China's foreign exchange regulator promised on the sidelines of the 17th Communist Party Congress that the country's foreign exhange reserves will be better managed, state media reported. Hu Xiaolian, administrator of the State Administration of Foreign Exchange said that the reserves will become more profitable while maintaining strong liquidity and safety. Part of the plan […]
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Alibaba raises IPO price range
Alibaba has raised its IPO price range, the Wall Street Journal reported. The e-commerce firm, which is listing in Hong Kong, raised the price range to between HK$12 and HK$13.50 (US$1.55-1.74) a share. The previous range was HK$10-12. The new prices mean Alibaba could raise up to US$1.49 billion, compared to US$1.33 billion previously. The […]
China Construction Bank announced it will sell US$2.7 billion in securities backed by subprime mortgage loans and other assets at the beginning of November, Xinhua reported (in Chinese), citing industry insiders. The China International Capital Corporation will act as the book runner for the sale. The four types of securities, which have maturities of 10 […]
Renowned American investor Warren Buffett has disposed of his remaining stake in Petrochina, the Financial Times reported. Buffett said his firm, Berkshire Hathaway sold because of price, and not due to any political or social considerations over the company's ties to Sudan. Petrochina's parent company, China National Petroleum Corp, owns the largest single share in […]
Guo Shuqing, chairman of China Construction Bank (CCB), accused US regulators of prejudice against mainland companies for thwarting the expansion of CCB in America, the South China Morning Post reported. Speaking on the sidelines of the Communist Party Congress on Wednesday, Guo said that the US government's negative attitude towards Chinese banks was "abnormal and […]