China Economic ReviewIndustrial and Commercial Bank of China received approval Thursday from the Hong Kong Stock Exchange to move forward with an initial public offering that may become the largest ever, the Wall Street Journal reported. ICBC was expected to release Friday the prospectus for its offering that may raise US$19 billion, higher than the US$18.4 billion […]
The People's Bank of China is planning a daily short-term yuan interest rate that could open the door to new financial products, the Wall Street Journal reported. The Shanghai interbank offered rate, or Shibor, could become the benchmark for new financial products. The plan may be announced before the end of the year and would […]
China's largest banks may soon be allowed to establish their own private equity divisions, the South China Morning Post reported, citing comments by Cao Wenlian, the National Development and Reform Commission's (NDRC) vice-director of finance. "All the relevant agencies should consider allowing the three big banks (Bank of China, China Construction Bank and Industrial and […]
China's first financial futures product, a contract based on the index of the 300 largest Shanghai and Shenzhen-listed A-share companies, will operate under tight restrictions when the market begins formal trading late this year or early next year. The contract will be limited to a 10% daily fluctuation restriction – to which the underlying stocks […]
Citigroup subsidiary Associates First Capital Corp will replace private equity firm Carlyle in a consortium bid led by the US bank for an 85% stake in Guangdong Development Bank (GDB), the Wall Street Journal reported. Sources close to Carlyle said the company found the deal "less interesting" as it would only get a 5% stake […]