The People's Bank of China (PBOC), which has been developing its positive consumer credit bureau plans for over two years now, is set to launch trials of China's first national consumer credit history database. Positive, or full data, credit bases track a consumer's credit and banking history, good and bad, right down to the most recent credit card purchase. Negative bureaus record only overdue or default data. The PBOC has conducted pilot schemes since launching the project in 2002 with the idea of staging a nationwide rollout. Consumers and SMEs moving across provincial lines often fail local loan tests because they have no credit local history, so the development of a national database is expected to be dramatically expand lending.

Shanghai-listed China Minsheng Banking Corp's plans for a HK$1 billion listing in Hong Kong – much anticipated because it would mark the first time a mainland bank floated "overseas" – appeared to be hitting the shoals in the wake of shareholder concern over dilution of share value. Hong Kong market valuations of double-listed mainland H-share companies typically fall well short of Shanghai valuations, which have little bearing on reality. The bank lodged its IPO application in June and, according to a South China Morning Post report, "significant" shareholders have gone cold on the listing over pricing issues. Said one source quoted by the Post: "The management doesn't want to be seen as selling assets cheap."

State-owned China Power International Development Ltd said its initial public offering was increased by 15%, to HK$2.88 billion (US$369 million), after bookrunner Merrill Lynch exercised an over-allotment, or greenshoe, option, requiring the company to issue 148.5 million more shares at the same offer price. The company listed in Hong Kong October 15. China Power, whose chief executive is Li Xiaolin, the daughter of ex Premier Li Peng, sold a total of 1.14 billion shares. The company said the funds raised would be used for acquisitions and other purposes.

Bank of China announced an operating profit for the first nine months of 2004, up 23.7% on the same period last year, despite a sharp drop in new loans. The country's largest foreign exchange lender said operating profit for the first three quarters came in just under US$5.8 billion. For the first nine months of 2003, operating profit rose by just over 16%. The Bank of China is undergoing an overhaul of its assets and seeking to shed non-performing loans ahead of a much-anticipated stock listing in the second half of 2005 that analysts say could raise up to US$4 billion.

China's Minsheng Bank has been given initial approval to sell US$701 million in subordinated bonds, designed to improve its capital base ahead of an overseas IPO in early 2005. Minsheng, China's first private bank, is planning to raise about US$1 billion in the offering next year. The sale, approved by the China Securities Regulatory Commission still needs to be given final approval by the People's Bank of China. The news came amid reports that Singapore government-owned Temasek Holdings had agreed to buy a 4.55% stake in the bank from China National Coal Group, a state-owned shareholder. Minsheng was founded in 1996 by Liu Yonghao, a pig-feed tycoon. Earlier this year Minsheng reported a 72% increase in first-half profit to US$133 million.