Number of listed firms tops 3,000

    THE number of firms on the Shanghai and Shenzhen stock exchanges topped 3,000 Friday, marking a milestone for China’s modern stock market that opened only 26 years ago.

    There are 1,159 firms listed in Shanghai and 1,843 firms in Shenzhen. The total market capitalization of the 3,002 listed firms currently stands at more than 52 trillion yuan (US$7.53 trillion), according to Xinhua. Taken together, China’s two stock exchanges are edging closer to the New York Stock Exchange (NYSE) in terms of the number of listed firms — NYSE now has 3,162 — but still trail behind its overall market capitalization of US$19.62 trillion at the end of November.

    ICBC, Shandong Gold in debt-for-equity deal

    INDUSTRIAL and Commercial Bank of China (ICBC), the country’s biggest lender by assets, said Friday it has signed a 10 billion yuan (US$1.45 billion) debt-for-equity swap with Shandong Gold Group to reduce the company’s debt burden.

    This deal marked ICBC’s first debt-for-equity swap since the government launched the program in October in a bid to reduce its US$18 trillion in corporate debt, equivalent to 169 percent of domestic output. Shandong Gold Group, China’s second biggest in terms of gold production and gold reserves, will see its corporate leverage lowered by 10 percentage points after the debt swap.

    Meitu prices IPO at bottom, raises US$630m

    PHOTO app and mobile phone maker Meitu Inc. is set to raise US$630 million after pricing its Hong Kong initial public offering (IPO) at the bottom of expectations, a person with direct knowledge of the deal said Friday.

    Meitu, known for its apps that let users retouch and beautify selfies and other photos, priced the IPO at HK$8.50 per share, after marketing the 574 million new shares in an indicative range of HK$8.50-HK$9.60 each, said the source. That would put the IPO at HK$4.88 billion (US$629 million).

    Shanghai exchange to hike hot-rolled coil fees

    THE Shanghai Futures Exchange said Friday it will limit trading positions and hike transaction fees for investors in its hot-rolled coil steel for delivery in May 2017, its latest step to curb soaring prices.

    The exchange will limit intraday positions to 2,000 lots from today for non-member firms and adjusted the intraday fee to 0.03 percent of the transaction value effective Tuesday.