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.
The Eurovision Song Contest has seen a surge in punter interest at the bookmakers, becoming a major betting event, experts said ahead of last night’s giant glamfest in Basel. “Eurovision has quietly become one of the biggest betting events of the year,” said Tomi Huttunen, senior manager of the Online Computer Finland (OCS) betting and casino platform. Betting sites have long been used to gauge which way voters might be leaning ahead of the world’s biggest televised live music event. However, bookmakers highlight a huge increase in engagement in recent years — and this year in particular. “We’ve already passed 2023’s total activity and
Nvidia Corp CEO Jensen Huang (黃仁勳) today announced that his company has selected "Beitou Shilin" in Taipei for its new Taiwan office, called Nvidia Constellation, putting an end to months of speculation. Industry sources have said that the tech giant has been eyeing the Beitou Shilin Science Park as the site of its new overseas headquarters, and speculated that the new headquarters would be built on two plots of land designated as "T17" and "T18," which span 3.89 hectares in the park. "I think it's time for us to reveal one of the largest products we've ever built," Huang said near the
China yesterday announced anti-dumping duties as high as 74.9 percent on imports of polyoxymethylene (POM) copolymers, a type of engineering plastic, from Taiwan, the US, the EU and Japan. The Chinese Ministry of Commerce’s findings conclude a probe launched in May last year, shortly after the US sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc, and have various applications, including in auto parts, electronics and medical equipment, the Chinese ministry has said. In January, it said initial investigations had determined that dumping was taking place, and implemented preliminary
Intel Corp yesterday reinforced its determination to strengthen its partnerships with Taiwan’s ecosystem partners including original-electronic-manufacturing (OEM) companies such as Hon Hai Precision Industry Co (鴻海精密) and chipmaker United Microelectronics Corp (UMC, 聯電). “Tonight marks a new beginning. We renew our new partnership with Taiwan ecosystem,” Intel new chief executive officer Tan Lip-bu (陳立武) said at a dinner with representatives from the company’s local partners, celebrating the 40th anniversary of the US chip giant’s presence in Taiwan. Tan took the reins at Intel six weeks ago aiming to reform the chipmaker and revive its past glory. This is the first time Tan
RSS