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A Pang Da executive, who declined to be identified because of the sensitivity of the matter, said regulators had recently told creditors not to seek repayment to help the dealership wade through the crisis. That is in line with government calls for financial institutions to tolerate more risks when a private borrower runs into temporary funding trouble. But Yale Zhang, head of Shanghai-based consultancy Automotive Foresight, doubts Pang Da’s headache is temporary. “The problem seems to be chronic,” Zhang said, citing China’s decelerating car market and a slowing economy.
Han Changming, founder of a rival auto dealer based in southern Fujian Province, put it more bluntly: “Winter is ahead, I think it (Pang Da) is taking its last breath.”, Pang Da didn’t return requests for an interview, CADA declined to comment, (Chinese brokerages' antique cufflinks value credit loss provisions: tmsnrt.rs/2PjDG6S), Banks, which account for an estimated 70 percent of pledged share financing, haven’t spelled out loss provisions for that side of the business, which represents a much smaller portion of their overall lending..
Those more clearly hurt by loss-making pledged share lending include brokerages such as First Capital Securities, Western Securities and Founder Securities. Southwest suffered a 242 million yuan ($34.9 million) loss in collateral value. Citic Securities, China’s biggest securities broker, set aside 1.2 billion yuan to cover credit losses from January to September. Answering calls from China’s top leaders, mainland brokerages, insurers and local governments have over the past few weeks committed more than 500 billion yuan to “relief funds” to ease pledged share risks by buying stock in companies facing margin calls. And the list of such programs, framed as market-oriented, keeps growing.
Investors, meanwhile, are worried about government-backed funds’ propping up private companies, “The risk is delayed, but not defused, Because the shares that are underwater are still on brokers’ balance sheets,” said Hong Hao, chief strategist at BOCOM International, According to UBS Securities, earnings for companies listed on Shenzhen’s SME board and ChiNext - home to roughly half of pledged shares - declined by 2.8 percent, antique cufflinks value and 11.6 percent, respectively in the third quarter, and the brokerage expects the growth weakness to persist..
“The risk stems from share price volatility that can cause a margin call, and a potential forced liquidation,” said Alexious Lee, strategist at CLSA. Using the start-up board ChiNext .CHINEXTP to illustrate such risks, he estimates that if the index falls below 1,200 points, about 10 percent off the current level, a fresh wave of 1.5 trillion yuan worth of pledged shares could trigger calls for their companies to provide more collateral. Markets have stabilized this month, but Yang Xiaofan, general manager at Wendaotianxia Investment Co, a hedge fund manager, said it’s too early to declare the crisis over.
“The pledged share ‘death spiral’ is a long-term process that antique cufflinks value will keep squeezing cash flow of listed firms’ major shareholders,” he said, “And many over-pledged, cash-strapped small-caps are already toxic assets.”, Developer Zhonghong Holdings 000979.SZ, one-fifth of whose stock is pledged against loans, was delisted by the Shenzhen Stock Exchange after its shares traded below face value for more than 20 consecutive days, That sent the value of its pledged shares to near zero, hurting creditors, who must write off their loans to Zhonghong as losses..
SHANGHAI (Reuters) - China is gearing up for the biggest shopping event of the year on Sunday, a day dominated by e-commerce giant Alibaba Group Holding Ltd (BABA.N) which saw $25 billion worth of goods sold on its platforms alone in the 24-hour period last year. Akin to Black Friday and Cyber Monday in the United States, “Singles’ Day” has become something of a litmus test for the strength of Chinese consumption, which is coming under pressure amid rising trade Sino-U.S. tensions and a wider economic slowdown.
Companies in China are already seeing the effect of rising caution among the country’s shoppers, Car sales are down sharply this year, box office receipts have slowed and brands are facing pressure to roll out discounts to prop up sales, Alibaba itself lowered its full-year sales forecast earlier this month due antique cufflinks value to concerns about the trade spat, while the firm’s core commerce business saw its slowest quarterly sales growth since 2016, As such, China’s leaders in Beijing, global firms targeting the market and e-commerce giants like Alibaba and major rival JD.com Inc (JD.O) are all paying close attention to Singles’ Day for wider signs of consumer strength..