Huatai Securities, China’s 10th-largest securities firm by assets, plans to raise up to $2.5 billion through its initial public offering in Shanghai. The Nanjing-based broker will offer as many as 784.6 million shares at RMB20-22 ($2.92-3.22), valuing it at 29.41-32.35 times 2009 earnings. It will be the biggest IPO in China since Metallurgical Corp of [...]
A 10-day nationwide crackdown on tainted dairy products has led to the recall of more than 170 tons of milk powder. Two dairy companies in the Ningxia Hui autonomous region, Ningxia Tiantian and Ningxia Panda, were closed on Saturday for selling milk powder tainted with melamine. Police found that another company from outside the region [...]
China’s current-account surplus fell by almost a third to $284.1 billion over the course of 2009, according to preliminary estimates by the State Administration of Foreign Exchange. The decline – the first outright contraction in the measure since 2001 – reflects the impact of the global financial crisis. China’s trade surplus shrank to $249.3 billion [...]
Resourcehouse, an Australian coal and iron-ore project developer, has signed a 20-year sales agreement worth $60 billion with China Power International Development. Under the agreement, Resourcehouse, which next month hopes to raise up to $3 billion through a Hong Kong initial public offering, will ship 30 million tons of coal each year to the Chinese [...]
China will impose anti-dumping duties of up to 105.4% on poultry imports from the US, the latest episode in a series of trade rifts between the two nations. The duties will come into effect on February 13. The targeted importers include Pilgrim’s Pride Corp and Tyson Foods, which will pay 80.5% and 43.1% respectively in [...]
General Motors (GM) saw its January sales in China rise 97% year-on-year to 219,192 units. The company has more than maintained the 67% sales growth experienced last year, although it is worth noting that January 2009 was the only month in which auto sales dropped, thereby exacerbating the 2010 year-on-year gain. The tax cut on [...]
State-controlled property developer China Resources Land (CRL) will be added to Hong Kong’s Hang Seng Index (HSI). The change, which takes effect from March 8, will take the number of HSI member stocks to 43 from 42. In addition, China Minsheng Banking Corp, Metallurgical Corp of China, ZTE Corp and Sinopharm Group will join the [...]
