Air show postponed because of COVID-19

THE International Aviation and Aerospace Exhibition, China’s biggest air show, has been postponed because of the COVID-19 pandemic, the show’s organizers said yesterday.

The air show had been scheduled to take place in the southern city of Zhuhai in mid-November. The organizers said they would announce new dates later, according to a statement on the show’s website, which added that health and safety considerations were behind the postponement.

Guolian, Sinolink end consolidation plan

GUOLIAN Securities Co.’s effort to acquire bigger rival Sinolink Securities Co. has ended after the firms couldn’t agree on terms to create a US$13 billion Chinese broker.

Sinolink had agreed to be bought in an all-stock deal announced Sept. 20, but specific details for the combination couldn’t be agreed to, the companies said in separate but identical stock exchange filings late Monday. Trading resumed yesterday after both firms’ shares had been halted since the takeover plan was revealed.

Meat imports slightly up in September

CHINA imported 834,000 tons of meat in September, customs data showed yesterday, slightly higher than last month, as the world’s biggest meat consumer continues to stock up on proteins after a plunge in its pork output.

The large volume compares with August’s imports of 832,000 tons and suggests there has been little impact from the suspension of exports by some overseas plants facing coronavirus outbreaks among workers. Imports for the first nine months of the year are up 72 percent at 7.41 million tons, the General Administration of Customs said.

Evergrande seeks US$1.09b in share placement

CHINA Evergrande Group is seeking as much as HK$8.43 billion (US$1.09 billion) in a share placement to refinance existing debt, just a few weeks after the developer skirted a liquidity crisis.

Evergrande is selling 490 million shares at HK$16.50 to HK$17.20 each. The price range represents a discount of 11.1 percent to 14.7 percent to its last closing price of HK$19.34 Monday. The placement comes after Evergrande’s billionaire chairman sealed a deal about two weeks ago with a group of investors that waived their right to force a US$13 billion repayment by the property firm, avoiding a potential default.