Hong Kong-listed China Merchants Holdings announced that it will move out of roads and tankers to focus its business on ports. The company plans to spin off non-core assets, valued at US$463.6 million, by the end of 2004. Chairman Fu Yuning said the company wants the cash to expand port and logistics operations. Fu said […]
Category: Banking & Finance
The biggest companies on the Global Enterprise Market (GEM), Hong Kong's second board have either applied or have plans to apply for listings on the SAR's main board. The companies are Hong Kong satellite station Phoenix TV, internet and media companies Tom.com and Hong Kong.com and biotech firm CK Life Sciences. Taken together, their exit […]
Categories
CCB unloads assets
China Construction Bank announced that it sold US$169 million in assets to Morgan Stanley and Deutsche Bank. The sale is the largest of its kind during China's drive to prepare domestic banks for foreign competition by late 2006, when the banking sector will be opened under China's World Trade Organization commitments. Ernst & Young, CCB's […]
Categories
Newbridge acquisition finalized
Newbridge Capital finalized a deal to acquire an 18% share of Shenzhen Development Bank. The two sides have yet to sign a contract and the acquisition must be approved by Chinese regulators. US-based Newbridge purchased shares in the bank from the Shenzhen government. The deal, first negotiated in 2002, broke down in 2003, leading Newbridge […]
Categories
New bank for NE China
Northeast Revitalization Bank will reportedly launch operations in Liaoning province on August 8, with the goal of rejuvenating northeast China's industrial bases. According to state media reports citing provincial officials, the bank will utilize the organizational infrastructure of Shenyang Commercial Bank and will be located in either Shenyang or Dalian. The bank is intended to […]