Listings by OTC traded firms under consideration

    CHINA’S securities regulator is still studying rules to allow stock exchange listings by companies already traded in the over the counter (OTC) market, according to a statement posted on the official microblog of the China Securities Regulatory Commission (CSRC) on Friday.

    The State Council, or Cabinet, had previously stated that OTC traded companies meeting requirements can apply to transfer to stock exchanges. However, the CSRC has not released any guidance on how this would proceed in practice.

    Hanergy posts huge loss after troubled year

    SOLAR panel maker Hanergy Thin Film Power Group Ltd. posted Friday a HK$12.23 billion (US$1.58 billion) loss for 2015, after a tumultuous year in which the Hong Kong securities regulator launched a probe into the firm.

    Full-year revenue for 2015 fell more than 70 percent to HK$2.81 billion, the firm said. The net loss compared with a HK$3.2 billion profit a year earlier. Shares in Hanergy Thin Film tumbled nearly 50 percent in only a few minutes last May on news that it was under investigation by Hong Kong’s market watchdog. Before the crash, the firm’s stock had staged a spectacular five-fold rally over nine months.

    Shandong Ruyi to take over fashion firm SMCP

    SHANDONG Ruyi said Friday it will buy a controlling stake in SMCP, the French firm behind affordable luxury fashion brands Sandro, Maje and Claudie Pierlot.

    Shandong Ruyi said the deal would combine the French firm’s fashion know-how with its own business network in China. It did not give a value for the purchase.

    Guosen unit denies report of bond default

    A UNIT of Shenzhen-based Guosen Securities, one of the country’s largest brokerages, Friday denied a Financial Times report that it had defaulted on a Hong Kong-traded yuan bond and said the keepwell deed supporting the bond continued to be in effect.

    The bond’s trustee, Bank of New York Mellon, issued a notice to bondholders late Thursday, stating that no event of default under the bonds had occurred. Earlier, a report in the Financial Times triggered a fall in Guosen’s dim sum bonds due 2017, with bids falling to 98 cents on the dollar from 99.5.