CSRC official fired for alleged irregularities

    CHINA’S stock regulator said Saturday it has dismissed the head of its share issuance bureau because of suspected illegal stock trading by her spouse.

    The China Securities Regulatory Commission (CSRC) said in a statement that the official, Li Zhiling, was suspected of criminal activity and had been handed over to police. The regulator, which pledged in the statement to “strike hard” at any law violations and irregularities, gave no details. A Chinese business magazine, Caixin, said Li assumed her CSRC bureau chief role in 2012.

    Legend may price IPO at top end of range

    LEGEND Holdings Corp., the largest shareholder of personal-computer maker Lenovo Group Ltd., is likely to price its initial public offering (IPO) in Hong Kong at the top end of the price range, a source familiar with the matter said Friday.

    That would allow it to raise US$2 billion, making it the third-largest IPO in the city this year. The Beijing-based firm is scheduled to list June 29 and has closed both retail and institutional tranches for the offering.

    Wanda raises US$805m in crowdfunding push

    CHINESE conglomerate Dalian Wanda Group said Friday it has raised a total of 5 billion yuan (US$805 million) from its crowdfunding app and from an online payments site, indicating ample appetite from investors for such online financial-investment products.

    Chinese companies, including property developers, recently have been looking into online investment products and crowdfunding as a way to raise funds, apart from more conventional means such as bank loans and bond issuances. Wanda jointly launched the product, called “Stable Earner No. 1,” with online payment-service provider 99Bill on Friday and individual investors can invest as little as 1,000 yuan, the company said. Investors choose to invest in the product online or via a mobile application on their phones.

    Guotai Junan locks up US$378.6b in Shanghai IPO

    GUOTAI Junan Securities, China’s third-largest brokerage by profit, locked up 2.35 trillion yuan (US$378.6 billion) in funds in its initial public offering (IPO) earlier last week, according to a calculation based on the company’s statement released late Friday.

    Guotai Junan, which aims to raise 30.1 billion yuan through its IPO, froze 1.34 trillion yuan in retail subscriptions and another 1.01 trillion yuan in institutional subscriptions.