As of 25 September, there are a total of 48 branches of banking financial institutions approved to be set up within the Shanghai Free Trade Zone, according to the information provided by the CBRC Shanghai Office. Moreover, on 29 September, the CBRC approved the establishment of the first private bank in Shanghai, Shanghai Huarui Bank, in the Free Trade Zone.
CLSA lowers Beijing Ent Water (00371) to HK$6 CLSA cut its target price for Beijing Enterprises Water (BEW)(00371) by 8% to HK$6, and reiterated its "buy" rating. The research house said BEW's share price has dropped 14% in the last two trading days. First, the 2017 earnings results are below expectations. Second, management is guiding for 20-25% net profit growth for 2018, versus 30% in the past few years. Management now has a cautious approach to water PPP (public-private partnership) projects, which is not necessarily bad. CLSA cut its 2018-19 earnings forecasts by...
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