The China Securities Regulatory Commission approved Wuhan Steel Processing plans for a US$1 billion second A-share issue despite government efforts to cool down investment in the steel sector. Company officials said that the new capital from the issuing will be used to acquire assets from parent firm Wuhan Iron & Steel Group, adding pig iron […]
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State Street partnership formed
State Street Global Advisors (SSGA) has formed a partnership with China Asset Management with plans to market an exchange-traded fund, which awaits regulatory approval. A joint venture could be next. Regulations require foreign fund managers to operate in the mainland as joint ventures. SSGA Principal and Chief Executive Vincent Duhamel said his firm would prefer […]
The earliest Hong Kong will see an initial public offering of a mainland state-owned bank will be mid-2005, according to a report quoting Hong Kong Exchanges & Clearing Chairman Charles Lee. The banks need time to reduce non-performing loans and to let auditors bring their books up to international standards. "Given their large networks, the […]
The China Banking Regulatory Commission announced that the China Construction Bank will be split into two companies as part of plans to reform the bank for listing on international markets, according to Chinese media reports. The two new entities will be called China Construction Bank Corp and China Construction Bank Group. China Construction Bank Corp […]
The Chicago Mercantile Exchange (Merc) announced that it will help develop mainland derivatives markets with the People's Bank of China (PBOC). The China Foreign Exchange Trade System, a PBOC subsidiary, will provide information on China's financial regulatory policies to Merc in exchange for knowledge about international derivatives and assistance with designing trading instruments. Derivatives are […]