China Economic ReviewLehman Brothers said it agreed to buy two non-performing loan (NPL portfolios with a combined book value of about US$240 million from China Huarong Asset Management, which had scheduled selling off bad loans with a face value of US$3 billion last December. But with few bids scaling up to Huarong's reserve price, only three of […]
Shanghai Automotive Industry Corp (SAIC) selected Morgan Stanley, Merrill Lynch, Deutsche Bank, Bank of China International and NM Rothschild and Sons to drive SAIC's US$1.5 billion to $2 billion listing plan. Twelve banks bid for the mandate. Rothschild was reportedly named as financial adviser, the other four as global co-ordinators and sponsors. SAIC's selection gives […]
China National Building Material Group is planning an initial public offering on the Hong Kong stock exchange during the first half of 2005 to raise funds in the range of a few hundred million US dollars. The group plans to spin off assets into a new company before the listing. A spin off could include […]
Merrill Lynch, Morgan Stanley and UBS were each named in a South China Morning Post report as possible candidates as Shanghai Automotive Industry Corp (SAIC) prepares to select an advisor to underwrite its planned public listing. SAIC officials have not said when the listing would occur but analysts suggested the flotation, which could raise as […]
State-backed China Insurance International Holdings (CIIH) said it will launch an annuities program as part of a pilot scheme aimed at encouraging private pension plans. Using its Tai Ping Life Insurance joint venture, CIIH will start operations in September in industrial Liaoning province once it receives regulatory and shareholder approval, CIIH Chief Executive Miao Jianmin […]