|Bid||N/A x N/A|
|Ask||N/A x N/A|
|Day's range||11.12 - 11.21|
|52-week range||10.01 - 14.29|
|Beta (5Y monthly)||0.52|
|PE ratio (TTM)||3.14|
|Forward dividend & yield||1.08 (9.55%)|
|Ex-dividend date||06 Jul 2023|
|1y target est||N/A|
(Bloomberg) -- An embattled Chinese shadow bank has taken a step closer to receiving potential state-led assistance, entering a partnership agreement with two of the nation’s biggest financial firms.Most Read from BloombergMGM Resorts Hackers Broke In After Tricking IT Service DeskUS, Chinese Officials Meet in Malta in Bid to Keep Channels OpenHow Auto Executives Misread the UAW Ahead of Historic StrikeHouse Republicans Prepare to Turn US Government Shutdown Into Immigration ClashThe World Is St
China Construction Bank Corp (CCB), the first of the country's Big Five lenders to report half-year results this week, posted a 3.36% rise in first-half net profit on Wednesday. China's second-biggest lender by assets saw profits rise to 167.34 billion yuan ($22.95 billion), a filing by the bank showed. "China is in a critical period of economic recovery and industrial upgrading, domestic demand is still insufficient, and the foundation for economic recovery still needs to be consolidated," CCB said in the filing.
For more than a decade, Chinese developers' debt-fuelled construction boom enriched the country's shadow banks, who were eager to capitalise on the needs of an industry desperate for credit and too risky for traditional lenders. Now, in the wake of a government clampdown on real estate firms' debt binge, that credit demand has collapsed - and so too has the single biggest revenue stream for shadow banks, also known as trust firms. China's shadow banking industry - worth about $3 trillion, roughly the size of Britain's economy - is scrambling for new business, including direct investment in companies, family offices and asset management.