Metallurgical Corp of China received approval from the China Securities Regulatory Commission (CSRC) for an A-share initial public offering, bringing the firm one step closer to a dual listing that could raise as much as US$4 billion. The CSRC on Wednesday gave the go-ahead for the resources and construction unit of China Metallurgical Group Corp [...]
Air China will accelerate talks with Cathay Pacific Airways regarding the formation of an air cargo joint venture based in Shanghai. The venture is intended to mount a stronger challenge to China Eastern Airlines and Shanghai Airlines, which are set to merge this year. Air China board secretary Huang Bin said the airline will boost [...]
Chinese conglomerate Citic Pacific said its net profit for the first half fell 43% year-on-year to US$318.7 million. The decline in earnings was largely attributable to declining steel business, which fell 72% to US$67.6 million due to weakened demand amidst the financial crisis. Revenues fell by 32% year-on-year to US$2.3 billion. The firm’s chairman Chang [...]
China’s cabinet said it will make efforts to curb overcapacity and investment in the steel and cement industries, among others that may be overheating due to China’s stimulus plan. Industry regulators will “enhance management” of other industries including flat glass, wind power, poly-silicon production and chemicals, the Xinhua New Agency reported, following a cabinet meeting [...]
Brokerage CLSA will form an asset management joint-venture with Chinese state-owned investment firm Shanghai Guosheng Group to launch a US$1.46 billion yuan-denominated investment fund. The 50-50 joint venture Guosheng CLSA (Shanghai) will invest in environment- and consumer-related, renewable energy and heavy machinery sectors. Hong Kong-based CLSA is the latest in a string of foreign investors [...]
Air China will buy a 13% stake in Cathay Pacific Airways from Chinese conglomerate Citic Pacific for US$761 million, bringing the mainland carrier’s stake in Cathay to nearly 30% from the current 17.5%. Hong Kong conglomerate Swire Pacific will purchase an additional 2% stake in Cathay for US$130.3 million, increasing its holdings to 42% from [...]
Beijing intends to appeal a World Trade Organization (WTO) ruling ordering China to ease restrictions on imports of books, movies, music and other media, according comments by a Commerce Ministry spokesman. “We are actively preparing the documents to appeal,” Yao Jian told reporters in Beijing, adding that the appeal would be filed within two months, [...]
The Shanghai Composite Index (SCI) tumbled 5.8% on Monday dragging the benchmark index down 16% for the month, despite indications that China’s economic recovery has begun to find its feet. Stocks fell across Asia in response to concerns about the US economy and flagging corporate earnings. Chinese stocks were hit hardest, led by commodity-related stocks. [...]
Foreign direct investment (FDI) in July fell 35.7% year-on-year to US$5.4 billion, according to data from the Ministry of Commerce. Foreign investment in China for the first seven months of the year stood at US$48.3 billion, down 20.4% from the same period one year earlier. While FDI has declined for 10 consecutive months due to [...]
China’s industry and information technology minister said the government will not require personal computers to be sold with “Green Dam-Youth Escort” internet-filtering software already installed. However, Li Yizhong said the software will continue to be installed on computers intended for schools, internet cafes and other public places. Li asserted that the filter is intended to [...]
