China Economic ReviewChina used conventional market levers instead of administrative orders to cool the economy and for the first time in nearly a decade, the People's Bank of China raised its benchmark interest rate by 27 basis points, just over a quarter of a percentage point, to 5.58% from 5.31%. Some analysts saw the move as the […]
Online travel agency eLong Inc made its NASDAQ debut unscathed by the People's Bank of China's first interest rate hike in nine years. eLong's American Depositary Receipts, which were priced at US$13.50, rose 15%, to US$15.54, as other China stocks slipped down, a slide analysts blamed on the central bank's 27 basis point rate hike. […]
Sealing its dominance in China's developing Liquefied Natural Gas market, China National Offshore Oil Corp signed two preliminary agreements with provincial governments to invest RMB20bn (US$2.4bn) to build two liquefied natural gas (LNG) terminals in Jiangsu and Liaoning provinces. The company has already won similar mandates in Shenzhen, Fujian and Zhejiang, and has secured letters […]
Hong Kong property tycoons Li Ka-shing and Lee Shau-kee committed to stakes in state-owned China Netcom Group Corp (Hong Kong) ahead of its initial public offering. Li's Cheung Kong (Holdings) and Hutchison Whampoa will between them invest at least HK$780 million (US$100 million). Henderson Land Development Chairman Lee, already an investor in China Telecom Corp, […]
Xinhua Finance Ltd, the China financial services and media company headquartered in Hong Kong, debuted on the Tokyo Stock Exchange (TSE) Mothers market Thursday, and was trading in late morning at 186,000 yen, above its initial public offering price of 175,000 yen. Xinhua Finance, which was founded in 1999, raised a total of 3.5 billion […]