tag:blogger.com,1999:blog-64061831574168575112008-07-16T19:22:30.488-07:00China Stock Market NewsShares - Stock - SecuritiesBriannoreply@blogger.comBlogger102125tag:blogger.com,1999:blog-6406183157416857511.post-43615343342007359642008-05-06T16:26:00.000-07:002008-05-06T16:27:20.474-07:002008-05-06T16:27:20.474-07:00Financial firms batter Asian stocksASIAN stocks dropped for the first time in three days yesterday as declines in financial companies overcame gains in producers of raw materials.
Kookmin Bank, South Korea's biggest bank, dropped to a one-week low after profit fell and St George Bank Ltd, Australia's fifth-largest, tumbled the most in three weeks as bad debts and funding costs rose. BHP Billiton Ltd, the world's biggest miner, Briannoreply@blogger.com0tag:blogger.com,1999:blog-6406183157416857511.post-66412512764021053692008-05-06T16:24:00.000-07:002008-05-06T16:25:50.863-07:002008-05-06T16:25:50.863-07:00Equities finish slightly lower on profit taking and IPO concernsSHARES in Shanghai closed slightly lower yesterday, led by banks and airlines, because of profit taking and concerns over new domestic initial public offerings which will siphon capital.
The Shanghai Composite Index, which tracks yuan-denominated A shares and hard-currency B shares shed 0.73% to 3,733.50 after three straight days of gains. Turnover rose to 148.30 billion yuan (US$21.14 billion) Briannoreply@blogger.com0tag:blogger.com,1999:blog-6406183157416857511.post-22700521472415353912008-05-06T16:23:00.000-07:002008-05-06T16:24:42.347-07:002008-05-06T16:24:42.347-07:00Oil and coal shares boost HK key indexHONG Kong's benchmark stock index rose to its highest in more than three months as gains by oil and coal producers outweighed losses by refiners and airlines.
Cnooc Ltd, China's largest offshore oil driller, advanced after crude surpassed a record US$120 a barrel. China Petroleum & Chemical Corp, the country's largest refiner, and Cathay Pacific Airways Ltd fell on concern higher fuel costs willBriannoreply@blogger.com0tag:blogger.com,1999:blog-6406183157416857511.post-2102837145744218822008-05-06T16:22:00.000-07:002008-05-06T16:23:11.591-07:002008-05-06T16:23:11.591-07:00Listed firms told to tighten equity optionsLISTED firms have been told to set stricter thresholds over equity options owned by senior management as part of moves to prevent illegal benefit transfers, the China Securities Regulatory Commission has reportedly said.
The exertion price of stock options can't be set at less than 50 percent of the average share price of a listed company in the 20 sessions before the incentive program is Briannoreply@blogger.com0tag:blogger.com,1999:blog-6406183157416857511.post-85334072585326830652008-05-06T16:19:00.000-07:002008-05-06T16:20:04.098-07:002008-05-06T16:20:04.098-07:00China tightens rules on listed companies' management incentivesChina's securities regulator has issued rules on listed companies' incentive plans in an effort to prevent management officials from making improper gains arising from favorable timing.
Companies should not introduce share option schemes shortly before announcing major decisions, according to two notices issued by the China Securities Regulatory Commission (CSRC).
A listed company should Briannoreply@blogger.com0tag:blogger.com,1999:blog-6406183157416857511.post-1522256095595088942008-05-06T16:16:00.000-07:002008-05-06T16:19:13.993-07:002008-05-06T16:19:13.993-07:00China Merchants Bank to take stake in insurance companyChina Merchants Bank (CMB) said on Monday that it would buy a stake in CIGNA & CMC Life Insurance Co. to expand its insurance business.
CMB, the country's largest credit card issuer, said that it had signed an agreement with Shenzhen-based Din Zun consulting company-- which is also under China Merchants Group -- to take over all 50 percent of the CIGNA & CMC shares that it held for 142 Briannoreply@blogger.com0tag:blogger.com,1999:blog-6406183157416857511.post-83961535494610478382008-05-05T23:15:00.000-07:002008-05-05T23:16:14.140-07:002008-05-05T23:16:14.140-07:00Nine Dragons Rises on Plan to Buy Vietnamese Paper ManufacturerNine Dragons Paper (Holdings) Ltd., China's biggest maker of containerboard used for packaging, rose to the highest in almost two months in Hong Kong trading after announcing plans to buy a paper maker in Viet Nam.
The shares gained 12% to HK$10.18 as of 12:24 p.m., the biggest advance in the MSCI Asia Pacific Index today. Nine Dragons will buy 60% of Cheng Yang, a maker of industrial paper Briannoreply@blogger.com0tag:blogger.com,1999:blog-6406183157416857511.post-47160274729702811572008-05-05T20:45:00.000-07:002008-05-05T20:46:40.932-07:002008-05-05T20:46:40.932-07:00Hong Kong-listed Citic Resources surges as oil prices trade near record highHong Kong-listed Citic Resources Holdings Ltd., a unit of one of the mainland's top oil producers, surged in early trade Tuesday as oil prices traded near record highs.
Oil futures for June delivery traded close to $120 a barrel on Tuesday in Asia after reaching an intraday peak of $120.20 on Monday.
"Citic Resources has oilfields abroad and higher oil prices will help the company improve its Briannoreply@blogger.com0tag:blogger.com,1999:blog-6406183157416857511.post-46038321486179565262008-05-05T20:40:00.000-07:002008-05-05T20:42:06.367-07:002008-05-05T20:42:06.367-07:00Hong Kong-listed airline stocks lower on rising crude pricesShares in Cathay Pacific Airways Ltd. and three other Hong Kong airline companies fell on Tuesday after crude oil prices topped $120 a barrel, sparking fears of rising operating costs.
"Rising crude prices always give investors an excuse to avoid airline stocks because this means higher operating costs," said Conita Hung, research head at Delta Asia Securities.
Cathay shares dropped 0.7% to HKBriannoreply@blogger.com0tag:blogger.com,1999:blog-6406183157416857511.post-8726226815706966652008-05-05T20:39:00.000-07:002008-05-05T20:40:41.360-07:002008-05-05T20:40:41.360-07:00China Merchants Bank to acquire 50 per-cent stake in CIGNA&CMCChina Merchants Bank (CMC), the country's sixth largest lender, announced that it would earmark RMB 142 million for a 50% stake in CIGNA & CMC Life Insurance Co. (CIGNA & CMC), a joint venture between U.S.-based CIGNA International and a subsidiary of China Merchants Holdings, sources reported.
CMC has signed an agreement with the holder, Shenzhen Dingzun Investment & Management Consulting Co Briannoreply@blogger.com0tag:blogger.com,1999:blog-6406183157416857511.post-16597361157517019962008-05-05T20:38:00.001-07:002008-05-05T20:38:55.042-07:002008-05-05T20:38:55.042-07:00Citigroup 2007 China operating income almost doublesNew York-based Citigroup Inc., America's largest bank in terms of assets, saw a robust increase of 99% year-on-year in its 2007 operating income in China, according to its Chinese subsidiary Citibank (China) Co yesterday.
The bank ascribed the sharp increase of its operating income to more loans and asset management products it offered in China last year. For the 2007 fiscal year, Citibank (Briannoreply@blogger.com0tag:blogger.com,1999:blog-6406183157416857511.post-52756392782256536602008-05-05T20:36:00.000-07:002008-05-05T20:37:27.299-07:002008-05-05T20:37:27.299-07:00Banks' CAR must exceed 10 per-cent in overseas acquisitionChinese commercial banks are required to have a capital adequacy ratio (CAR) of more than 10% when they pursue acquisitions of domestic or overseas non-bank financial institutes, according to a draft rule released recently to solicit opinions.
"The rule deals mainly with regulation of overseas acquisitions, and only a small portion of it deals with domestic ones," said an insider. "This is Briannoreply@blogger.com0tag:blogger.com,1999:blog-6406183157416857511.post-2166393672822229612008-05-05T20:33:00.000-07:002008-05-05T20:35:04.031-07:002008-05-05T20:35:04.031-07:00NYSE sees U.S. companies seeking China listingsNYSE Euronext Inc's CEO Duncan Niederauer said an increasing number of U.S. companies want to list in Shanghai and the exchange is working with the Chinese authorities on the feasibility of doing so.
The prospect of a series of major American companies listing on the Shanghai Stock Exchange represents a dramatic reversal of the flow that has seen many top Chinese companies list on U.S. and otherBriannoreply@blogger.com0tag:blogger.com,1999:blog-6406183157416857511.post-51741931113492274282008-05-05T20:32:00.000-07:002008-05-05T20:33:47.929-07:002008-05-05T20:33:47.929-07:00Chongqing Changan Auto April vehicle sales 17,306 unitsChongqing Changan Automobile Co Ltd said it sold 17,306 vehicles in April, with production at 24,644 units.
In a statement filed with the Shenzhen Stock Exchange, the company said that Changan Ford Mazda Automobile Co Ltd, its joint venture with Ford Motor Co, produced 21,047 vehicles in April with sales of 19,462 units.
Chongqing Changan Suzuki, its 51 pct-owned joint venture with Suzuki MotorBriannoreply@blogger.com0tag:blogger.com,1999:blog-6406183157416857511.post-49727826737998665012008-05-05T20:20:00.002-07:002008-05-05T20:31:52.138-07:002008-05-05T20:31:52.138-07:00Western Mining agrees to buy 10 per-cent stake in Australia's FerrAusWestern Mining Co, a leading miner of nonferrous metal in China, agreed to buy a 10% stake in Australian minerals explorer FerrAus Ltd, sources said.
The Chinese company is expected to buy up to 15.9 million shares of Adelaide-based FerrAus at US$1.7 per share, according to the statement filed by FerrAus to the Australian Stock Exchange on Monday.Briannoreply@blogger.com0tag:blogger.com,1999:blog-6406183157416857511.post-61732062333772037502008-05-05T20:20:00.001-07:002008-05-05T20:20:43.444-07:002008-05-05T20:20:43.444-07:00Seeking funds to growNORTHEAST Securities Co Ltd plans to raise up to 10 billion yuan (US$1.42 billion) from a private placement to expand its corporate business, according to a statement filed to the Shenzhen Stock Exchange yesterday.
The minimum offering price was cut to 25.66 yuan per share from the closing price of 34.38 yuan yesterday as a result of volatility in the capital markets recently.
The securities Briannoreply@blogger.com0tag:blogger.com,1999:blog-6406183157416857511.post-30525097879091896232008-05-05T20:18:00.000-07:002008-05-05T20:19:27.491-07:002008-05-05T20:19:27.491-07:00China's securities firms get fat profits in 2007Net profits for China's securities firms increased almost four-fold to hit 137.65 billion yuan (19.7 billion U.S. dollars) in 2007, according to statistics from Securities Association of China (SAC).
SAC's 106 member firms recorded a total revenue of 329.9 billion yuan, an increase of 258.74 billion yuan from a year ago.
Their total assets valued 1,897.3 billion yuan, representing an increase Briannoreply@blogger.com0tag:blogger.com,1999:blog-6406183157416857511.post-62720954700632462842008-05-05T20:15:00.000-07:002008-05-05T20:17:59.275-07:002008-05-05T20:17:59.275-07:00Bonds help firm's capital needsGD Power Development Co said yesterday that it plans to issue up to 4 billion yuan (US$572 million) in six-year bonds with detachable warrants to raise capital to repay debt and fund project construction.
The bonds, with a face value of 100 yuan each, will carry an annual yield of between 1 percent and 2 percent, the Shanghai-listed power generator said. The final coupon rate will be decided Briannoreply@blogger.com0tag:blogger.com,1999:blog-6406183157416857511.post-26054383535984254002008-05-05T20:13:00.000-07:002008-05-05T20:15:34.829-07:002008-05-05T20:15:34.829-07:00Unexpected death of Wei Dong a shockWEI Dong, former president of Yongjin Group, died "unexpectedly" on April 29, according to two separate statements filed by Sinolink Securities Co Ltd and Qianjin Pharmacy Co Ltd to the Shanghai Stock Exchange yesterday.
In another statement filed to the Shenzhen Stock Exchange yesterday, Jiuzhitang Co Ltd said Wei died due to health reasons.
Yongjin Group is the biggest shareholder of SinolinkBriannoreply@blogger.com0tag:blogger.com,1999:blog-6406183157416857511.post-53692209522520202432008-05-05T20:12:00.000-07:002008-05-05T20:13:24.504-07:002008-05-05T20:13:24.504-07:00Follow-on share issues not a threatChina's capital market does not face strong pressure from follow-on share issues and sales of locked-up equities as recent stock drops may dampen fund-raising enthusiasm, the market regulator said in published comments yesterday.
Capital raising activities "are limited to market conditions by a very large extent" and stock issuance won't proceed under a weak scenario, the Shanghai Securities Briannoreply@blogger.com0tag:blogger.com,1999:blog-6406183157416857511.post-11872442273151435592008-05-05T19:57:00.000-07:002008-05-05T20:09:41.472-07:002008-05-05T20:09:41.472-07:00China's CNOOC higher in Hong Kong as crude price hits new highOil firm CNOOC Ltd was higher after crude oil prices crossed 120 usd a barrel for the first time in New York overnight following fresh unrest in Nigeria and rising tensions between the West and Iran.
At 10:02 am, CNOOC was up 0.24 hkd or 1.78 pct at 13.74, while the Hang Seng index was down 74.90 points or 0.29 pct at 26,109.05.
Refiner China Petroleum and Chemical (Sinopec) was down 0.16 hkd Briannoreply@blogger.com0tag:blogger.com,1999:blog-6406183157416857511.post-31220912402324410572008-05-05T19:55:00.000-07:002008-05-05T19:56:58.738-07:002008-05-05T19:56:58.738-07:00China Stocks May Ease On TuesdayThe China stock market has risen sharply now in three straight sessions, adding nearly 8% in the process - although analysts say the Shanghai Composite Index could face a minor correction on Tuesday as investors consolidate gains from the current run.
Equity markets throughout the region are projected lower on Tuesday. The U.S. stock markets kicked off their trading week on a weak note after Briannoreply@blogger.com0tag:blogger.com,1999:blog-6406183157416857511.post-86701941821906670772008-05-05T09:14:00.000-07:002008-05-05T09:15:37.631-07:002008-05-05T09:15:37.631-07:00Chinese shares rise 1.84% on first trading day in MayChinese shares ended 1.84% higher Monday, the first trading day of the month after the three-day May Day holiday, with airline and metal heavyweights leading the way.
The benchmark Shanghai Composite Index concluded the daily trading at 3,761.01 points, 67.90 points, or 1.84%, higher than the previous close.
The Shenzhen Component Index for the smaller stock exchange in Shenzhen gained Briannoreply@blogger.com0tag:blogger.com,1999:blog-6406183157416857511.post-11524385645465670512008-05-05T09:13:00.000-07:002008-05-05T09:14:26.337-07:002008-05-05T09:14:26.337-07:00Agricultural Bank of China Q1 operating profit up 71%The Agricultural Bank of China (ABC), one of the country's "big four" lenders, said on Sunday that domestic operating profit rose 71% year-on-year in the first quarter to 14.1 billion yuan (2.01 billion U.S. dollars).
ABC ascribed the rise to intermediate service growth and an improved business structure. It didn't release overseas profit figures.
Income from intermediate services was Briannoreply@blogger.com0tag:blogger.com,1999:blog-6406183157416857511.post-6812007804564134602008-05-05T09:12:00.000-07:002008-05-05T09:13:15.918-07:002008-05-05T09:13:15.918-07:00HK cuts its base rate to 3.5%The Hong Kong Monetary Authority adjusted the Base Rate downwards by 25 basis points to 3.5% here Friday, following the 25 basis-points cut in the U.S. federal funds target rate.
Joseph Yam, chief executive of the Monetary Authority, the city's de-facto central bank, told reporters here Friday that the U.S. interest rate outlook is uncertain as the country's economic activities remain weak.
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