Resourcehouse Ltd, controlled by Australia’s fifth-richest man Clive Palmer, will delay a Hong Kong initial share offering (IPO) that’s seeking as much as US$3 billion until early next year, two people familiar with the plan said.
Resourcehouse was postponing the sale to complete an accord to sell a 10 percent stake in its China First coal project to Metallurgical Corp of China Ltd (中國冶金科工) and to meet a number of preconditions linked to the agreement, said the sources, who declined to be identified because the information is private.
The Australian firm wants to build coal and iron ore mines for A$10.2 billion (US$9 billion) to tap China’s energy and steel demand.
Hong Kong ranked as No. 2 globally for funds raised through IPOs in the first half of this year.
Resourcehouse will need approval from the Hong Kong stock exchange for its updated listing document for the share sale, the people said.
Palmer, 55, last week said Metallurgical Corp, a state-owned construction company, had agreed to buy the stake in its coal project for between A$700 million and A$800 million.
The Chinese company agreed in May to organize funding for 70 percent of the construction costs of the mine and buy 75 percent of the annual output.
Resourcehouse is in talks with Export-Import Bank of China for A$5.5 billion in funding and has signed sales accords with unidentified Chinese state-owned power companies, Palmer said last week.
China’s demand for coal, used to generate about 80 percent of the nation’s power, has gained as the government’s 4 trillion yuan (US$586 billion) stimulus spending drove third-quarter GPD growth to its fastest pace in a year.
The Hong Kong Stock Exchange on Thursday postponed by at least a week a decision on whether to approve Rusal’s application to list its shares as part of an IPO, two people familiar with the situation said.
Stephen Garrett, a 27-year-old graduate student, always thought he would study in China, but first the country’s restrictive COVID-19 policies made it nearly impossible and now he has other concerns. The cost is one deterrent, but Garrett is more worried about restrictions on academic freedom and the personal risk of being stranded in China. He is not alone. Only about 700 American students are studying at Chinese universities, down from a peak of nearly 25,000 a decade ago, while there are nearly 300,000 Chinese students at US schools. Some young Americans are discouraged from investing their time in China by what they see
MAJOR DROP: CEO Tim Cook, who is visiting Hanoi, pledged the firm was committed to Vietnam after its smartphone shipments declined 9.6% annually in the first quarter Apple Inc yesterday said it would increase spending on suppliers in Vietnam, a key production hub, as CEO Tim Cook arrived in the country for a two-day visit. The iPhone maker announced the news in a statement on its Web site, but gave no details of how much it would spend or where the money would go. Cook is expected to meet programmers, content creators and students during his visit, online newspaper VnExpress reported. The visit comes as US President Joe Biden’s administration seeks to ramp up Vietnam’s role in the global tech supply chain to reduce the US’ dependence on China. Images on
New apartments in Taiwan’s major cities are getting smaller, while old apartments are increasingly occupied by older people, many of whom live alone, government data showed. The phenomenon has to do with sharpening unaffordable property prices and an aging population, property brokers said. Apartments with one bedroom that are two years old or older have gained a noticeable presence in the nation’s six special municipalities as well as Hsinchu county and city in the past five years, Evertrust Rehouse Co (永慶房產集團) found, citing data from the government’s real-price transaction platform. In Taipei, apartments with one bedroom accounted for 19 percent of deals last
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