Japan’s Sharp (6753.TYO) announced Tuesday that it sold a 10% stake to Hon Hai Precision (2317.TPE) for around US$800 million to prop up its ailing liquid crystal display panel business, The Wall Street Journal reported. Hon Hai, the parent company of Apple (AAPL.Nasdaq) parts maker Foxconn, will become the company’s largest shareholder and is looking […]
Category: Markets
China Life Insurance (LFC.NYSE, 601628.SH, 2628.HKG) said its net profit slumped 45% in 2011 due to losses from its investments in the domestic stock market, The Wall Street Journal reported. China Life, which has 40% share of the domestic life insurance market, reported 2011 net profit was US$2.91 billion (RMB18.33 billion), down from US$5.3 billion […]
China Minsheng Banking (600016.SH, 1988.HKG) will sell new shares in a Hong Kong offering priced at HKD6.79 (US$0.87), the latest in what may be a wave of capital-raising by Chinese banks, Bloomberg reported. An unnamed source said Minsheng, China’s first non-state lender, hopes to raise US$1.45 billion by offering 1.65 billion of new shares. New […]
by Helen Chen and Yanyan Lin
Online discount retailer Vishop Holdings (VIPS.NYSE) raised 39% less than planned in the first US initial public offering by a Chinese company since August, Bloomberg reported. The company’s shares fell 15% on the first day of trading following its IPO, as concerns about China’s continued growth and Vishop’s persistent losses weighed on investor sentiment. Vishop […]