Bank of Communications plans to raise $4.8 billion through the sale of 7.35 billion shares in Shanghai and Hong Kong. The target figure for the rights issue is 20% less than originally announced. BoCom, the country’s fourth-largest listed lender, will sell 3.89 billion A-shares in Shanghai at RMB4.50 ($0.66) and 3.46 billion H-shares in Hong [...]
Air China plans to raise about $952 million through a new share issue in order to pay down debt. The announcement comes just three days after China Southern Airlines said it would issue $1.6 billion in new shares to repay debt. In both cases, the new shares will be sold privately to a small group [...]
China’s securities regulator is mulling changes to the country’s initial public offering regulations, in an attempt to stop companies raising excessive funds when they list. China Securities Regulatory Commission assistant chairman Zhu Congjiu said that the regulator was considering allowing existing shareholders to sell their shares when a company issues an IPO. At present, a [...]
Bank of China announced on Friday that it plans to raise new capital through share and bond issues. The lender will seek shareholder approval to sell new shares that amount to no more than 20% of its existing Hong Kong and Shanghai-listed shares. The total sum could be almost $30 billion. Bank of China will [...]
China Merchants Bank (CMB) is planning a US$3 billion rights issue by the end of 2009 to boost its capital after overpaying for Wing Lung Bank last year. The offering would be split between holders of Shanghai-listed A-shares and Hong Kong-listed H-shares. Sources said that no investment bank has been selected to handle the issue [...]
China Eastern Airlines (CEA) said it raised 7 billion yuan in a share sale to parent company China Eastern Air Holdings. The parent bought 1.43 billion A-shares at 3.87 yuan each and 1.43 billion H-shares at 1 yuan each, boosting its stake in the company to 74.65% from 59.67%. “The cash injection can help China [...]
Toll road operator Sichuan Expressway will become the first firm to launch an IPO on the Shanghai bourse this year after a nine-month moratorium on Shanghai listings. The Hong Kong-listed firm plans to float 500 million A-shares and raise US$204.9 million. Sichuan Expressway’s underwriter said that the firm had not yet received approval to begin [...]
The listed arm of Aluminum Corp of China (Chinalco), known as Chalco, wants to raise up to 10 billion yuan through the placement of up to 1 billion A-shares. Chalco said it would invest approximately 3.7 billion yuan of the proceeds in the Xing Xian alumina project, 2.3 billion yuan in the Chongqing alumina project [...]
China Eastern Airlines (CEA) has proposed to take over Shanghai Airlines through a share swap, according to a source familiar with the negotiations. If successful, the move would finalize what has been a drawn-out negotiation over how to best merge the two struggling airlines. According to the source, CEA will raise US$1.02 billion through a [...]
China Mobile Chairman Wang Jianzhou said the firm hopes to take advantage of an easing regulatory environment on the mainland and seek a domestic listing “as soon as possible”. Wang’s comments follow statements made last week by the UK Chancellor of the Exchequer Alistair Darling that the Chinese government would open its bourses to foreign [...]
