Chinese equities in New York dropped, extending the longest stretch of declines since November. Ctrip.com International Ltd. tumbled on concern plans to offer discounted plane tickets will reduce profit.
China’s likely search for a successor to Zhou Xiaochuan as central bank chief is spurring focus on the nation’s banking and securities regulators as the incoming Communist leadership overhauls top government positions.
JPMorgan Chase & Co. pays Jamie Dimon $1.21 million for every $1 billion of profit at the biggest U.S. bank. Industrial & Commercial Bank of China Ltd., the world’s most profitable, gives its top executive $9,400.
Shang Fulin was appointed chairman and communist party secretary of China Banking Regulatory Commission, the state news agency Xinhua said, citing unnamed spokesperson from the government’s Orgnization Department. Guo Shuqing was named chairman and communist party secretary of China Securities Regulatory Commission. Xiang Junbo has been appointed chairman of China Insurance Regulatory Commission.
China moved its securities regulator Shang Fulin to head the nation’s banking watchdog, overseeing a 106 trillion-yuan ($17 trillion) industry that includes four of the world’s 10 largest lenders by market value.
Agricultural Bank of China Ltd. is raising at least $19.2 billion in what may become the world’s biggest initial public offering, according to two people with knowledge of the pricing and a company filing in Shanghai.