Wanxiang Resources, Hartree in joint venture

    PRIVATELY owned Hartree Capital is setting up a commodities trading joint venture in China with Wanxiang Resources, owned by the world’s largest auto parts maker, as it pushes to expand into the country’s mammoth markets for industrial materials, a source familiar with the matter said.

    The venture will be based in Shanghai and is expected to be up and running this year, handling physical commodities and derivatives, said the source. Wanxiang Resources trades base metals, ferrous and energy products. It is owned by auto parts maker Wanxiang Group.

    Bank of Shanghai surges 44% on trading debut

    SHARES in Bank of Shanghai Co. yesterday soared 44 percent on trading debut, the most allowed in one day, after it raised 10.7 billion yuan (US$1.58 billion) in the Shanghai Stock Exchange’s largest initial public offering (IPO) this year.

    The bank’s initial public offering was oversubscribed 763 times earlier in November, with a price-to-earnings ratio at 8.26, higher than the average of 7.66 for listed peers. Shares of Bank of Shanghai shot up and traded at 25.59 per share, 44 percent above their IPO price of 17.77 yuan per share, reaching the maximum allowed increase in a day.

    CNPC to spin off most non-energy assets

    CHINA National Petroleum Corp., parent of PetroChina Co., plans to spin off most non-energy assets as low oil prices force the State-run behemoth to streamline, according to sources .

    Under a plan detailed at an internal meeting last month, CNPC would bundle businesses employing about 140,000, including hotels, hospitals, schools and utility companies, into regional units, said the sources. The reorganization, which would see the assets taken over by local governments or folded into joint ventures with outside investors, must be completed before 2019, the sources said.

    Minsheng Financial eyes financial acquisitions

    CHINA Minsheng Financial Holding Corp. is scouting for acquisitions of financial services companies including banks in Europe, betting on the bloc’s strengthening ties with China, said Wang Ren, the firm’s chief financial officer.

    The firm, however, sees Chinese acquisitions in the United States in the near term taking a pause due to uncertainty about the policies of the administration of President-elect Donald Trump.