Shanghai Bureau Chief
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Oct 29, 2010

China funds raise equity weighting to record high

SHANGHAI (Reuters) – Mutual funds in China have raised their recommended equity weighting to a record high, betting ample liquidity at home and abroad will push stock prices higher, the latest monthly Reuters poll of fund managers shows.

However, the stock market still faces policy risks because if inflation spirals out of control, the government could take tougher measures to tighten liquidity, some fund managers said.

Sep 16, 2010

China bank watchdog: fundraising a long-term issue

SHANGHAI, Sept 16 (Reuters) – Chinese banks should expect to
see their interest margins narrow and capital requirements
tweaked over time, meaning they may need to keep raising capital
over the next decade, a top banking regulator said on Thursday.

Wang Huaqing, vice chairman of the China Banking Regulatory
Commission (CBRC), did not specifically comment on recent reports
that the agency was considering lifting key banks’ capital
adequacy ratios (CAR) to at least 11 percent, with the option to
urge even higher ratios.

Sep 15, 2010

China’s Ningbo Port prices IPO at top of range

SHANGHAI, Sept 15 (Reuters) – Ningbo Port priced its
Shanghai IPO shares at the top of an indicative range on
Wednesday, raising 7.4 billion yuan ($1.1 billion), after the
Chinese port operator slashed the size of its float by a fifth
to whet investor appetite in a wobbly stock market.

Demand for China’s third-biggest initial public offering so
far this year was also bolstered by optimism that a rebound in
the global economy and trade from 2009’s slump will help boost
Ningbo Port’s earnings this year by at least 20 percent.

Sep 15, 2010

China Ningbo Port seen pricing IPO top of range, raise $1.1 bln

SHANGHAI, Sept 15 (Reuters) – Ningbo Port is likely to
price its Shanghai IPO shares at the top of an indicative range
on Wednesday and raise 7.4 billion yuan ($1.1 billion), after
the Chinese port operator slashed the size of its float by a
fifth to whet investor appetite in a wobbly stock market.

Demand for China’s third-biggest initial public offering so
far this year is also bolstered by optimism that a rebound in
the global economy and trade from 2009’s slump will help boost
Ningbo Port’s earnings this year by at least 20 percent,
analysts said.

Sep 13, 2010

China says to ease restrictions on foreign investment

SHANGHAI (Reuters) – China is currently in the process of revising its foreign investment catalogue to expand the number of sectors for which foreign investment is encouraged or permitted, a senior official said on Monday.

Liu Yajun, Director-General of the Ministry of Commerce’s Foreign Investment Department, told a conference in Shanghai that the revised catalogue would decrease the number of sectors that are restricted or off limits for foreign investors.

Aug 27, 2010

Citic Securities Q2 net halves on stock tumble -source

SHANGHAI, Aug 27 (Reuters) – Citic Securities Co (600030.SS: Quote, Profile, Research, Stock Buzz),
China’s biggest-listed brokerage, posted a worse-than-expected 51
percent slump in second-quarter profit, as a tumble in the stock
market hurt income from trading commissions and propriety
trading, a source with direct knowledge of the figures said.

The prospects of China’s brokerage industry appear dim as
China’s stock market has shown signs of weakness after a July
rebound, reflecting investor concern over a slowing economy.

Aug 24, 2010

Chalco looks to diversify into coal, rare earths

SHANGHAI, Aug 24 (Reuters) – Aluminium Corp of China Ltd
(2600.HK: Quote, Profile, Research, Stock Buzz) aims to build a complete industry chain by buying
into rare earth, coal and iron ore operations as margins for
its core business remain under pressure on ample global
supplies.

Chairman Xiong Weiping of the world’s biggest aluminium
producer by market value, widely know as Chalco, told reporters
that the Hong Kong-listed firm was well placed to expand into
compatible materials production after reporting on Monday a
loss in the second quarter. [ID:nTOE67N00S]

Aug 20, 2010

Rio CEO says still seeking BHP iron ore JV approval

SHANGHAI/SYDNEY (Reuters) – Rio Tinto (RIO.AX: Quote, Profile, Research, Stock Buzz) (RIO.L: Quote, Profile, Research, Stock Buzz) CEO Tom Albanese said the miner would keep seeking regulatory approval for a $116 billion joint venture with BHP Billiton (BHP.AX: Quote, Profile, Research, Stock Buzz) (BLT.L: Quote, Profile, Research, Stock Buzz) after a report that the deal faces collapse.

Global miners BHP and Rio expect the iron ore joint venture in Western Australia will fail to get regulatory approval, the Sydney Morning Herald reported on Friday.

Aug 18, 2010

ICBC gets nod for Shanghai convertible bond sale

SHANGHAI/BEIJING, Aug 18 (Reuters) – Industrial and
Commercial Bank of China, the world’s largest bank by market
value, on Wednesday obtained regulatory approval for its plan to
issue up to 25 billion yuan ($3.7 billion) in convertible bonds
in Shanghai.

The China Securities Regulatory Commission’s (CSRC) Public
Offering Review Committee has given the issue the green light,
the agency announced in a statement on its website
(www.csrc.gov.cn).

Aug 6, 2010

Everbright eyes IPO price range of 3-3.3 yuan -source

SHANGHAI, Aug 6 (Reuters) – China Everbright Bank, looking
to raise around $3 billion in its Shanghai IPO, has put its
preliminary IPO price at a modest 3.0-3.3 yuan ($0.44-$0.49)
per share range, setting the stage for a strong reception for
what could be China’s second-biggest offering this year.

Everbright’s initial public offering of almost 6.1 billion
shares is expected to face a much warmer welcome than the
mega-IPO launched by the Agricultural Bank of China
(601288.SS: Quote, Profile, Research, Stock Buzz)(1288.HK: Quote, Profile, Research, Stock Buzz) just a month ago, helped by better market
conditions.

    • About Jason

      "Jason leads Reuters' coverage of China's financial markets from Shanghai. Prior to moving there at the start of 2010, he reported on the Chinese economy and policy from Beijing, where he lived for a decade."
      Joined Reuters:
      2005
      Languages:
      Mandarin, German
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