Firms punished for fraudulent IPO disclosures

    CHINA’S securities regulator said it had punished 17 firms and six financial intermediaries whose disclosures related to initial public offerings (IPOs) contained fraudulent information, the regulator said Friday.

    Only one specific firm, Shenzhen-listed Dan Dong Xin Tai Electric Co. was identified in the China Securities Regulatory Commission’s post. The regulator had previously announced it was punishing 17 firms for irregular disclosures earlier in June. The regulator had previously reprimanded Dan Dong for fraudulent IPO data, according to a company statement earlier in June.

    Midea agrees to buy majority stake in Clivet

    MIDEA Group Co., China’s biggest appliance manufacturer, has signed an agreement to buy an 80 percent stake in Clivet SpA, an Italian maker of air conditioners.

    The deal is expected to be completed by the end of the year, pending anti-monopoly reviews, Midea said in a statement Saturday. The Shenzhen-listed company didn’t reveal the value of the acquisition. As part of the transaction, Midea will also acquire Clivet Espana S.A. and some properties.

    Fosun pursues US IPO of insurance unit

    AN arm of Chinese conglomerate Fosun Group is seeking approval for a U.S. initial public offering (IPO) of Ironshore Inc., the U.S. insurer it acquired last year.

    Fosun International Ltd. said Friday it had submitted an application with the Hong Kong stock exchange seeking approval for a spinoff and separate listing of the insurance company on either the New York Stock Exchange or NASDAQ. Shanghai-based Fosun said it would make further announcements related to the planned IPO when appropriate or required under the listing rules.

    China Logistics to delay IPO on Brexit jitters

    CHINA Logistics Property Holdings Co., the warehouse developer backed by Carlyle Group LP, will delay the launch of its US$400 million Hong Kong initial public offering (IPO), sources with knowledge of the matter said Friday.

    The Shanghai-based company will postpone the start of the share sale until Wednesday due to volatile market conditions after Britain voted to leave the European Union, according to the sources. It had originally scheduled to begin taking investor orders today, one of the sources said.