China Construction Bank Corp's (
The IPO by China's biggest property lender is expected to raise up to 58 billion yuan, likely setting a record for a share listing on a domestic bourse.
Demand for the 9 billion shares the bank is offering at 6.15 yuan to 6.45 yuan was strong amid abundant funds and positive earnings expectations for the bank, said the China Securities Journal and other reports.
The previous record for subscriptions for a domestic IPO was the 1.89 trillion yuan in interest drawn by the mid-sized city lender Bank of Beijing (北京銀行). That was 125 times more than the 15 billion yuan it raised in its Shanghai IPO earlier this month.
Massive demand for shares, especially from retail investors, has helped push Shanghai's benchmark Composite Index up by more than 100 percent since the beginning of the year.
Meanwhile, China's securities regulator has approved a plan by China Shenhua Energy Co (神華能源), the country's biggest coal producer by output, to list shares on the Shanghai Stock Exchange.
The China Securities Regulatory Commission approved the proposed share listing in a meeting on Monday, according to a notice seen yesterday on its Web site.
Shenhua owns coal mines, railways, ports and power plants. It already has shares traded on the Hong Kong Stock Exchange.
The stock will be off-limits to most foreign investors as yuan-denominated "A shares." Shenhua has not said how much it expects to raise in the initial offering of the shares.
Also yesterday, the Chinese government said PetroChina Co (中國石油天然氣), the nation's largest oil company, plans to use proceeds from an upcoming domestic share sale on a huge refinery project in the country's resource-rich northwest.
This is one of six projects to receive funds raised in the massive Shanghai IPO, said the State Environmental Protection Administration, which must assess the ecological impact.
The refinery in Dushanzi in the Xinjiang region will be the country's largest refinery and petrochemical complex after expansion financed by the IPO, the administration said in a statement on its Web site.
Quanta Computer Inc (廣達) chairman Barry Lam (林百里) is expected to share his views about the artificial intelligence (AI) industry’s prospects during his speech at the company’s 37th anniversary ceremony, as AI servers have become a new growth engine for the equipment manufacturing service provider. Lam’s speech is much anticipated, as Quanta has risen as one of the world’s major AI server suppliers. The company reported a 30 percent year-on-year growth in consolidated revenue to NT$1.41 trillion (US$43.35 billion) last year, thanks to fast-growing demand for servers, especially those with AI capabilities. The company told investors in November last year that
Taiwanese suppliers to Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電) are expected to follow the contract chipmaker’s step to invest in the US, but their relocation may be seven to eight years away, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. When asked by opposition Chinese Nationalist Party (KMT) Legislator Niu Hsu-ting (牛煦庭) in the legislature about growing concerns that TSMC’s huge investments in the US will prompt its suppliers to follow suit, Kuo said based on the chipmaker’s current limited production volume, it is unlikely to lead its supply chain to go there for now. “Unless TSMC completes its planned six
Intel Corp has named Tasha Chuang (莊蓓瑜) to lead Intel Taiwan in a bid to reinforce relations between the company and its Taiwanese partners. The appointment of Chuang as general manager for Intel Taiwan takes effect on Thursday, the firm said in a statement yesterday. Chuang is to lead her team in Taiwan to pursue product development and sales growth in an effort to reinforce the company’s ties with its partners and clients, Intel said. Chuang was previously in charge of managing Intel’s ties with leading Taiwanese PC brand Asustek Computer Inc (華碩), which included helping Asustek strengthen its global businesses, the company
Power supply and electronic components maker Delta Electronics Inc (台達電) yesterday said second-quarter revenue is expected to surpass the first quarter, which rose 30 percent year-on-year to NT$118.92 billion (US$3.71 billion). Revenue this quarter is likely to grow, as US clients have front-loaded orders ahead of US President Donald Trump’s planned tariffs on Taiwanese goods, Delta chairman Ping Cheng (鄭平) said at an earnings conference in Taipei, referring to the 90-day pause in tariff implementation Trump announced on April 9. While situations in the third and fourth quarters remain unclear, “We will not halt our long-term deployments and do not plan to
RSS