China Economic ReviewShanghai Automotive Industry Corp (SAIC) selected Morgan Stanley, Merrill Lynch, Deutsche Bank, Bank of China International and NM Rothschild and Sons to drive SAIC's US$1.5 billion to $2 billion listing plan. Twelve banks bid for the mandate. Rothschild was reportedly named as financial adviser, the other four as global co-ordinators and sponsors. SAIC's selection gives […]
Preparing for projected power shortages, Shanghai's neighboring province of Zhejiang ordered power cuts that will force Hangzhou Iron & Steel, cement maker Anhui Conch and other big power consumers to implement alternating shutdowns for a 15-day period. If brownouts are not imposed, industrial users would face outright blackouts, Jian Zhuge, the head of the provincial […]
China Petroleum & Chemical (Sinopec) reported it has received central government approval to proceed with its RMB 8.8 billion Qingdao oil refinery project set to begin refining operations in 36 months. China National Offshore Oil Corp, parent of red chip CNOOC, still awaits approval on plans to build a RMB 14 billion, 12 million-tonne-a-year Guangdong […]
Lehman Brothers said it agreed to buy two non-performing loan (NPL portfolios with a combined book value of about US$240 million from China Huarong Asset Management, which had scheduled selling off bad loans with a face value of US$3 billion last December. But with few bids scaling up to Huarong's reserve price, only three of […]
The China Securities Regulatory Commission rejected Beijing Capital Land's A-share listing proposal. Beijing Capital Land, which is controlled by the Beijing government, planned to raise as much as RMB 3 billion through the listing. Analysts said the bid was rejected due to government efforts to limit investment in certain sectors including real estate.