China Economic ReviewThe Industrial and Commercial Bank of China, China's biggest commercial bank, reported outstanding loans of Yn2,960bn at the end of 2002. This represented 25.7 per cent of its total loan portfolio under international standards, a drop of 4.1 per cent from 2001. The bank posted a net profit for 2002 of Yn6.5bn, 9.7 per cent […]
More than 20 large state enterprises in Shenyang, Liaoning province, have restructured their operations so that they are unable to repay debts of Yn20.29bn to the big four state banks, reported 21st Century Business Herald. The 21 companies have taken their best assets and used them to establish joint ventures, leaving their bad assets and […]
US investment firm Newbridge Capital was told that its acquisition of Shenzhen Development Bank will not go ahead, the Financial Times reported. The Shenzhen municipal government had agreed to sell Newbridge a stake of just under 20 per cent, making Newbridge the largest shareholder and giving it management control. Although the deal had apparently been […]
Orient Group, a private conglomerate run by Chinese tycoon Zhang Hongwei, is to sell a 1.22 per cent stake in China Minsheng Banking Corporation to the International Finance Corporation (IFC) for US$23.5m. The sale is intended to speed up co-operation between the two parties and promote the bank's internationalisation. Last year the IFC, the World […]
A US$50m convertible bond issue in April by Panva Gas, China's largest supplier of liquefied petroleum gas and piped gas, was sold out in one-and-a-half days. The bonds are listed on the Luxembourg Stock Exchange. The sole bookrunner and lead manager for the issue was Morgan Stanley. The bulk of the proceeds of the sale […]