China International Capital Corp (CICC), one of the largest investment banks in China, will be the first domestic brokerage to buy partial control of a trust company, Bloomberg reported. Unnamed sources said that CICC hopes to get approval from regulators to purchase 35% of Zheshang Trust, a Hangzhou-based trust company. Trust companies, which are generally […]
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CDB looks to join TPG buy-out
China Development Bank (CDB) applied to Beijing regulators to join a sovereign wealth fund consortium seeking to take a minority stake in the US private equity firm TPG, the Financial Times reported. CDB would join the Government of Singapore Investment Group and the Kuwait Investment Authority in the purchase. TPG, a US private equity group, […]
The New York Stock Exchange stopped trading in Longtop Financial Technologies’ (LFT.NYSE) American depositary receipts on Tuesday, citing “news pending” as the reason for the halt, the Wall Street Journal reported. Longtop, similar to a dozen or more recently halted Chinese stocks, has been fighting accusations of fraud and mismanagement. Investors – who have more […]
China Guangfa Bank, the provincial bank in which Citigroup (C.NYSE, 8710.TYO) has a 20% stake, intends to raise up to US$5 billion from dual Hong Kong-Shanghai listings either this year or early 2012, the Wall Street Journal reported. The initial public offering would mark a substantial profit for the US bank in China. Citigroup doesn’t […]
Gold One International (GDO.ASX) on Monday announced it has accepted a takeover offer from a Chinese consortium led by Baiyin Non-Ferrous Group in a deal that values the Africa-focused gold producer at about US$634 million, the Wall Street Journal reported. The deal will finance the Australian miner’s expansion plans and could lead to its listing […]