SinoCast China Financial Watch articles from March 2006

SinoCast China Financial Watch archives from March 2006

Rating Firms Dislike BoCom despite Soaring Net.
March 31, 2006... (From SinoCast China Financial Watch) SHANGHAI, April 03, SinoCast -- Shares of Bank of Communications (3328.HK) are marked on a "sell" rating, although the fifth-biggest bank in China had its net profit rise by almost five folds in...

Bill Gates Shying Away from China High-Tech Stocks.
March 31, 2006... (From SinoCast China Financial Watch) SHANGHAI, April 03, SinoCast -- Bill & Melinda Gates Foundation, a charitable body under the world's richest man Bill Gates, has bought more than ten non-high-tech stocks in China after receiving the...

China's Datang Power to Launch Home IPO.
March 31, 2006... (From SinoCast China Financial Watch) BEIJING, April 03, SinoCast -- Datang International Power Generation Co. Ltd. (0991.HK) is ready for a domestic initial public offering that will raise not more than CNY 6 billion. Yang Hongming,...

Real Estate Firms Grow under Adverse Policy.
March 31, 2006... (From SinoCast China Financial Watch) SHANGHAI, April 03, SinoCast -- Many Chinese publicly traded companies of property development said they continued to grow businesses, albeit the government tightens control of the bubble-looming...

Baosteel Ponders Takeover of Smaller Rivals.
March 31, 2006... (From SinoCast China Financial Watch) SHANGHAI, April 03, SinoCast -- Baosteel Group Corporation, China's biggest steel producer, has turned its sight to smaller peers under a strategy focusing on both acquisitions and internal growth....

Insurers Streamline Marketing Ways in China.
March 31, 2006... (From SinoCast China Financial Watch) BEIJING, April 03, SinoCast -- Insurance companies in China are counting on other financial institutions to sell products in an effort to streamline their marketing channels, led by Skandia-BSAM Life...

Sinopec's Finance Arm Close to Bond Issue.
March 30, 2006... (From SinoCast China Financial Watch) BEIJING, March 31, SinoCast -- China Petroleum & Chemical Corp., or Sinopec (NYSE: SNP; HKEX: 0386) said its finance arm will likely issue CNY 5 billion in corporate bonds. It represents a new...

Temasek Eyes Big Salt Deal.
March 30, 2006... (From SinoCast China Financial Watch) SICHUAN, March 31, SinoCast -- The Singaporean government- owned Temasek Holdings is cutting deeper into China's industrial companies. It plans buying a 40% stake in Sichuan Jiuda Salt (Group)...

Merrill Lynch's China JV Plan at Stake.
March 30, 2006... (From SinoCast China Financial Watch) SHANGHAI, March 31, SinoCast -- The world's biggest securities firm by market value, Merrill Lynch may have to scrap its effort to open a joint venture securities company, as China starts to cast...

Carlyle Group Woos Shanghai Flooring Maker.
March 30, 2006... (From SinoCast China Financial Watch) SHANGHAI, March 31,. 30, SinoCast -- Shanghai Anxin Flooring Co., Ltd., the nation's biggest manufacturer of solid wood flooring, is to receive about USD 30 million investment from Carlyle Group,...

China Securities Market Polarized.
March 30, 2006... (From SinoCast China Financial Watch) SHANGHAI, March 31,. 30, SinoCast -- Chinese leading securities companies are dominating the market thanks to the industrial M&A tide resulted from the waning stock market since 2001. Brokerage...

Ping An Insurance 05 Net Soars 35.6%.
March 30, 2006... (From SinoCast China Financial Watch) SHENZHEN, March 31, SinoCast -- Ping An Insurance (Group) Co., Ltd. (2318.HK), the second-biggest insurance group in China, has a strong growth in fiscal 2005, showed its annual report. In the fiscal...

Top Chinese City Banks Woo Foreign Funds.
March 29, 2006... (From SinoCast China Financial Watch) SHANGHAI, March 30, SinoCast -- Leading Chinese city commercial banks are inviting foreign investments with the hope of improving their capital base as well as the capital adequacy ratio. Ningbo City...

HSBC Sweetened by Rising BoCom Net.
March 29, 2006... (From SinoCast China Financial Watch) HONG KONG, March 30, SinoCast -- Bank of Communications (3328.HK), China's fifth-biggest lender, said yesterday the full-year net profit rose by 4.8-fold and proposed to send hefty cash bonuses. It...

CITIC Ponders Takeover of Big Fund Manager.
March 29, 2006... (From SinoCast China Financial Watch) BEIJING, March 30, SinoCast -- CITIC Securities (600030.SH), who has had a fund management unit, plans to buy a controlling stake in another asset company, local news said. As China's first publicly...

Chinese Wineries Remain Upbeat.
March 29, 2006... (From SinoCast China Financial Watch) CHENGDU, March 30, SinoCast -- Chinese existing wineries are in a bid to defend their turf as overseas giants and new competitors eat into the country's potentially lucrative wine market. Up to now,...

Baosteel Posts Record Sale, Net in '05.
March 29, 2006... (From SinoCast China Financial Watch) SHANGHAI, March 30, SinoCast -- Baoshan Iron & Steel Co (600019.SZ), the listed arm of China's biggest steel producer, just announced the annual report for 2005, showing a record high of CNY 126.61...

Results Mixed at China Bluechips.
March 29, 2006... (From SinoCast China Financial Watch) SHANGHAI, March 30, SinoCast -- Three bluechip companies are scheduled to issue annual reports today at the Shanghai Stock Exchange, with two posting rapid growth in net profit and one falling year...

Deutsche Leasing Enters Shanghai.
March 28, 2006... (From SinoCast China Financial Watch) SHANGHAI, March 29, SinoCast -- Deutsche Leasing, the biggest machinery leasing company in Germany, has turned sight eastward and tapped into China, the world's fastest-growing economy. The company...

Shanghai to Reopen Bourse for Oil Trading.
March 28, 2006... (From SinoCast China Financial Watch) SHANGHAI, March 29, SinoCast -- The countdown to the resumed trading of Shanghai's petroleum exchange, after a 12- year suspension, has entered the last months, although its main function will be...

Bright Dairy 05 Net Dives on Quality Scandal.
March 28, 2006... (From SinoCast China Financial Watch) SHANGHAI, March 29, SinoCast -- Dairy giant Shanghai Bright Dairy & Food Co. Ltd. (600579.SH) suffered deeply from an alleged quality scandal, according to the company's fiscal year 2005 report posted...

China's Forex Reserve Second to None.
March 28, 2006... (From SinoCast China Financial Watch) BEIJING, March 29, SinoCast -- China's foreign-exchange reserve totaled USD 853.7 billion as at February 28, 2006, replacing Japan's as the world's largest, said sources close to the regulatory...

China's First Mutual Insurer Booms in 2005.
March 28, 2006... (From SinoCast China Financial Watch) SHANGHAI, March 29, SinoCast -- Sunshine Mutual Agricultural Insurance Co., China's first mutual insurer, obtained record premium income of CNY 228 million in 2005. The company, based in the...

Metlife Marches into Guangdong Province.
March 28, 2006... (From SinoCast China Financial Watch) GUANGZHOU, March 29, SinoCast -- Metlife, a 50/50 joint venture between U.S.-based Metropolitan Life Insurance and Beijing's Capital Airports Holding Company, expands into the affluent southern...

CITIC Bank Close to New Investor.
March 27, 2006... (From SinoCast China Financial Watch) SHANGHAI, March 28, SinoCast -- CITIC International Financial Holdings Limited (0183.HK) is in talks to buy a stake in China CITIC Bank, as their same parent, CITIC Group, quickens the reshuffle of...

China Winery ChangYu Net Up 53% in '05.
March 27, 2006... (From SinoCast China Financial Watch) YANTAI, March 28, SinoCast -- China's No. 1 red wine maker Yantai ChangYu Pioneer Wine Company (000869.SH) has seen the net profit in 2005 surge 53.03 percent year on year to CNY 312 million, despite...

'05 Net Solid at Oil Firms CNOOC, COSL.
March 27, 2006... (From SinoCast China Financial Watch) HONG KONG, March 28, SinoCast -- China National Offshore Oil Corporation (CNOOC), the country's biggest offshore oil producer, sees encouraging fiscal year results from its two Hong Kong-listed...

China's COFCO Pushes for Empire Building.
March 27, 2006... (From SinoCast China Financial Watch) BEIJING, March 28, SinoCast -- China National Cereals, Oils and Foodstuffs Corp (COFCO), the nation's biggest foreign trader of grains, takes over China Grains and Oils Group Corp. with formal...

M&A Concept Driving up Steel Stocks.
March 27, 2006... (From SinoCast China Financial Watch) SHANGHAI, March 28, SinoCast -- Chinese listed steel companies are benefiting from the M&A tide conducted by foreign magnates, led by Mittal Steel and Arcelor. Laiwu Steel Corporation (600102.SH),...

France's CNP Unveils China Bancassurance JV.
March 27, 2006... (From SinoCast China Financial Watch) BEIJING, March 28, SinoCast -- China's first joint venture bancassurance company comes to surface recently, which is a tie- up between China Post and France's CNP Assurances. The venture, Sino-French...

While Locals Eye Out, Foreigners in.
March 24, 2006... (From SinoCast China Financial Watch) SHANGHAI, March 27, SinoCast -- Two foreign banks show interests to list at the Chinese mainland stock exchanges, while mainland lenders are rushing for their Hong Kong initial stock offerings. HSBC...

China Policy Bank Clinches Big Deal.
March 24, 2006... (From SinoCast China Financial Watch) BEIJING, March 27, SinoCast -- China Development Bank, one of the three policy-oriented lenders, is expanding its business scope to give it a good reason to survive. CDB on March 20 signed an...

China's ICBC Has No Privatization Plan, Zhu Says.
March 24, 2006... (From SinoCast China Financial Watch) HONG KONG, March 27, SinoCast -- ICBC (Asia) (0349.HK), the flagship overseas arm of ICBC, the Chinese mainland's largest bank, will maintain its public company status, as Chief Executive Officer Mr...

China Likely to Debut Steel Futures in End-June.
March 24, 2006... (From SinoCast China Financial Watch) SHANGHAI, March 27, SinoCast -- Shanghai Futures Exchange will likely kick off its transaction of steel futures by the midyear, an official from the China Securities Regulatory Commission told in an...

China Life to Form Pension Company.
March 24, 2006... (From SinoCast China Financial Watch) BEIJING, March 27, SinoCast -- China Life (2628.HK), the nation's biggest life insurer, announces it is to set up a pension insurance company with China Life Insurance (Group) Co and China Life...

Allianz China Venture Builds up Network.
March 24, 2006... (From SinoCast China Financial Watch) SHANGHAI, March 27, SinoCast -- Allianz China Life Insurance Co., Ltd. expands into Zhejiang province, a new step toward its effort to build a nationwide presence. The joint venture between the German...

Carlyle Group Invests in China Credit Guarantor.
March 23, 2006... (From SinoCast China Financial Watch) HONG KONG, March 24,. 23, SinoCast -- Credit Orienwise Group Limited, China's largest private-owned credit guarantee company, recently received USD 25 million investment from the international...

China Vows to Overhaul Policy Banks.
March 23, 2006... (From SinoCast China Financial Watch) BEIJING, March 24,. 23, SinoCast -- China is to reform the three policy-oriented banks this year after months of preparations, people close to regulators said. The three, namely Agricultural...

ABN AMRO OK'd to Erect Chongqing Branch.
March 23, 2006... (From SinoCast China Financial Watch) CHONGQING, March 24, SinoCast -- Chongqing Banking Regulatory Bureau Tuesday announced that ABN AMRO Bank NV has got formal approval to set up a branch in the southwestern Chinese city. The branch is...

Societe Generale Denies Allying with Citigroup for China Blitz.
March 23, 2006... (From SinoCast China Financial Watch) GUANGDONG, March 24, SinoCast -- French banking giant Societe Generale has not joined in a Citigroup-led investment consortium to acquire China's 11th largest bank, said a Hong Kong-based spokesman,...

Suntech's Home Rival Eyes NYSE Listing.
March 23, 2006... (From SinoCast China Financial Watch) SHANGHAI, March 24, SinoCast -- Tianwei Yingli New Energy Resources Co. is preparing for an overseas initial public offering, on the heels of its larger rival Suntech Power (NYSE: STP) based in...

Heng An Standard Life Expands into Beijing.
March 23, 2006... (From SinoCast China Financial Watch) BEIJING, March 24,. 23, SinoCast -- Heng An Standard Life Insurance Co., Ltd., a joint venture of the U.K-based Standard Life Assurance Company, recently made a foothold in the booming market of...

Performance Mixed at 117 City Banks.
March 22, 2006... (From SinoCast China Financial Watch) SHANGHAI, March 23,. 22, SinoCast -- Chinese city commercial banks are expected to post a high capital growth rate in 2005, representing their efforts of improving competitiveness to fight against...

Foreigners May Pocket Big NPL Deal.
March 22, 2006... (From SinoCast China Financial Watch) GUANGZHOU, March 23, SinoCast -- The Guangdong provincial government has not yet announced the buyer of the CNY 40 billion non-performing assets in local lender Guangdong Development Bank. Media...

Goldman Tieup Gives ICBC edge in Investment Banking.
March 22, 2006... (From SinoCast China Financial Watch) BEIJING, March 23, SinoCast -- The Industrial and Commercial Bank of China, China's top commercial lender by assets, said it had kicked off a strategic partnership project with Goldman Sachs, the...

China Moves to Rescue Ailing Broker.
March 22, 2006... (From SinoCast China Financial Watch) CHONGQING, March 23, SinoCast -- The financially troubled Southwestern Securities yesterday won the approval of a state bailout plan, people close to the regulatory circle said. Details of the plan...

China Vanke Net up 54%, in Stock Incentive Plan.
March 22, 2006... (From SinoCast China Financial Watch) SHENZHEN, March 23,. 22, SinoCast -- China Vanke Co., Ltd. (000002.SZ), a major real estate developer, kept growing on the fast track in fiscal 2005 in spite of the nation's macro control over the...

China Opens Door Wider to Insurers.
March 22, 2006... (From SinoCast China Financial Watch) BEIJING, March 23, SinoCast -- China gives nod to the indirect investment in infrastructure projects by insurance companies, in a move to widen the investment channels for insurance capital. China...

Merchants Bank Tops China Ranking.
March 21, 2006... (From SinoCast China Financial Watch) BEIJING, March 22,. 21, SinoCast -- China Merchants Bank (600036.SH) sits on the top of the commercial bank list in terms of core competitiveness in the country, according to a report released...

Foreign Funds on Prowl for China Firms.
March 21, 2006... (From SinoCast China Financial Watch) SHANGHAI, March 22,. 21, SinoCast -- International funds are rushing into traditional projects in China recently. Washington-based buyout magnate Carlyle Group last October signed an agreement to...

Carlyle Asked to Elaborate on USD375mn China Deal.
March 21, 2006... (From SinoCast China Financial Watch) XUZHOU, March 22, SinoCast -- Carlyle Group may stumble its request for an 85% stake in China's biggest construction machinery maker, two sources familiar with the deal implied, as the outcries grow...

PetroChina Has A Fatter Year in 05.
March 21, 2006... (From SinoCast China Financial Watch) BEIJING, March 22,. 21, SinoCast -- PetroChina Co., Ltd. (0857.HK), China's biggest oil producer, is ranked among the most profitable companies listed in Hong Kong, powered by last year's robust...

Hutchison Whampoa Buys into WhiteCat.
March 21, 2006... (From SinoCast China Financial Watch) SHANGHAI, March 22, SinoCast -- Hutchison Whampoa, under the aegis of Hong Kong tycoon Li Ka-shing, recently got nod from the authorities to buy a considerable stake in Shanghai WhiteCat Shareholding...

China New Accounting Rule to Sting Insurers.
March 21, 2006... (From SinoCast China Financial Watch) BEIJING, March 22, SinoCast -- China is scheduled to adopt new China accounting standards in January 2007, which are revised in step with the International Financial Reporting Standards. The revised...

HSBC Eyes Closer Tieup with BoCom.
March 20, 2006... (From SinoCast China Financial Watch) SHANGHAI, March 21, SinoCast -- The Hongkong and Shanghai Banking Corporation Limited aims to set up an example of how a foreign-funded bank can make use of its strategic partnership relations in...

BoCom Denies A-share Issue in Near Term.
March 20, 2006... (From SinoCast China Financial Watch) SHANGHAI, March 21, SinoCast -- China's fifth-biggest lender, Bank of Communications (3328.HK) rules out the possibility of entering the mainland stock market in the short term, a senior official...

"Mini" Funds Diffusing in China.
March 20, 2006... (From SinoCast China Financial Watch) SHANGHAI, March 21,. 20, SinoCast -- Funds with small number of shares and values are surging in China, said China Securities Regulatory Commission in a latest report. By January, shares of three out...

Turkey's Goldas Enters Shanghai Gold Exchange.
March 20, 2006... (From SinoCast China Financial Watch) SHANGHAI, March 21, SinoCast -- Turkey's Goldas, which produces licensed silver accessories for Walt Disney and Warner Bros etc., will start trading on the Shanghai Gold Exchange after it was...

Beijing Okays Big Grain & Oil Merger.
March 20, 2006... (From SinoCast China Financial Watch) BEIJING, March 21, SinoCast -- China's regulator has approved to debut a grain and oil giant, as part of its effort to reshuffle the large-size, state-owned trading companies. The State Council,...

Carlyle Naming Top Managers to China Pacific Life.
March 20, 2006... (From SinoCast China Financial Watch) SHANGHAI, March 21, SinoCast -- The foreign strategic investors in China Pacific Life Insurance, the country's third largest life underwriter, are to send deputies to its top management, local news...

China's Savings Interest Tax under Fire.
March 17, 2006... (From SinoCast China Financial Watch) BEIJING, March 20, SinoCast -- The policy is questioned and called for a reform that China has levied the interest tax on household savings since 1999. Meanwhile, Nobel laureate Joseph E. Stiglitz...

Cinda in Stockbrokers Merger Plan.
March 17, 2006... (From SinoCast China Financial Watch) BEIJING, March 20,. 17, SinoCast -- China Cinda Asset Management Corp, one of China's four state-run debt clearing agencies, is mulling to combine three stockbrokers together, people close to the...

S Korea Banks Woo Shandong Market.
March 17, 2006... (From SinoCast China Financial Watch) SHANDONG, March 20, SinoCast -- Commercial banks from South Korea are rushing into Shandong, a province in eastern China. Qingdao International Bank, the first Sino-Korea joint venture bank set up in...

Shanghai Dreams Int'l Financial Holding Firm.
March 17, 2006... (From SinoCast China Financial Watch) SHANGHAI, March 20, SinoCast -- Shanghai vows to set up a world-level financial holding company which will take the responsibility to integrate and boost the financial resources, as the city is...

China's Chalco Plans Home IPO.
March 17, 2006... (From SinoCast China Financial Watch) HONG KONG, March 20, SinoCast -- Aluminum Corp of China (HKSE: 2600; NYSE: ACH), China's top aluminum producer, weighs a plan of raising equity from the home market and however no timetable is given...

Former Chief Lobbies for China Re Bailout.
March 17, 2006... (From SinoCast China Financial Watch) BEIJING, March 20, SinoCast -- Mr. Dai Fengju, former President and Chairman of China Reinsurance (Group) Company, requests China government to finance the business of the country's sole reinsurer...

National Fund Rues Not Making Construction Bank Bet.
March 16, 2006... (From SinoCast China Financial Watch) BEIJING, March 17, SinoCast -- The price soar in shares of China Construction Bank (0939.HK) since the October 2005 listing is viewed a big woe for the National Council for Social Security Fund, which...

Profitable ICBC Goes Further in HK IPO.
March 16, 2006... (From SinoCast China Financial Watch) BEIJING, March 17,. 16, SinoCast -- The Industrial and Commercial Bank of China is improving the corporate governance, as part of the preparations for the coming initial public offering, said chairman...

Citigroup Deal Shakes on China Premier Talk.
March 16, 2006... (From SinoCast China Financial Watch) GUANGZHOU, March 17, SinoCast -- The Citigroup-led consortium seems much harder to win the go-ahead for its nearly USD 3 billion bid for an 85 percent stake in Guangdong Development Bank, local...

Private Equity Funds in China Gold Rush.
March 16, 2006... (From SinoCast China Financial Watch) SHANGHAI, March 17,. 16, SinoCast -- International private equity funds are rushing into China to seek quick money. A former official at the Washington-based buyout magnate Carlyle Group just set up a...

Japan to Embrace Chinese IPOs.
March 16, 2006... (From SinoCast China Financial Watch) SHANGHAI, March 17,. 16, SinoCast -- Not few Chinese private companies are mulling over initial public offerings in Japan, battered by the waning domestic stock market and regulators' suspending...

Taxi Stock Surges amid Acquisition Rumor.
March 16, 2006... (From SinoCast China Financial Watch) SHANGHAI, March 17, SinoCast -- Dazhong Transportation (Group) Co. Ltd. (600611) saw Monday its stock shot up 7.28 percent on rumor that Goldman Sachs would acquire a considerable stake in the...

China Minsheng, RBC Said to Form Fund JV.
March 15, 2006... (From SinoCast China Financial Watch) SHANGHAI, March 16,. 15, SinoCast -- China Minsheng Banking Corp (600016.SH), the country's first listed private lender, is to debut a fund management joint venture, on the heels of three...

Goldman Sachs Keeps on Top Despite ICBC Woe.
March 15, 2006... (From SinoCast China Financial Watch) BEIJING, March 16, SinoCast -- Albeit the recent bidding loss, Goldman Sachs Group Inc would still be in the top flight with Morgan Stanley among Wall Street firms underwriting shares of China's five...

CapitaLand Goes Further in China Market.
March 15, 2006... (From SinoCast China Financial Watch) SHANGHAI, March 16,. 15, SinoCast -- Singapore's largest property firm CapitaLand Ltd. intends to scale up its investments in the Chinese mainland partnership with the real estate developer Lai Fung...

Shenhua Profit Soars on Coal Price.
March 15, 2006... (From SinoCast China Financial Watch) HONG KONG, March 16,. 15, SinoCast -- China Shenhua Energy Co. (1088. HK), the largest coal manufacturer in the country, announced 2005 financial results showing an operating revenue of CNY 52.2...

Tianan Insurance Plans Overseas IPO.
March 15, 2006... (From SinoCast China Financial Watch) SHANGHAI, March 16,. 15, SinoCast -- China's fourth listed insurer is on the horizon, as Shanghai-based Tianan Insurance Co., Ltd. vows to launch an initial public offering at abroad in one to two...

China Life in Line for Nonlife Arm.
March 15, 2006... (From SinoCast China Financial Watch) BEIJING, March 16,. 15, SinoCast -- China Life Insurance Company Limited (2628.HK; LFC.NY) and its parent China Life Insurance (Group) Company have entered a preliminary agreement to form a non-life...

Shanghai Feb Home Loans Drop CNY3.6bn.
March 14, 2006... (From SinoCast China Financial Watch) SHANGHAI, March 15,. 14, SinoCast -- Chinese banks in the Shanghai market saw individual home loans decrease CNY 3.6 billion in February, the biggest drop since July 2005. The outstanding consumer...

Guangdong Bank Mops up Bad Assets.
March 14, 2006... (From SinoCast China Financial Watch) GUANGZHOU, March 15, SinoCast -- Guangkong Group, which helps run non-financial assets for Guangdong Development Bank, recently auctioned off all its interests and liabilities, marking GDB has split...

Temasek to Send Manager to Minsheng Bank.
March 14, 2006... (From SinoCast China Financial Watch) BEIJING, March 15, SinoCast -- China Minsheng Banking Corp is applying to regulators for naming a Temasek Holdings deputy as the bank's executive vice president, as it tries to strengthen ties with...

China Postal Bank May offer Loans.
March 14, 2006... (From SinoCast China Financial Watch) SHANGHAI, March 15,. 14, SinoCast -- The forthcoming postal savings bank is to provide small loans in Chinese rural areas under a trial program. China Banking Regulatory Commission, the market...

China's Forex Hoard Swells on FDI, Trade Surplus.
March 14, 2006... (From SinoCast China Financial Watch) BEIJING, March 15,. 14, SinoCast -- China's foreign- exchange reserve is estimated to increase USD 20.5 billion at least in the first two months of 2005, powered by sizzling foreign direct...

Chalco Upbeat on Big Australian Al Deal.
March 14, 2006... (From SinoCast China Financial Watch) BEIJING, March 15, SinoCast -- Aluminum Corp. of China Ltd. (HKSE: 2600; NYSE: ACH) is now in aggressive expansion to seek for overseas production with a mine, refinery and smelter in Queensland,...