Two major Chinese banks that own US$8 billion in Fannie Mae and Freddie Mac securities said they welcomed the US government’s decision to help the troubled mortgage lenders, AP reported. Chinese banks have not been deeply affected by the US subprime mortgage crisis. Bank of China’s securities in that sector make up just 1.5% of […]
Category: Banking & Finance
CITIC Resources Holdings, a unit of state-owned CITIC Group, will spin off its manganese unit, the South China Morning Post reported. The company has submitted an application to the Hong Kong stock exchange to list CITIC Dameng Holdings on the main board. CITIC Resources owns 80% of CITIC Dameng. CITIC Group owns the remaining 20%. […]
China’s regulators have shortened the lock up period on post-IPO share sales, a move that could slow the rise in share prices after a company lists, the Wall Street Journal reported. The Shenzhen and Shanghai bourses, in separate announcements on Thursday and Friday respectively, said that investors owning shares in a company prior to its […]
The US Federal Reserve said China Investment Corp (CIC), China’s sovereign wealth fund, cannot subsidize loans for its companies through a branch of Industrial and Commercial Bank of China (ICBC) set to open in New York, Bloomberg reported. ICBC was given permission to set up its first US branch in New York last month, making […]
Shanghai’s government will encourage companies it owns to launch public listings in the next three to five years, according the city’s director of state-owned assets, the South China Morning Post reported. Yang Guoxiong, director of Shanghai’s State-owned Assets Supervision and Administration Commission, said the government would like to list at least 30% of its quality […]