China Economic ReviewState media reported that the State Administration of Foreign Exchange (SAFE) uncovered irregularities in foreign exchange operations at several insurance companies. The discovery was made in the course of compliance investigations. Among other violations, the administration found that some insurers, which were not named in reports, had been writing foreign currency-denominated policies for unqualified clients […]
Wuxi-based contract semiconductor maker CSMC Technologies Corp said it would raise HK$310.5 million (US$39.8 million) from its initial public offering. After finally reaching a consensus with participating banks, CSMC lowered its share price to 50 Hong Kong cents, well down from pricing envisaged in earlier plans. The final price came to 14.8 times projected 2004 […]
Cinda Asset Management will auction US$1.2 billion worth of bad assets from China's northeastern provinces. The firm will hold the auctions in Shenyang, Liaoning province; Changchun, Jilin province and Harbin, Heilongjiang provinces beginning on August 23. Creditor and stock rights will be sold from property, energy and textile companies including the Changchun Film Studio.
UBS agreed to buy non-performing loans with a face value of US$185 million from China Huarong Asset Management Corp. The deal follows Lehman Brothers' acquisition of NPLs with a face value of US$240 million two weeks earlier — and JP Morgan's purchase of NPLs before that. Like earlier deals, the UBS purchase was part of […]
BOC Hong Kong (Holdings), the Hong Kong listed arm of Bank of China, disclosed that a third executive is being investigated for possible misappropriation of funds. The bank had just days earlier revealed that two deputy chief executives, Zhu Chi and Ding Yansheng, had been suspended as investigators widened their fraud enquiry. Zhang Debao, a […]