100 IPOs expected from June to December

    CHINA’S securities regulator Friday announced around 100 initial public offerings (IPOs) from June to December this year.

    To stabilize market expectations, the China Securities Regulatory Commission (CSRC) will balance the number of IPOs on a monthly basis, with no more than 20 each month, CSRC spokesman Deng Ge said. The CSRC approved 10 IPO applications June 9, the official restart of approvals after a four-month hiatus. Nine of them have started trading. To address market concerns, the CSRC aims to keep new listings at a regular pace. More than 600 firms are still in the pipeline for IPOs.

    BoCom South Korea’s yuan clearing bank

    CENTRAL banks in China and South Korea said Friday that Bank of Communications (BoCom), China’s fifth-biggest lender, had been designated as the yuan clearing bank in South Korea.

    Leaders of China and South Korea agreed Thursday on a series of steps aimed at spurring offshore use of the yuan and investment in the Chinese capital markets, South Korea’s finance ministry and central bank said.

    Posco, Chongqing Iron sign agreement

    CHONGQING Iron & Steel Co. and South Korean steelmaker Posco have signed a memorandum of understanding for a US$3.3 billion investment, South Korea’s trade ministry said Friday.

    The agreement will cover areas including Posco’s self-developed steelmaking technology called Finex and mining, the ministry said in a statement. It did not offer other specifics. Posco said in September last year that it agreed to set up a steel mill jointly with Chongqing Iron & Steel in western China with an annual production capacity of three million tons.

    More to be allowed to sell municipal bonds

    CHINA’S Central Government will let more local governments issue bonds, as part of the Central Government’s efforts to expand financing channels for some provinces and cities that are in better financial positions than others.

    In a statement released Friday on the Ministry of Finance’s website, Finance Minister Lou Jiwei said that to fully regulate local government debt, the Central Government will “open up the bright channels while blocking the dark channels.” The ministry in May gave the green light to the first batch of 10 cities and provinces, including Beijing, Shanghai, Shenzhen and Qingdao, as well as the eastern provinces of Zhejiang, Jiangsu and Shandong, to sell bonds on their own credit.