China Economic ReviewStrategic investors have applied for US$2.3 billion of the A-share portion of Industrial and Commercial Bank of China's (ICBC) IPO, the Financial Times reported. Headed by insurer China Life, which together with its Hong Kong-listed arm has put in for US$510 million in shares, 23 domestic companies and financial institutions have expressed a wish to […]
Moody's Corporation has taken a 49% stake in a joint venture with China Cheng Xin Credit Management, one of a few large local ratings providers. The move is the first foray into the Chinese market by the New York-based ratings firm, the Financial Times reported. Fitch Ratings' previously had a partnership with China Cheng Xin […]
China's national welfare fund may start investing overseas, Reuters reported. Top fund officials said Thursday that the fund, which has assets of US$29 billion invested in financial instruments like bank deposits, bonds and trust funds, may start looking at European markets as a potential destination. Overseas investments will include stocks and bonds, said Xiang Huaicheng, […]
Ping An Insurance has won government approval to invest US$1.2 billion in a major railway project, the Hong Kong Standard reported. China's second largest life insurer plans to invest in a railway between Guangzhou and Wuhan. It is the first insurance company allowed to invest in a railway. "Ping An will work with the Ministry […]
French utilities provider Suez Environment is targeting two municipal water management contracts every year in China as part of an aggressive expansion strategy, the Financial Times reported. Suez has won four full-service water contracts for Chinese cities since the market was opened up in 2002 and, prior to that, had built around 160 joint venture […]