Merchants Securities sets terms for HK offer

    CHINA Merchants Securities plans to raise between US$1.3 billion and US$1.47 billion from a Hong Kong share offer, IFR reported Friday, citing sources familiar with the matter.

    China Merchants plans to offer 891 million shares in a range of HK$11.54 (US$1.48)-HK$12.78 each, IFR, a Thomson Reuters publication, said. The price range is preliminary and the company plans to fine-tune based on Friday’s currency movements. The brokerage aims to sell about 60 percent of the shares to about 10 cornerstone investors, including Chinese insurance companies, government investment funds, State-owned companies and private enterprises, the report added.

    ICBC Moscow to be yuan clearing bank in Russia

    CHINA’S central bank said it has authorized the Moscow subsidiary bank of Industrial and Commercial Bank of China (ICBC) to be a yuan clearing bank in Russia.

    The People’s Bank of China announced the authorization in a statement posted on its website on Friday. It provided no details. ICBC is the biggest’s of state-owned banks in China. The Kremlin has sought to deepen its relationship with China following the imposition by the United States and European Union of sanctions on Russia over its annexation of Ukraine’s Crimean peninsula two years ago.

    China Moly bids for Tenke mine stake

    CHINA Molybdenum Co. is among companies that have held talks with Lundin Mining Corp. about acquiring Lundin’s minority stake in the Tenke Fungurume cobalt mine, people familiar with the matter said.

    Lundin is trying to exit the venture and has had discussions with potential buyers, including China Moly, for its 24 percent stake in the Democratic Republic of the Congo mine, the people said.

    Greenland Holdings eyes M&A opportunities

    GREENLAND Holdings, China’s fourth-biggest homebuilder, said it is looking at acquisition opportunities in the bank and insurance sector and is hoping to expand further into infrastructure as it looks to diversify its business.

    Executives for the company said that after so many years of property development in China, the sector needed to look for new drivers of growth. The Shanghai-based developer is looking at acquisitions in China and overseas, Greenland deputy general manager of strategic planning Martin Li said.