China appointed Merrill Lynch to coordinate its US$1 billion US dollar bond offering with Goldman Sachs and JPMorgan appointed as managers for the offering, according to a Reuters report. Beijing is also expected to offer Euro-denominated bonds worth US$500 million, which will likely be managed by UBS, Deutsche Bank and BNP Paribas. The bonds are […]
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In another sign that the gravitational center of the automotive industry is moving to China, Dearborn, Michigan-based automotive supplier Visteon Corp said it will build a new US$80 million facility in Dalian to make air conditioning compressors and components in a joint venture with Halla Climate Control Dalian Co. The new facility, scheduled to open […]
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CSRC planning new IPO rules
The China Securities Regulatory Commission (CSRC) announced that no new initial public offererings would be allowed until regulations aimed at setting reasonable offering prices are finalized. The rule changes were posted in draft form on the CSRC website and the CSRC has invited comments on them. The new rules come after the National Peoples Congress […]
Olympic projects between 2002 and the opening of the Games in 2008 are projected to cost RMB 134.9 billion (US$16.25 billion), but so far there has been little foreign participation in Olympic projects, Jones Day lawyer Ashley Howlett told the South China Morning Post, echoing complaints over legal hurdles foreign companies face. Foreign contractors working […]
Chinese regulators announced new rules governing money-market funds, stipulating that funds confine investments to money-market instruments such as cash, bank bills, repos and short-term bonds. The rules expressly prohibit investment in stocks, convertible bonds or bonds with a maturity of more than a year. Seven money-market funds have launched since regulators allowed them earlier this […]