PineBridge Investments boosts stake in ZTE

    PINEBRIDGE Investments, the money manager controlled by Hong Kong billionaire Richard Li, boosted its stake in Shenzhen-based network equipment maker ZTE Corp. to 5 percent, a stock exchange filing showed.

    The PineBridge holding rose Nov. 27 to the level that requires disclosure, after previously being at 4.94 percent, the filing showed Friday. The investment was for PineBridge’s funds and accounts managed by it and not a direct investment for Li, PineBridge spokeswoman Jacinta Reddan said. Based in Shenzhen, ZTE is listed in Shenzhen and Hong Kong, with a market capitalization of US$11 billion.

    AgBank president resigns for personal reasons

    THE president of China’s third-biggest lender by assets, Agricultural Bank of China Ltd. (AgBank) resigned for personal reasons, the Shanghai Stock Exchange said in a statement Friday.

    Zhang Yun was both the president of the bank and the vice chairman. AgBank’s board approved the bank’s current chairman Liu Shiyu to be the acting president, the exchange said, in a separate statement Friday. Zhang, who is listed as 55 years old in the bank’s most recent annual report, had been its vice chairman and president since 2009 and has held senior roles there since 2001. He has often spoken publicly on behalf of the bank, such as during earnings presentations.

    Luye buys Australian hospital operator

    LUYE Group Ltd. agreed to buy Healthe Care Australia Pty, the nation’s third-largest private hospital operator, as the Chinese company hunts for expansion opportunities in the Asia-Pacific region.

    Luye is acquiring Healthe Care from private equity firm Archer Capital Pty and gaining a company that operates 17 hospitals with more than 1,800 beds across Australia, the companies said in a joint statement yesterday. Luye has a significant stake in Hong Kong-listed drugmaker Luye Pharma Group Ltd.

    Regulator says another 10 firms ready for IPOs

    THE securities regulator said that another 10 companies have completed their preparations for initial public offerings (IPOs) and will determine issuance dates with stock exchanges.

    The China Securities Regulatory Commission has recently resumed IPOs, ending a hiatus imposed during the summer market rout, with a first batch of 10 companies having launched share sales last week.