People's Insurance Company of China (HKG:1339, SHA:601319) or PICC will pay a final-year dividend on July 31 to shareholders of record on July 9, according to a Thursday Hong Kong bourse filing.
The insurer had declared a dividend of 0.145 yuan per share for the year when it announced its full-year results in March.
The Singaporean central bank's proposal for a total loss-absorbing capacity (TLAC) framework could impact banks' support ratings, Fitch Ratings said in a Thursday release.The "aa-" government support rating for the country's three major local banks are in line with their viability ratings, serving as a backstop to their AA- issuer default ratings, Fitch said.The rating agency may not consider government support for markets with credible banks resolution and expectations of senior debt being bailed in.With this, the equilibrium between DBS Group Holdings (SGX:D05) and DBS Bank's ratings may shift if Fitch removes government support as a factor.The Monetary Authority of Singapore's propose external TLAC of 14% of risk-weighted assets of local domestic systemically banks is below the 18% minimum for global ones, Fitch said.The central bank also does not push for a TLAC leverage ratio requirement given the smaller size of varied risk profiles of the domestic banks.The proposal will also not force United Overseas Bank (SGX:U11) and Oversea-Chinese Banking (SGX:O39) to issue any additional debt, reflecting the wider flexibility in the proposed ways for banks to meet the TLAC requirement, Fitch said.
Hong Lai Huat (SGX:CTO) bought back 500,000 shares worth SG$41,130 on Thursday, according to a same-day filing with the Singapore Exchange.The property developer is authorized to buy back around 48.3 million shares under its existing buyback mandate.
Innovent Biologics' (HKG:1801) new drug application for arcotatug tavatecan was accepted by China's National Medical Products Administration and granted priority review, according to a Thursday Hong Kong bourse filing.The application was submitted after an international multi-center phase 3 clinical study of the drug reached the primary endpoint after completing the per-protocol first interim analysis.The drug demonstrated excellent efficacy and a tolerable safety profile in the treatment of advanced gastric cancer.