Not all shadow banks are born equal. Just as non-bank lenders in China face a liquidity crunch because of their linkages with troubled property developers, their counterparts in India are moving into higher gear.
The trajectory of financiers, especially those who don’t take state-insured deposits, is beginning to diverge in the neighbouring economies. In India, Mr Mukesh Ambani’s Jio Financial Services made its stock market debut on Monday after being spun off from Reliance Industries, the tycoon’s flagship. The stock fell 5 per cent on the first day of trading because nobody knows what this brand new business will do exactly. Still, the lofty US$19 billion (S$25.8 billion) valuation suggests investors have great expectations.
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