Shares in mainland-based Tungda Innovative Lighting Holdings lost 44% of their value in daily trading on Hong Kong's second board after the company delayed release of its financial results a fourth time. The share price of the Growth Enterprise Market-listed company, recently cited for breaching market rules, plummeted 74% at one point, to 7.5 Hong […]
Category: Banking & Finance
China International Capital Corp said it increased its registered capital by 25%, to US$125 million, after securities regulators approved the plan. The mainland's biggest investment bank's top shareholders are China Construction Bank, with 43.35%, and Morgan Stanley, which holds 34.3%. Their stakes remain unchanged.
State-owned Bank of Communications (Bocom), China's fifth largest bank, reportedly transferred non-performing loans with a face value of US$4.95 billion (RMB 41.1 billion) to China Cinda Asset Management last month. The move, reported by the South China Morning Post quoting unnamed sources, comes ahead of a planned listing and a possible 19.99% stake sale to […]
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ABC reveals reorganization plan
Agricultural Bank of China President Yang Mingsheng said the bank is in the process of setting up a holding company to prepare for a public listing within 24 months. Under the new organization, the group holding company would spin off a subsidiary to serve as ABC's listing vehicle. The bank applied to the State Council […]
Bank of China said it could sell stakes to as many as six foreign strategic investors, Reuters reported. BOC, like other state banks, is preparing for an initial public offering and trying to spruce up before WTO provisions enable foreign banks to compete across the financial services spectrum. Chinese banks are allowed to sell up […]