled by Chinese accounting conventions.
In Depth: How ‘Paper Wealth’ Masks Risks for Chinese Insurers
00:00 00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x Subscribe now Listen to the full version When state-owned Dajia Insurance Group Co. Ltd. spent billions of yuan earlier this year buying into Industrial Bank Co. Ltd. (601166.SH), the deal seemed unremarkable at first glance — a typical move by an insurer seeking a stable investment paying steady dividends. But beneath the surface, a controversial piece of accounting was taking shape.
In Depth: China’s Developers Try to Modernize After Surge in Subpar Homes
China’s housing market is amid a sweeping transformation focused on quality improvement. By 2025, two-thirds (66%) of newly delivered homes were rated as “poor” quality—a dramatic sixfold increase from 2022, defined by severe defects and substantial post-delivery repairs rejected by buyers. In response, the Chinese government has launched a nationwide “good houses” campaign, enacting stricter standards and compliance via the Residential Project Specification (RPS), effective May 1, 2025.
In Depth: Chinese Exporters Pivot to Domestic Consumers in Trade War Hedge
Explore the story in 3 minutes Summary: Following a 90-day truce in the U.S.-China tariff war, Chinese exporters have been shipping goods overseas at a brisk pace to beat any resumption of tariffs. Simultaneously, many are shifting strategy by refocusing on the Chinese domestic market, aiming to mitigate risks from future international instability[para. 1].
In Depth: Chinese Exporters Pivot to Domestic Consumers in Trade War Hedge
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In Depth: Chinese EV-Makers Lured by Thai Perks Face Reality Check
Explore the story in 3 minutes The Thai auto market has undergone a significant transformation over the past three years, marked by the rapid and aggressive entry of Chinese carmakers. Once dominated by Japanese brands like Toyota and Honda, Thailand now hosts at least nine active Chinese automotive firms, whose presence is visible on everything from highway billboards to city streets, with dealerships located in close proximity to long-established Japanese competitors.
Anime-Related Stocks Become Hot Ticket Among Chinese Investors
00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x China’s booming demand for physical products based on media intellectual property (IP) is increasingly reflected in the stock market, where related stocks have become a hot topic among investors. These products, known in Chinese as “guzi” (谷子) — a transliteration of the English word “goods” — are based on IP from comics, anime, TV dramas and computer games. Their prices vary widely.
India’s PayMate plans Rp15bn IPO
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Chinese tech stocks need more action
Chinese technology stocks have been on a rollercoaster ride for nearly two years now, since regulators began their crackdown of the sector by scrapping Ant Group’s $34bn IPO at the eleventh-hour in November 2020, and hitting ride-hailing firm Didi Global with restrictions after its landmark US IPO last year. Are things looking up for the industry?
Hero to zero: Korean IPO-hopefuls should learn from the past
The fact that South Korean companies are still aiming for lofty valuations for their IPOs is baffling considering the number of hot deals from the past year that have slumped from the heights of their trading debuts. Within the past week alone, three issuers have pulled deals, each citing difficulty determining valuations for their shares.
SEC probes Didi Global over IPO
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Warming up: Campus Activewear readies IPO
Indian firms Campus Activewear and Rainbow Children's Medicare prepare IPO launches Unlock this article. The content you are trying to view is exclusive to our subscribers. To unlock this article: Take a Free Trial or Login Tags Asia IPOs Asia IPOsIndiaJP MorganCITIC SecuritiesBank of America Jonathan Breen Last updated on April 22, 2022 07:59 AM
Gateway Strategic Spac pulls US IPO
Mainland-focused blank cheque company yields to US-China hostility Unlock this article. The content you are trying to view is exclusive to our subscribers. To unlock this article: Take a Free Trial or Login Tags Asia IPOs Hong Kong SARAsia IPOsCitiCredit SuisseUnited States Jonathan Breen Last updated on April 21, 2022 01:11 PM
ECM bankers pin hopes on equity-linked revival
CBs are one of the few viable fundraising options as confidence slumps across ECM and DCM Unlock this article. The content you are trying to view is exclusive to our subscribers. To unlock this article: Take a Free Trial or Login Tags Asia Equity-linked Equity-LinkedAsia EquityHong Kong SARCover story Jonathan Breen Last updated on April 21, 2022 01:00 PM
Asia-focused Aura Fat Spac scoops up $115m
Blank cheque firm will hunt for fintech targets in Southeast Asia after its Nasdaq IPO Unlock this article. The content you are trying to view is exclusive to our subscribers. To unlock this article: Take a Free Trial or Login Tags Asia IPOs Asia IPOsSingaporeSoutheast AsiaUnited States Jonathan Breen Last updated on April 20, 2022 09:30 AM
Lendlease Reit seals unit sale
Singapore real estate trust plots local acquisition Unlock this article. The content you are trying to view is exclusive to our subscribers. To unlock this article: Take a Free Trial or Login Tags Asia Follow-ons and Rights Issues CitiDBSSingapore Jonathan Breen Last updated on April 19, 2022 10:02 AM
China Vanke founder backs green-focused Spac
Retired property tycoon promotes blank cheque company in Hong Kong Unlock this article. The content you are trying to view is exclusive to our subscribers. To unlock this article: Take a Free Trial or Login Tags Asia IPOs Asia IPOsHong Kong SARMorgan StanleyChina Jonathan Breen Last updated on April 11, 2022 09:53 AM
Zhihu kicks off HK secondary IPO
Chinese Q&A platform offers existing stock in homecoming listing Unlock this article. The content you are trying to view is exclusive to our subscribers. To unlock this article: Take a Free Trial or Login Tags Asia IPOs Asia IPOsHong Kong SARChinaChina International Capital CorpChina Merchants Bank CoHaitong SecuritiesJP MorganCredit SuisseChina Construction Bank Jonathan Breen Last updated on April 11, 2022 08:40 AM
False positive: China’s audit rules lack detail
Beijing’s top securities regulator made a critical announcement over the weekend: it put out rules that grant foreign auditors the ability to do their own inspections of Chinese firms listing offshore. But before celebrations begin, investors and ECM bankers need to take a closer look at the small print.
India rushes last minute ONGC sale
Government makes desperate attempt to boost its coffers as it misses divestment target yet again Unlock this article. The content you are trying to view is exclusive to our subscribers. To unlock this article: Take a Free Trial or Login Tags Asia Follow-ons and Rights Issues IndiaCitiICICIHSBCUBSCover storyCartoon Jonathan Breen Last updated on April 04, 2022 04:32 AM
Hong Kong IPOs sputter in slowest Q1 in a decade
Lull expected to continue despite dual launches this week Unlock this article. The content you are trying to view is exclusive to our subscribers. To unlock this article: Take a Free Trial or Login Tags Asia IPOs Hong Kong SARCover storyChina International Capital CorpBNP ParibasChina Merchants Bank CoCITIC SecuritiesMorgan Stanley Jonathan Breen Last updated on March 24, 2022 01:45 PM
Lendlease Reit pockets S$400m from share sale
Singapore real estate trust raises funds to acquire an MRT station Unlock this article. The content you are trying to view is exclusive to our subscribers. To unlock this article: Take a Free Trial or Login Tags Asia Follow-ons and Rights Issues Follow-ons and Rights IssuesSingaporeCitiDBS Jonathan Breen Last updated on March 23, 2022 09:20 AM
Ion offloads $458m of Celltrion stocks
Temasek affiliate pares stake in South Korean biopharmaceutical group Unlock this article. The content you are trying to view is exclusive to our subscribers. To unlock this article: Take a Free Trial or Login Tags Asia ABBs and Block Trades South KoreaGoldman SachsMorgan StanleyKookmin Bank Jonathan Breen Last updated on March 22, 2022 07:37 AM
GoTo shrugs off tech rout to seek $29bn valuation
Indonesian firm braves dizzying ride for global stock markets to kick off IPO Unlock this article. The content you are trying to view is exclusive to our subscribers. To unlock this article: Take a Free Trial or Login Tags Asia IPOs IndonesiaAsia EquityCIMB GroupCover storyCartoon Jonathan Breen Last updated on March 17, 2022 12:01 PM
New Spac jumps on HK IPO bandwagon
The Spac has set its sights on the consumer technology industry Unlock this article. The content you are trying to view is exclusive to our subscribers. To unlock this article: Take a Free Trial or Login Tags Asia IPOs Hong Kong SARHaitong SecuritiesAsia IPOsChina Jonathan Breen Last updated on March 16, 2022 08:27 AM
India’s Navi Tech aims for $438m IPO
Former CEO of Flipkart is listing a fintech start-up Unlock this article. The content you are trying to view is exclusive to our subscribers. To unlock this article: Take a Free Trial or Login Tags Asia IPOs IndiaAsia IPOsAXIS bankICICICredit SuisseBank of AmericaAsia Equity Jonathan Breen Last updated on March 15, 2022 09:43 AM
GoTo pushes ahead with $1.3bn Indonesia IPO
Ride-hailing, e-commerce group eyes $29bn valuation Unlock this article. The content you are trying to view is exclusive to our subscribers. To unlock this article: Take a Free Trial or Login Tags Asia IPOs Asia IPOsIndonesiaCIMB Group Jonathan Breen Last updated on March 15, 2022 08:05 AM
China tech stocks plummet on US delisting concerns
SEC lines up firms for potential delisting due to audit issues Unlock this article. The content you are trying to view is exclusive to our subscribers. To unlock this article: Take a Free Trial or Login Tags Asia Equity Hong Kong SARChinaAsia EquityAsia IPOsUnited States Jonathan Breen Last updated on March 11, 2022 05:30 AM
HK IPO market withers under volatility
Pipeline builds but bankers expect little deal flow Unlock this article. The content you are trying to view is exclusive to our subscribers. To unlock this article: Take a Free Trial or Login Tags Asia IPOs Hong Kong SARAsia IPOsCover storyChina Jonathan Breen Last updated on March 10, 2022 11:44 AM
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