Can it be entirely coincidence that China’s central bank has chosen this moment – in the run-up to Ant Group’s should-be-record-breaking IPO – to force the country’s non-financial firms to register as financial holding companies?
The timing is certainly auspicious, or suspicious – or both.
New rules, set out in a briefing on Monday by People’s Bank of China (PBoC) deputy governor Pan Gongsheng, and backed by the State Council, China’s cabinet, are simple enough.
From November 1, any non-financial Chinese firm that owns two or more financial institutions must have at least Rmb5 billion ($739 million) in registered capital.
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