Market fall reversing excessive gains: regulator

    CHINA’S securities regulator said Friday that recent falls in Chinese stock markets were just reversing unwarranted gains after a strong run-up and the economy was showing clearer signs of stabilizing despite the fall.

    “It’s a self-adjustment of the market after earlier excessive gains,” the China Securities Regulatory Commission’s spokesperson Zhang Xiaojun said at the regulator’s weekly news briefing. “Recently, there has been more volatility in the stock market. That requires all sides to treat it rationally.” Zhang said the regulator would continue to clamp down on irregularities in margin trading and that market liquidity was generally ample.

    Silk Road fund eyes listings among exit strategies

    CHINA’S US$40 billion Silk Road infrastructure fund will explore market listings and government transfers as potential strategies for divesting from successful projects, the fund’s chief executive said Saturday.

    “With respect to strong projects, we hope to exit them once they come to market,” said Jin Qi, chief executive of Silk Road Fund Co. “In the case of infrastructure projects that are long-term in nature, after the project is completed and put into operation, we can use methods such as a transfer to government, a sale back to the main business, a listing, or share transfers,” Jin said. China announced last year it would contribute US$40 billion to set up the Silk Road infrastructure fund to boost connectivity across Asia.

    ICBC expands business in Germany

    INDUSTRIAL and Commercial Bank of China (ICBC), China’s biggest bank by market value, formally opened a new branch in Berlin on Friday, expanding its business in Germany and eyeing more benefits from overseas operations.

    Counting the new Berlin office, ICBC now has five branches in Germany with more than US$2 billion in assets. The other four are located in Frankfurt, Duesseldorf, Munich and Hamburg.

    ZTE donates security system to Ugandan hospital

    ZTE Corp. is installing a security system, free of charge, at Uganda’s biggest hospital to prevent the stealing of newly-born babies.

    Rebecca Kadaga, Uganda’s parliament speaker, said at a brief ceremony held at Mulago National Referral Hospital on Friday that the surveillance cameras will be critical in stopping the crime that has troubled the hospital in recent years. “The stealing of babies has been worrying us. We need to track activities in the wards,” she said.