10 firms seek nearly US$500m through IPOs

    TEN Chinese firms yesterday applied for approval to raise more than three billion yuan (US$469.96 million) through domestic listings, as regulators restart initial public offerings (IPOs) after a near five-month hiatus.

    Among the companies that filed their plans to the Shanghai and Shenzhen stock exchanges were toy building block maker BanBao and outdoor power equipment firm Topsun. China’s securities regulator said last Friday that 10 companies had completed their IPO preparations. The government suspended stock market listings during the summer market rout.

    Bank of Jinzhou launches IPO in HK

    BANK of Jinzhou Co. yesterday launched an initial public offering (IPO) of shares for a Hong Kong listing that could raise up to US$943 million, IFR reported, citing a term sheet for the transaction.

    The offering by the bank, a commercial lender in northeastern China, consists of 1.32 billion shares, 90 percent will be new shares from the bank and the remainder sold on behalf of China’s National Council for Social Security Fund, added IFR.

    Evergrande unit buys insurance firm stake

    CHINESE property developer Evergrande Real Estate Group Ltd. said yesterday that regulators had approved its unit’s plan to buy a 50 percent stake in Great Eastern Life Assurance (China) Co.

    Evergrande Nanchang, an indirect wholly owned subsidiary, will pay 3.94 billion yuan (US$617.08 million) for a 50 percent stake in Great Eastern Life. After the transaction the insurer will be called Evergrande Life. Great Eastern Life was formed as a joint venture by the Chongqing and Singapore governments. Evergrande will buy the shares held by Chongqing City Construction Investment (Group) Co. and Chongqing Land Group.

    Guotai Junan International dives on missing CEO

    SHARES of Guotai Junan International Holdings Ltd., a Hong Kong subsidiary of Guotai Junan Securities Co., dived 12.3 percent in Hong Kong yesterday after the brokerage said it can’t contact its chairman and chief executive officer Yim Fung.

    Guotai Junan International appointed temporary replacements after failing to reach Yim since Nov. 18, the company said. Yim is a high-profile figure in Hong Kong’s securities industry, including through his comments to the media and roles with the Chinese Securities Association of Hong Kong.