Bank of Beijing revealed that 84 pre-IPO shareholders were under the age of 18, the Financial Times reported. One of the largest individual investors was a one-year old child. The bank maintained that the shareholders' youth was legal, saying that most of the young investors were shareholders in credit cooperatives that were later acquired by […]
Category: Banking & Finance
The first bank-backed Chinese trust firm was established in Wuhan, the capital of Hubei province, on Sunday, Securities Daily reported (in Chinese). Bank of Communications (BOCOM), which had bought 85% of the struggling Hubei International Trust and Investment Company from the province's finance department, finished restructuring the company to form the new firm, called BOCOM-International […]
PetroChina raised US$8.92 billion in its Shanghai IPO, the largest ever on the mainland, the Wall Street Journal reported. The firm issued 4 billion new A-shares at RMB16.70 (US$2.23) each, the top of the indicative price range. The equity comprised 2.18% of the firm's enlarged share capital. Its shares are expected to start trading on […]
China will encourage its banks to look for more acquisition targets in overseas markets, a leading banking regulator said on Sunday, Reuters reported. Speaking at a conference in Hebei province, Wang Zhaoxing, assistant chairman of the China Banking Regulatory Commission, said the strategy would improve the global competitiveness of domestic banks. Wang did not specify […]
Categories
Quanjude to list in Shenzhen
China Quanjude kicked off its initial public offering (IPO) on Friday, Xinhua reported (in Chinese). According to the famous Peking duck restaurant chain's public notice, Quanjude plans to raise at least US$50 million on the Shenzhen Stock Exchange. The funds will be used to remodel two restaurants in Beijing and upgrade food production bases and […]