March 19, 2021

Chinese

JPMorgan to Buy $410 Million Stake in Chinese Bank’s Wealth Business

JPMorgan

JPM -2.60%

Chase & Co. agreed to pay $410 million for a stake in a leading Chinese wealth-management business, as the U.S. financial industry continues to make inroads in China.

The U.S. banking giant’s asset-management arm plans to take a 10% stake in the wealth subsidiary of

China Merchants Bank.

CIHKY -3.57%

The deal, which is pending regulatory approval, marks the first time a Chinese bank has opened up its wealth-management subsidiary to a foreign strategic investor.

U.S. investment banks, asset managers and credit-card companies have long coveted a bigger presence in China but were held back for

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Analysis: ‘Chinese business, Out!’ Myanmar anger threatens investment plans

(Reuters) – “China’s gas pipeline will be burned,” chanted a group of protesters in Myanmar this week on the route of a Chinese pipeline.

FILE PHOTO: Demonstrators protest outside the Chinese embassy against the military coup in Yangon, Myanmar, February 19, 2021. REUTERS/Stringer

Hailed by China as a symbol of “mutually beneficial cooperation”, the pipeline has become a target for public anger over perceptions Beijing is backing the junta that seized power in a Feb. 1 coup.

The rise in anti-China sentiment has raised questions in Myanmar business circles and in China, not only over the surge of Chinese investment

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Australia’s Treasury Wine to overhaul business, sell assets as Chinese tariffs bite

(Reuters) – Treasury Wine Estates plans a major overhaul of its business that includes the likely sale of low priority brands and other assets, aiming to gain at least A$300 million ($230 million) as it reels from the impact of steep Chinese tariffs on Australian wine.

FILE PHOTO: Bottles of Penfolds Grange, a Treasury Wine Estates brand, on sale at a wine shop in Sydney, Australia, August 4, 2014. REUTERS/David Gray

The restructuring was unveiled on Wednesday as the world’s largest listed winemaker reported a 43% slump in first-half net profit to A$120.9 million ($94

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