China's foreign-currency B shares skyrocketed Monday as talk spread that they would be merged with the larger and more fluid A-shares, the South China Morning Post reported. Shanghai's B-share index rose 9.65%, the largest gain since June 24, 2002, and just short of the daily trading limit of 10%. It ended at 98.551 points. Shenzhen's […]
Category: Banking & Finance
China Blue Chemical, the fertiliser unit of mainland oil giant China National Offshore Oil Corp (CNOOC), has received orders more than 10 times the remaining institutional tranche of its Hong Kong initial public offering worth up to US$393 million, the South China Morning Post reported. Strong demand is prompting China Blue and its bookrunners, JP […]
China Merchants Bank, China's sixth-largest bank by assets, saw the shares in its Hong Kong initial public offering priced at US$1.10 each, raising US$2.4 billion, the Wall Street Journall reported, citing a person familiar with the matter. The Shanghai-listed bank, which set an indicative share-price range of between US$0.94 and US$1.10, sold 2.2 billion shares. […]
Wednesday's daily news update incorrectly identified the source of the "Citigroup wins Guangdong bank bid" brief. The brief was sourced from an AFP report, which cited an anonymous bank official, and not Reuters as stated. Reuters' own report the same day said no deal had been reached. We regret the error. No official decision has […]
The year-long bidding war for Guangdong Development Bank (GDB) may come to a close at the end of September. The South China lender has been the focus of the largest takeover battle in the banking system, pitting US-based Citigroup against France's Societe Generale and China's Ping An Insurance for the rare chance to gain management […]