China Economic ReviewWith its experience acting as listing auditor with China Construction Bank, KPMG was tipped to play the same role for Agricultural Bank of China as it prepares for its initial public offering, the South China Morning Post reported. KPMG had also been signed by China's Ministry of Railways as listing auditor, as it prepares to […]
China Insurance Regulatory Commission Chairman Wu Dingfu warned investors that overreacting to insurance company problems could threaten industry growth. Since China's three big insurers went public, the insurance industry has changed, Wu was quoted as saying by Xinhua. Wu's remarks appeared to imply other insurers were being tarred with the same brush after suits were […]
Credit rating agency Fitch International said it has pulled out of its joint venture with Beijing-based China Chengxin International Credit Rating, the mainland's sole Sino-foreign JV licensed to rate RMB bond issues. Fitch said it had secured regulatory approval to sell its US$433,000 30% stake in the venture to other shareholders. The World Bank's investment […]
The Beijing Youth Daily newspaper group has dropped plans to float on the domestic market, opting instead to float its shares on the Hong Kong stock exchange. The IPO of 25% of the group's shares is expected to raise US$64-128 million, the South China Morning Post quoted sources as saying. The sources said the IPO […]
China Construction Bank said branches in Shaanxi province have halved bad loans to 17.5% of their loan book. The bank also reported cutting headcount of senior managers from 60% to 40% of its 7,844 employees in the province. The cleanup comes as the bank prepares for a US$640 million initial public offering. The Beijing-based lender […]