China's sole privately owned lender China Minsheng Bank is looking to sell US$1bn of its shares overseas, with Citigroup, Deutsche Bank and Goldman Sachs believed to be competing to arrange the transaction, reported Bloomberg. It was thought possible that Minsheng might choose all three banks. The sale, planned for early 2004, would give Minsheng funds […]
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China has decided to delay the adoption of the new Basel II accord on banks' capital requirements, fearing it would damage local lenders' ability to compete with foreign rivals. The China Banking Regulatory Commission said China would continue to abide by the old 1988 banking rules. However, the commission said it supported the accord in […]
Kia Motors of South Korea plans a US$600m car plant at an undisclosed mainland location, reported Reuters. The factory should be producing 400,000 vehicles a year by 2005. Kia Motors, an affiliate of Hyundai Motors, will invest a share of the capital through its existing joint venture with Dongfeng Motors and Jiangsu Yueda Investment Co. […]
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Profits double at leading car firms
China's largest 14 state-owned producers reported combined earnings of Yn18bn in the first half of the year, up 100 per cent from the first half of 2002, according to figures from the State Assets Regulatory and Administration Commission. The top three producers – First Automotive Works (FAW), Dongfeng Motor and Shanghai Automotive Industry Corp (SAIC) […]
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FAC closes in on Ningbo car deal
Taiwan's Formosa Automobile Corp (FAC) was reported by industry sources to be close to setting up a 200,000 units-a-year car plant in Ningbo, Zhejiang province. FAC was set up in 1998 by Wang Yungching, head of Formosa Plastics and reputedly Taiwan's richest man. He has been considering a number of locations including Hangzhou and Shenyang […]