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   Technology StocksSequans, the investors board

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From: frmrVZguy5/13/2019 8:39:27 PM
   of 289
1Q19 CC Selected Comments Deserving Highlight and Commentary in my own words.

GK continues to produce comments disconnected from REALITY
  1. I'm pleased to report that the signs of improvement
  2. *****our business is doing very well...

GK has been holding back some important negotiations and reveals them here. I am relieved the Board of Directors has taken some initiative to authorize these efforts. Perhaps we have our 10% shareholder to thank.
  1. a new business model for Sequans with a new go-to-market approach
  2. similar deals that could materialize this year
  3. *****Meanwhile, together with the Board, we are continuing to explore the full array of possible alternatives and timing considerations for significantly strengthening our financial position and maximizing shareholders' value.
  4. we are fully prepared to take whatever decision may be in the best interest of shareholders in the future.
These Customer project announcements reveal more than we knew up to today
  1. **** we have an ODM in Asia addressing at least 4, 5 design win that we have, and this is Asiatel.
  2. ****We have a buy-here-pay-here service as well that we announced with Connected Holdings.
  3. **** certification of our Sprint CAT 1 module and started shipping
  4. we are making good progress on the engagements we have on CBRS and enterprise router markets
  5. If we manage to secure them, our broadband business will recover completely
  6. Many of those that were nearly secured at year-end were converted to fully secured design wins during the first quarter.

On 5G it seems that our long R&D project with TCL(Alcatel) is resulting in a Device Management Platform to manage both devices and their applications including OTA updates.
  1. our 5G platform for application
  2. After 5 years of research activity, we are now moving to the development phase, and we are very excited about this new market opportunity

A new technology is announced ,and as you read it I wonder if it looks to you like a hint of existing designs getting ported to FD-SOI which is both lower power and lower cost An important fact is recognizing that France's STMicro is a major developer of FD-SOI and has successfully ported earlier FinFet designs to it - I'm thinking of a very early Ericson 4G LTE SoC modem that was used in a Samsung cellphone before porting and thus tested there also AFAIK for performance comparison.
  1. Also, we have identified a potential opportunity to capitalize on our clear leadership in CAT 1 with
    *****a new low power, lower cost variant that would expand the market.

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From: w0z5/22/2019 10:09:44 AM
   of 289
SQNS up 7%

Qualcomm practices violated antitrust law
May 22, 2019 5:38 AM ET|About: QUALCOMM Incorporated (QCOM)|By: Yoel Minkoff, SA News Editor

U.S. District Judge Lucy Koh has sided with the FTC in an antitrust case, saying Qualcomm (NASDAQ: QCOM) "strangled competition" by charging unreasonably high royalties for its patents.

She ordered Qualcomm to renegotiate licensing agreements with customers free of unfair tactics - such as threatening to cut off access to its chips - and said it can't sign exclusive supply agreements with smartphone makers like Apple (NASDAQ: AAPL), which last month settled a lawsuit and agreed to continue paying licensing fees.

The decision could challenge the company's business model and will require Qualcomm to submit to monitoring for the next seven years.

QCOM -12% premarket

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From: frmrVZguy5/24/2019 12:13:48 PM
   of 289
Market Forecast: Tailwinds as Motorola (MSI) buys back debt and bullish on FY19

Motorola Solutions Announces Pricing Terms of its Tender Offers May 23, 2019
CHICAGO--(BUSINESS WIRE)--Motorola Solutions, Inc. (NYSE: MSI) (the “Company”) announced today the pricing terms of its previously announced tender offers to purchase for cash (i) any and all of the Company’s outstanding securities listed in Table I below ................
MOTOROLA SOLUTIONS INC (MSI) Q1 2019 Earnings Call Transcript
Motley Fool Transcribers, The Motley Fool May 3, 2019 (ED break)
Gregory Q. Brown -- Chairman and Chief Executive Officer
First, our Q1 performance positions us for another year of growth coming off a record 2018. Second, we continue to invest in our unique mission-critical ecosystem by expanding our LMR, command center software and video security and analytics platforms. And I expect Services and Software to comprise about 1/3 of our full year 2019 revenue, up from approximately 31% last year. And finally, for the full year 2019, I continue to expect us to deliver higher gross margins, operating margins, EPS and cash flow. And as these durable cash flows grow, you should expect continued discipline and rigor around capital allocation for long-term shareholder value..........

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From: frmrVZguy5/24/2019 1:37:51 PM
1 Recommendation   of 289
Surprise Tailwind? India's Flex halts Huawei to study ruling. Huawei was the big winner in India's RJIO rollout.
Competitors have a chance?
Taiwan detente warms up?
After US muscle flexing, Flex halts shipments to Huawei ...
Economic Times

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From: frmrVZguy5/29/2019 2:55:14 PM
   of 289
Bloomberg on Industry Consolidation: Marvell + NXP and next Cypress who bought out Broadcom's Wireless RAN tech for IoT in 2016
Cypress Is Considering a Sale After Getting Takeover Interest
By Liana Baker and Ed Hammond May 29, 2019
Cypress Semiconductor Corp. is exploring strategic options including a potential sale after receiving takeover interest, according to people familiar with the matter...
Industry Consolidation
The semiconductor industry has been reshaped over the past five years as companies combine to gain scale while fighting rising costs and shrinking customer bases. NXP Semiconductors NV announced a $1.76 billion deal Wednesday for Marvell Technology Group Ltd.’s Wi-Fi connectivity business while Nvidia Corp. agreed to buy chipmaker Mellanox Technologies Ltd. for $6.9 billion in March
Cypress Semi designs and manufactures flash memory chips and microcontrollers, or chips used for powering small electronic devices. In 2015, the company merged with Spansion Inc. in an all-stock deal worth about $4 billion
Cypress Semiconductor Jumps After Report Says It's Considering a Sale
A report says Cypress Semiconductor is considering a sale after receiving takeover interest. Tony Owusu Updated May 29, 2019 12:44 PM EDT... No final decision has been made on a potential sale, according to the Bloomberg report, and Cypress could choose to remain independent. But it is considering a deal, according to the news service's sources.
Adding pressure to the company is the recent acquisition of Quantenna Communications (QTNA - Get Report) by Cypress rival ON Semiconductor (ON - Get Report) . The move is designed to help bolster ON's position in the automotive chip industry.

NXP to acquire Marvell’s WiFi and Bluetooth Connectivity Assets
Wed May 29, 2019 GlobeNewswire
NXP to pay $1.76 Billion in cash for Marvell’s WiFi and Bluetooth/BLE combo solutions portfolio
Expands NXP’s Industrial & IoT, Automotive and Communication Infrastructure footprint
EINDHOVEN, The Netherlands, May 29, 2019 (GLOBE NEWSWIRE) -- NXP Semiconductors N.V. (NXPI) announces today that its wholly owned subsidiary has entered into a definitive agreement with Marvell (NASDAQ: MRVL) under which NXP will acquire Marvell’s Wireless Connectivity portfolio in an all-cash, asset transaction valued at $1.76 billion. The acquisition encompasses Marvell’s WiFi Connectivity Business Unit, Bluetooth technology portfolio and related assets.
The acquisition will enable NXP to deliver complete, scalable processing and connectivity solutions to its customers across its focus end markets. The acquisition includes approximately 550 people worldwide. NXP expects the acquisition to create new revenue opportunities in its target end markets. With approximately $300 million in revenue in Marvell’s fiscal 2019, NXP anticipates revenue associated with the acquired assets to double by 2022. The acquisition is expected to be accretive to NXPs non-GAAP operating profit in the first full quarter after the transaction closes.
The transaction is expected to close by the first quarter of 2020, subject to customary closing conditions, including regulatory approvals.

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To: frmrVZguy who wrote (219)5/29/2019 3:11:19 PM
From: frmrVZguy
1 Recommendation   of 289
Europe is Scaling up to confront West-of-Atlantic competitors. 20% World IC market has been the official EU target for years and when USA and Japan bought out Infineon and STEric assets and then failed with them, EU really had nothing to parlay into growth.
NXP and Infineon and STMicro have slowly reinforced their command of their contracted positions and are now acquisitive again.

In this new era can GKaram and the BoD guide the firm to a stronger future as its C-Level team is constituted?
Does there need to be a change that permits the financiers of its future to possess trust in its execution?

I suggest that the only way forward is a staffing change to enhance trust.

That change could be merely a shuffling of titles and responsibilities to bring proven performance to the firm.
Sequans is damaged by repeated quarters of statements that were not met in subsequent quarters.

I expect leadership change is needed before any partner can enter the scene.
I hope GK can find a place within that allows his tech excellence to give room to new Leadership.


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From: frmrVZguy5/29/2019 8:04:10 PM
   of 289
A public correction and clarification to a post found on YAHOO by another user.

To: GaryMi
5/29/2019 7:59:36 PM
From: frmrVZguy
Correction to your Yahoo comment: Your reputation will benefit.
YOU SAID on Yahoo
  • "With the judge finding Qualcomm to have engaged in anti-competitive practices will this have any bearing on the EU antitrust case filed by Sequans against an unnamed competitor, which has been in limbo for about two years?
    Or perhaps now we are waiting for the outcome of the inevitable appeal.
Sir, SEQUANS did NOT file any complaint against the Unnamed Defendant nor have they pursued a related lawsuit in any jurisdiction anywhere globally to my knowledge.
I am party to the Anti Trust complaint before EUTC given I.D. AT.40484
Sequans is NOT

You may quote me.
Best Regards

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From: frmrVZguy6/1/2019 5:26:29 PM
1 Recommendation   of 289
Kittens of Helsinki vs Smiling Tigers of Beijing: Booo! isn't enough. Time for POTUS to muscle up.
Herding kittens and cats is entirely different than tigers.
Big cats don't scare easily.
But they hide nervously knowing that their enemy is formidable

Its time for POTUS take away the hiding places and demonstrate that neither the 4G world nor the 5G world of tomorrow will allow Smiling Tigers to lurk in our neighborhoods and strike back with impunity.

Huawei is just the beginning. EB-5 visa holders and Honorary Consuls abusing their stay are next.

The easiest way to begin is to remove the garments of impunity - those Honorary Consular titles given to bilingual visa holders and Temple employees.

Just one example of their abuse was sheltering Chandra Levy in their Redmond, WA temple the morning of 10 July 2001 following the allegation that she was murdered by Rep Mark Condit. PRC assisted in a conspiracy to overthrow a senior congressman with lies and slander in the run up to 9/11. And then there's the money laundering and donations to DNC party elections too.

Make it clear that abuse of friendship is over.
Make it clear that theft of IP and abuse of our citizens via debauchery and entrapment is cause for removal.
Make it clear to EB-5 visa holders and Honorary Consuls there is an end to the era of tolerance.
Our IP is not for the taking nor is our permission.

Leveling of the Market requires discipline: and loud, barking, snapping, frothing shepherding dogs in the hunting party to drive out the Smiling Tigers.

When Buddhist Temples lose their Honorary Consular status then PRC visa holders will see they have no where to hide.

Time to bring out the fiery torches, smoke and loud drums and drive these Smiling Tigers back to the wilds they came from... or else.

Our friendship is conditional just as our Trade Treaties are conditional.

Keep our 4G and 5G networks free of spies and their Smiling Tigers.

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From: frmrVZguy6/3/2019 1:17:17 PM
   of 289
Weekend Result: Bharti Airtel Completes Merger Of Tikona With Itself - Reason for delay was India's Regulator demanding payment for Spectrum
Is this TAILWIND and a hint of a new era of CPE sales? India moves slowly but old plans can spring once allowed.

Has Sequans fallen behind without a Cat6 solution?
Is the Huawei fuss creating a better opportunity in India for alternatives?

Can Sequans accelerate its ties with India's developer Sasken? (SEE REF BELOW)

I don't know



I documented the Tikona saga here - lots of links Message 31694801 India News Tikona Bharti Airtel M&A approved by NCLT over ownership and assets dispute. DoT next

Sasken news posted here Message 31603900 Sasken is a giant in India. Think 'Foxconn' of India. As an ODM leading 'Made In India' projects the continent becomes a possible market, again, where China has won all the significant new ODM biz, especially for RJIO.
News stories covering India have noted that PRC's political and financial leverage has pressured India to avoid DRC firms in telecom and thus limited project wins by DRC firms - this is to explain lack of sales when Sequans had design wins with DRC firms for Airtel, Aircel, Tikona, RJio.
TODAY's Press Release - notice: "are under design and qualification phase"
COMMENT: I'm hoping this means CBRS-related CPE, hotspots and maybe small cells....

Bharti Airtel Completes Merger Of Tikona With Itself PTI @PTI_News May 29 2019 Telecom firm Bharti Airtel Ltd. on Wednesday said it has completed the merger of Bharti Digital Networks Pvt. Ltd, formerly known as Tikona Digital Networks Pvt. Ltd, with itself...
DoT seeks ? 1,626 crore for clearing Airtel-Tikona merger
New Delhi: The department of telecommunications (DoT) has in a letter dated 17 August asked Bharti Airtel Ltd to pay in cash and through a bank guarantee a total of ? 1,626.89 crore to clear its merger with Bharti Digital Networks (formerly known as Tikona Digital Networks). Airtel has, however, approached the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) seeking a stay on the DoT demand. DoT asked Airtel to pay ? 185.62 crore in cash. This is the difference between the entry fee payable for unified access service licence in the four telecom circles of Gujarat, Himachal Pradesh, Uttar Pradesh (east) and Uttar Pradesh (west) and the entry fee already paid by Tikona under unified licence in the 2300 MHz band... One-time spectrum charges are payable by companies that want to convert their administered spectrum or spectrum not bought in an auction to liberalised or auctioned spectrum. Auctioned spectrum can be deployed flexibly for any purpose, unlike administered spectrum. Under the department of telecommunications’s merger and acquisition guidelines, if a transferor (Tikona) holds a part of the spectrum, which (up to 4.4 MHz) has been assigned against the entry fee paid, the transferee (Airtel), at the time of merger, shall pay to the government, the differential between the entry fee and the market-determined price of spectrum from the date of approval of such arrangements by the National Company Law Tribunal (NCLT) on a pro-rata basis for the remaining period of validity of the licence...

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To: frmrVZguy who wrote (220)6/3/2019 4:19:55 PM
From: frmrVZguy
   of 289
Infineon buys Cypress. EU goes BIG. 20% IC target on horizon. Here's why it's right.

I once wrote of the need for a new application of Nobless Oblige': the need for larger companies to assist little firms to grow.
  • Harvesting 'Booo'- berries to drive SCALE: Taurus POTUS buys time for Western consolidation to Get Big and Face Chinese Monsters in the Race to SCALE. Are EU Leaders smart enough to recognize the strategy is intended to Save The Western World? Can Global Captains of Industry respond quickly enough as China tries to divide the EU into East v West? In this moment, can EU Leaders see good relations with Russia are an advantage?
    Small cap firms require a new era of Noblesse Oblige' from Large Cap firms: Consolidation Support.

    The Rise of a new era: 'First and Most'

    In the movie "Pacific Rim", giant monsters called Kaiju emerged from the Pacific and attacked the world forcing a global existential reaction and consolidatiion of efforts to build giant human-piloted attack bots named Jaegers in response.
    In the real world, Western industries have been manuevering to form 'jaegers' and often have been blocked by current international trading rules which gives right of refusal to China for a merger.
    This right of refusal must be drowned in the bathtub.
Merger isn't the only way.

JVs and other partnerships and support via Investment Firms too.

China is failing to adopt Worldwide norms of good behavior and is radioactive until a new era of detente emerges - their bankers too.
So the emergence of EU firms is a highly growth-predictive event that suggests a flood of M&A and approvals.
Any objections by PRC should be ignored by World bodies.

I once wrote of Western Jaegers emerging to face the kaijus of PRC.
This looks like it.
I welcome and cheer for this and more.
The rise of PRC tech supported on volume isn't unexpected, but the responses like today's and Friday's notice is very welcome.

Financial contagion must be contained and it is caused by an inflation of currency through multiple devices that are more than a little risky.
We need to protect ourselves.

These diseases of espionage and debt as well as African Swine Flu, H5N6 Bird Flu and more require our dotGOV officers to be strong Leaders and Respondents.

I applaud good enforcement and defenses.

Infineon to acquire Cypress, strengthening and accelerating its path of profitable growth
Jun 2, 2019 | Business & Financial Press
Munich, Germany, and San Jose, California – 3 and 2 June 2019 – Infineon Technologies AG (FSE: IFX / OTCQX: IFNNY) and Cypress Semiconductor Corporation (NASDAQ: CY) today announced that the companies have signed a definitive agreement under which Infineon will acquire Cypress...

accelerate the company’s path of profitable growth of recent years. Cypress has a differentiated portfolio of microcontrollers as well as software and connectivity components that are highly complementary to Infineon’s leading power semiconductors, sensors and security solutions. Combining these technology assets will enable comprehensive advanced solutions for high-growth applications such as electric drives, battery-powered devices and power supplies. The combination of Infineon’s security expertise and Cypress’s connectivity know-how will accelerate entry into new IoT applications in the industrial and consumer segments. In automotive semiconductors, the expanded portfolio of microcontrollers and NOR flash memories will offer great potential, especially in light of their growing importance for advanced driver assistance systems and new electronic architectures in vehicles...
Message 32174500
Bloomberg on Industry Consolidation: Marvell + NXP and next Cypress who bought out Broadcom's Wireless RAN tech for IoT in 2016

Huawei is a risk so Britain must change course on 5G, ex-MI6... Guy Faulconbridge LONDON (Reuters) - China’s Huawei poses such a grave security risk to the United Kingdom that the government must not allow it to have even a limited role in building 5G networks, a former head of Britain’s MI6 foreign spy service said on Thursday...
February 25, 2019 China's technology challenge is bigger than just Huawei, British spymaster says

May 27, 2019 China's Baoshang Bank takeover raises contagion fears SHANGHAI/BEIJING (Reuters) - A takeover by Chinese regulators of a troubled lender with links to a missing tycoon jolted markets on Monday, lifting interbank financing costs for some smaller banks and raising worries about broader risks to the country’s financial system. The China Banking and Insurance Regulatory Commission (CBIRC) will take control of Inner Mongolia-based Baoshang Bank for a year from May 24, as it posed serious credit risks, the regulator and the central bank said on Friday, in a rare move to seize direct control of a bank. The seizing of Baoshang fanned concerns about indebted small banks across the country, pushing up yields on some negotiable certificates of deposit (NCD) issued by regional banks by more than 10 basis points on Monday, traders said...
China’s central bank said on Sunday that it would offer “timely and sufficient funds to ensure that (Baoshang Bank’s) payment system is operating smoothly.” The People’s Bank of China (PBOC) also said that it and the CBIRC would give more policy support to improve small- and mid-sized banks’ corporate governance...
The PBOC on Sunday said it would guarantee all principal and interest of corporate deposits and interbank liabilities below 50 million yuan, which analysts said helped to contain the market reaction...
April 17, 2019 / 3:51 AM / China's troubled Anbang to slash registered capital by a third
BEIJING/SINGAPORE (Reuters) - China’s Anbang Insurance Group Co said it would reduce its registered capital by nearly one-third, the latest government-directed step of a massive restructuring of the debt-laden conglomerate to curb financial risks. A state takeover work group, which has seized control of Anbang since February last year, has decided to trim the company’s registered capital to 41.5 billion yuan ($6.21 billion) from 61.9 billion yuan, pending approval from the China Banking and Insurance Regulatory Commission, Anbang said in a statement released on Tuesday. The capital reduction will not influence the company’s operations or cause any major impact on its solvency and financial situations, Anbang said.
The move is the latest step by Beijing to steadily clean up the aftermath of a harsh government crackdown on Anbang - once one of China’s most aggressive dealmakers overseas with a series of major acquisitions that have caught the attention of global regulators and investors... Creditors of the company may request Anbang to pay off its debts or provide repayment guarantees within 45 days after the announcement, the company added.
March 13, 2019 China's property investment growth hits five-year high driven by smaller cities BEIJING (Reuters) - China’s property investment accelerated in the first two months of the year driven by strong demand in its hinterland and defying a decline in sales, government curbs in bigger markets and a broader economic slowdown. Real estate investment, which mainly focuses on the residential sector but also includes commercial and office space, is a key driver of growth for the world’s second-largest economy. It rose 11.6 percent in January-February from a year earlier, up from the 9.5 percent growth reported for the 2018 full year, data from National Bureau of Statistics (NBS) showed on Thursday.
That marks the strongest growth for the January-February period since 2014, when it rose 19.3 percent. The NBS said robust investment in the property sector was due to steady housing prices and an increase in property construction... Developers say market sentiment has improved recently thanks to looser credit policies. Beijing has also become less worried about cities easing existing curbs and is more concerned about the broader economic impact of the trade war with the United States... Housing transactions slowed as property sales by floor area fell 3.6 percent year-on-year in the first two months of 2019, easing from the 0.9 percent gain in December. New construction starts measured by floor area were also much weaker, rising 6 percent in January-February from a year earlier compared with the 20.5 percent in December, according to Reuters calculations
March 13, 2019 China orders banks to boost financial support to small firms BEIJING (Reuters) - China’s banking and insurance regulator on Wednesday urged banks to continue increasing lending to smaller firms and further cut their financing costs, as policymakers work to avert an economic slowdown. Banks should work hard to achieve targets on increasing loans for small companies and keep the lending rates on a reasonable level, the China Banking and Insurance Regulatory Commission (CBIRC) said in a statement on its website. Big state-owned commercial banks should increase outstanding loans to smaller companies by more than 30 percent in 2019, the CBIRC said, adding that it would also increase its tolerance for non-performing loans at small companies. The regulator reiterated its demands for state-owned banks to target faster growth in loans to small businesses as economic growth slowed to its weakest in nearly three decades in 2018. Chinese banks have been wary of lending to smaller firms with higher credit risks, preferring state-backed customers. But authorities have been urging lenders to help keep cash-strapped private firms afloat, sparking concerns that looser lending standards will expose banks to more bad loans. China’s central bank chief said on Sunday that lending rates for small firms were still relatively elevated due to high risk premiums and that the country will push ahead with interest rate reforms to resolve the issue. Commercial banks are also encouraged to issue special financial bonds, and ensure that proceeds raised are used for loans to small and micro firms. The regulator also said it would support insurers to provide credit-boosting support for smaller firms if the risks are manageable. Insurance companies are encouraged to invest in financial products including securitisation products backed by loans to smaller firms to ensure more flexible support for those companies.
March 9, 2019 'Zombie' enterprises hampering China's economic transformation: Chinalco
BEIJING (Reuters) - China’s “zombie” enterprises are impeding the country’s economic transformation, said the country’s biggest state aluminum producer, even though thousands of such unprofitable and indebted state-owned firms have been eliminated. There are three difficulties when it comes to getting rid of zombie firms, the official Xinhua news agency said, citing Ge Honglin, chairman of Aluminum Corporation of China (Chinalco). Local governments, financial institutions, stakeholders and suppliers are keeping such zombie firms alive to protect their own interests, said Ge, who is also a member of China’s top political advisory body. The land assets of such firms also lack value, and resettlement of workers is costly, he said. China plans to eliminate thousands of zombie firms by 2020...
Beijing could allow local governments to issue off-budget bonds to finance acquisitions of land from zombie firms to expedite the process, Ge said, adding that those special-bond issuances should not be included in local governments’ debt assessment. The central government can also give out subsidies to support the resettlement of workers, while social insurance fees can also be reduced to lighten the burden of the firms, Ge said. Earlier in January, President Xi Jinping warned that China must be on guard against “grey rhino” events, or highly obvious yet ignored threats. Zombie firms would be properly resolved, Xi said.
March 6, 2019 China says to collect more profits from state-owned financial institutions amid tax cuts BEIJING (Reuters) - China’s finance minister said on Thursday that the government will collect more profits from certain state-owned financial institutions and centrally-owned firms, in a bid to support fiscal revenue as the government makes sweeping tax cuts. The pressure to balance fiscal revenue and spending is very pronounced in 2019, finance minister Liu Kun told a news conference on the sidelines of an annual parliamentary meeting in Beijing.
February 14, 2019 China to cut private firms' financing costs, improve access to funds - Xinhua BEIJING (Reuters) - China’s state council said on Thursday it aims to cut private firms’ financing costs to reasonable and stable levels and improve their ability to raise funds through various measures including issuing bonds, the Xinhua news agency... China’s trade surplus with the United States narrowed to $27.3 billion in January, the lowest since May 2018, Thursday’s data showed. Exports to the U.S. declined 2.4 percent on-year, while imports fell 41.2 percent....Many analysts also expect sweeping corporate tax cuts to be announced after the annual meeting of parliament in March, but all of the moves will take time to kick in. Top officials have repeatedly said they will not resort to massive stimulus like that deployed in past downturns, though some analysts believe interest rate cuts are possible if conditions continue to deteriorate and job losses mount.
About $1.4 trillion of soured loans - including NPLs, distressed debt and loans in the “special mention” category - sit within banks and the four big AMCs, according to PwC. It expects distressed debts to grow as the economy slows and regulators push lenders to clean up their books. “I think this is the very beginning of China’s ... NPL cycle and it will have many years to run,” said Osborn, who heads PwC’s China and Hong Kong Restructuring & Insolvency team. Chinese banks’ non-performing loans reached 2 trillion yuan in 2018, driving the industry’s NPL ratio to a decade-high of 1.89 percent, regulators say, even after lenders resolved nearly 2 trillion yuan in soured assets that year..

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