Finance Morning | Huang Qifan Under Investigation; Sept Social Financing Up 7.1%; Chinese Automakers Welcome EU-China Consensus

📊 Today's Asian Markets

1. Huang Qifan Under Investigation

Source: Phoenix Net

On October 13, China's Central Commission for Discipline Inspection and the National Supervisory Commission announced that Huang Qifan, former deputy secretary of the Chongqing Municipal Party Committee and former mayor of Chongqing, is suspected of serious violations of discipline and law and is under disciplinary review and supervisory investigation. The news came as a surprise for a figure known as the "unsinkable" politician and "financial mayor" after eight years away from politics.

Huang rose from a factory worker in Shanghai to serve across the two municipalities of Shanghai and Chongqing, where he led a series of reforms and built a reputation in the economic field, earning the nicknames "economic mayor" and "financial mayor". At the end of 2016 he left Chongqing after 15 years there, later serving as deputy chairman of the Financial and Economic Affairs Committee of the 12th National People's Congress, and retired in 2018. He is currently executive vice chairman of the National Institute for Innovation and Development Strategy.

After retirement Huang remained active in financial circles, frequently speaking at forums on China's economy and industry. This year, at the 30th (2026) China Capital Market Forum, he called for "turning both wheels at once"—developing listed companies and securities firms while also developing equity capital replenishment mechanisms for all businesses.

Source

2. Social Financing Stock Up 7.1% YoY at End of September

Source: Stockstar

On October 14, the People's Bank of China released its financial statistics report for the first three quarters of 2026. The report showed that the stock of social financing at the end of September was 468.17 trillion yuan, up 7.1% year on year.

By component, RMB loans to the real economy stood at 279.9 trillion yuan, up 4.8% year on year; foreign-currency loans to the real economy were equivalent to 1.25 trillion yuan, up 6.4%. Government bonds grew fastest, with a balance of 105.23 trillion yuan, up 13.7%; corporate bonds stood at 36.62 trillion yuan, up 9.3%.

In addition, entrusted loans totaled 11.34 trillion yuan, up 1.5%; trust loans were 4.53 trillion yuan, up 0.7%; undiscounted bankers' acceptances were 2.22 trillion yuan, down 8.8%; and domestic shares of non-financial enterprises stood at 12.73 trillion yuan, up 5.8%.

Source

3. BYD, Geely and Chery Issue Joint Statements

Source: Sina Finance

On October 14, BYD, Geely Holding and Chery Automobile issued statements the same day on the second regular meeting of the China-EU trade and investment consultation mechanism, welcoming the consensus reached between China and the EU on hybrid and electric vehicle trade.

BYD said the outcome effectively managed trade differences and prevented escalation, taking into account the realities and reasonable concerns of industries on both sides, and creating a stable, predictable and sustainable environment for China-EU hybrid vehicle trade. Geely Holding said it welcomes and supports the positive results and will remain committed to open cooperation and compliant operations, actively expanding exchanges with European partners.

Chery said China and the EU have strong complementarity and broad room for cooperation, and that deep cooperation benefits industry and consumers on both sides as well as the stability of global automotive supply chains. The same day, the China Association of Automobile Manufacturers also issued a statement, saying the consensus was reached under WTO multilateral rules based on the principles of fact-based, non-discriminatory and compliant treatment, which helps stabilize expectations on both sides.

Source

4. A-share Indices Close Lower; ChiNext Falls 3.10%

Source: CNFOL

On October 14, China's three major A-share indices fell across the board in the afternoon. At the close, the Shanghai Composite stood at 3,767.23, the Shenzhen Component at 12,110.59, and the ChiNext at 2,866.76, down 3.10%. Turnover was 662.492 billion yuan in Shanghai, 751.899 billion yuan in Shenzhen and 359.838 billion yuan on ChiNext.

By sector, oil and gas exploration and services, gaming, film and cinema, cultural media, coal mining and processing, and gas led gains, while wind power equipment, environmental protection equipment and batteries led declines.

Source

5. Hong Kong SFC to Tighten IPO and Post-listing Supervision

Source: Stockstar

Hong Kong's Securities and Futures Commission plans to amend the Securities and Futures (Stock Market Listing) Rules, introducing targeted tools to tackle misconduct related to initial public offerings (IPOs) and other corporate misconduct, in order to improve the regulatory efficiency and investor protection of Hong Kong's listing market. The amendments are expected to take effect in the first quarter of 2027.

According to the report, the reform focuses on strengthening post-listing supervision: conditions imposed at the IPO stage can be carried over and continue to apply after listing; when a company falls under three statutory categories including inadequate disclosure or misconduct, regulators may first impose rectification conditions and only start suspension procedures if the company refuses to comply; and a dedicated statutory mechanism for obtaining post-listing information in listing supervision scenarios would be added. (The consultation conclusions were published on October 12.)

Source

6. Nikkei 225 Edges Lower

Source: National Business Daily

On October 14, Japanese and South Korean stock markets both opened higher, with the Nikkei 225 opening up 0.24% at 67,942.23. The Nikkei 225 traded in a narrow range through the day and closed at 67,744.29, down 0.05%.

The report said Japanese stocks at one point extended gains to 0.32%. In the overnight US market, all three major indices closed lower, with memory-related shares weak as Micron and SK Hynix fell more than 3%; some semiconductor shares rebounded, with AMD and Qualcomm up more than 1%; optical communication names were mixed.

Source

7. Korean Stocks Surge Intraday as Memory Giants Rebound

Source: East Money

On October 14, South Korea's KOSPI opened up 0.44% at 6,062.08. Korean stocks then surged in a straight line; as of the report, the KOSPI was up more than 2.5%, Samsung Electronics up nearly 4% and SK Hynix up more than 3%.

However, the KOSPI swung sharply during the session and closed down 0.44% at 6,008.81.

Source

8. Google's Gemini 4 Argon Goes Live

Source: 21st Century Business Herald

Citing Cailian Press, tech giant Google announced on Tuesday that its highly anticipated flagship model Gemini 4 Argon is officially available. Performance data released by Google showed that, compared with major competitors, Argon is better at professional knowledge work such as finance, law and long-document analysis.

Google also raised the single output limit from 64,000 to 1 million tokens, leaving more room for long reasoning, multi-round verification and large-scale code edits. On pricing, Argon's launch discount is one-fifth of competitors', at US$2/US$10 per million tokens for input/output; the regular price after the discount ends in late November is US$4/US$20.

Currently, the Argon model is only available to subscribers paying at least US$20 per month and to API users.

Source

9. Global Stocks Steady Ahead of US CPI

Source: Reuters

On October 14, global stocks rose, helped by a steadying in AI-related shares and government bonds, as investors awaited US inflation data later in the day. European tech shares were among the day's top performers, taking their lead from an overnight recovery in Asia, where Samsung Electronics and SK Hynix both closed higher.

Oil prices rose after attacks on two vessels in the Strait of Hormuz and after Iranian officials told Reuters they were deploying new tactics to target ships, raising the risk of fresh disruption to energy supplies. Brent crude futures were up nearly 1% on the day at US$106.5 a barrel.

The yield on benchmark 10-year US Treasury notes dipped 2 basis points to 5.2%, nearing a two-week low. Investors are awaiting the US September consumer price index (CPI), with economists estimating headline inflation accelerated to an annual 3.6%. The report also noted that data released in China on the day showed producer prices rose at their fastest pace in more than four years while consumer inflation edged up.

Source

10. Oil Could Rise Another US$25? Middle East Risk Looms

Source: Cailian Press

Billionaire investor Paul Tudor Jones, founder of Tudor Investment Corporation, expects international oil prices could rise another US$25 a barrel and warned that 2027 could be a "very, very difficult" year for stocks. He once accurately predicted the 1987 US stock market crash.

In an interview on October 13, Jones said, "I'm bullish on crude oil and long oil for the long term; I think it can rise another 20 to 25 dollars." He believes that after the November 3 midterm elections, President Trump may take a tougher stance on Iran, saying that after the midterms "it is like a sword of Damocles hanging over the crude oil market."

Goldman Sachs this week also raised its December Brent crude forecast by US$5 to US$90 a barrel, citing persistent supply risks in the Middle East. Jones also said US stocks typically bottom in late October or early November and that a strong rally in the fourth quarter this year is "very possible," though he warned that 2027 will be extremely difficult.

Source