Central bank unveils rules on green bond issues

    THE central bank Tuesday published rules on issuing green bonds by policy banks, commercial banks and other financial institutions, a step toward addressing environmental problems.

    Authorities would use preferential policies to encourage green bond issues, the central bank said, adding that it aimed for “rapid development” of the green bond market. Proceeds from such issues could only be invested in green projects, according to the rules. Green bond issuers would be allowed to invest in high-grade, liquid money market instruments, and some green bonds would be included in collateral for the central bank’s policy operations.

    Noble to sell unit to COFCO

    NOBLE Group Ltd. said Tuesday it has agreed to sell its remaining 49 percent stake in its agribusiness to China’s State-owned COFCO International Ltd., exiting agricultural markets as the Asian commodity merchant seeks to slash debt and shore up cash.

    The US$750 million cash deal will hand COFCO full ownership of Noble Agri, which handles everything from corn to sugar to cocoa and fertilizer, as China, the world’s top commodities buyer, seeks greater access to food. It bought an initial 51 percent stake in Noble Agri in April 2014.

    Guotai Junan International chairman returns

    GUOTAI Junan International Holdings Ltd. said yesterday its chairman and chief executive officer Yim Fung will resume his duties after a five-week absence to aid investigations by authorities.

    Neither Yim nor Guotai Junan International, the Hong Kong unit of Shanghai-listed Guotai Junan Securities, were subjects of the probes, the company said. The company’s operations are normal and stable, it said. The nature of the investigation Yim is involved in remains unknown, but his absence coincides with a broad campaign against graft in the financial sector following a market slump.

    Orient Securities plans to list shares in HK

    SHANGHAI-BASED brokerage Orient Securities Co. plans to list shares in Hong Kong in the first half of 2016 in a previously flagged initial public offering, Xinhua reported yesterday, citing president Jin Wenzhong.

    The report didn’t say how much Orient Securities, which has in an investment banking venture with Citigroup Inc., plans to raise. An Orient Securities official declined to comment on the timing or size of the IPO, but said the plan has already been approved by shareholders.