10 state-run news websites, including those run by People’s Daily, Xinhua and China Central Television, have been approved to seek listings on the A-share market. The decision allows the websites to raise capital and compete against China’s most popular internet portals – Sina, Sohu and Netease – which are all foreign-funded and trade on NASDAQ. [...]
Shares in Ping An Insurance fell sharply in Shenzhen on Tuesday following the company’s announcement that a previously non-tradable block of shares would be unlocked next week. Ping An said that 859.8 million A-shares held by three strategic investors, representing 11.7% of its stock, would become tradable on March 1. Ping An shares closed down [...]
Huatai Securities failed to raise the maximum amount in its Shanghai initial public offering in yet another sign that Chinese investors are losing their appetite for new listings. The broker, China’s second-largest securities company by market share, sold 784.6 million shares at RMB20 ($2.93) each – the low end of its price range – for [...]
Coca-Cola, General Electric and Wal-Mart are among US-based companies that may be looking to list on China’s stock exchanges, according to a note obtained from UBS. In a letter to clients, John Tang, a UBS strategist, wrote that he expected roughly 12 western firms with a “strong presence” in China to offer shares in the [...]
Microwave oven maker Galanz said it hopes to raise up to US$1 billion in a domestic initial public offering that could come by the end of the year. A company spokesman declined to set a specific timetable for the listing, but analysts said a bearish market may force the company to reduce its expectations for [...]
Led by advances in financials and raw materials, China’s stock markets rose by the most in two weeks, supported by evidence that the central government is buying shares to support the market. The CSI 300 index, which tracks A-shares on both Chinese exchanges, recorded a gain of 4.5%, the most since November 19. Only two [...]
A-shares rose early in the day Thursday following the announcement of China’s largest interest rate cut in 11 years, but dampened later in the day. The benchmark Shanghai Composite Index finished up 1.1% at 1,917.86 points after rising 6.6% earlier in the day, while the Shenzhen index rose 1.7% to 544.1 points. Gainers included property [...]
China Merchants Property Development said today it would launch a public share offer this week on the Shenzhen stock market, worth up to US$1.17 billion, to fund real estate projects. The developer plans to raise up to US$869.6 million by issuing up to 450 million A-shares at RMB13.20 (US$1.93) to buy six pieces of land [...]
The mainland and Hong Kong stock markets both rose Monday morning in response to the Chinese government’s US$586 billion fiscal stimulus package. The CSI 300 Index, which tracks A-shares listed in Shanghai and Shenzhen, was up 3.1% to 1,729.31 points by 9.37am local time. Companies expected to gain from the infrastructure investment – such as [...]
Guangzhou R&F Properties, the Guangdong capital’s largest real estate developer, announced plans to sell US$882 million in five- to 10-year bonds in order to repay loans and supplement its working capital. The company said it would apply to list the bonds on the mainland stock exchange. In August, R&F said it needed between US$1.6 billion [...]
