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BIZCHINA / Index & Statistics
Shanghai index rises to new record
By Li Zengxin (chinadaily.com.cn)
Updated: 2007-09-20 16:57
The Chinese market dropped a little yesterday but started surging today.
However, industrial experts said the positive effect of the interest rate
cut of US might be offset by the injection of a slew of large cap stocks
aiming to address excessive liquidity in the market.
China Oilfield Service Ltd began online subscription for its 500 million
A shares, priced at 12.88 yuan to 13.48 yuan today. The number of shares
is lower than the originally expected 820 million. Individual investors
may apply for the online portion as of today, with maximum bidding price
of 13.48 yuan. The online portion has 325 million shares, accounting for
65 percent of the total.
China Construction Bank announced yesterday that its share price was set
at 6.45 yuan, the upper band of the indicative price range. The country's
second-largest commercial bank has attracted a record 2.26 trillion yuan
of subscription funds in a Shanghai IPO. The price represents a price to
earnings ratio of 32.9.
It also means the bank could raise up to 58.05 billion yuan in its IPO
and become the largest domestic offering, exceeding Industrial and
Commercial Bank of China's 46.64 billion yuan last October in the
domestic market in a simultaneous listing in Shanghai and Hong Kong.
China Shenhua Energy Co Ltd, China's largest and world's second-largest
coal miner, has kicked off a road-show for its 1.8 billion A-share
issuance in Beijing, Shanghai, Guangzhou and Shenzhen yesterday. Hong
Kong-listed Shenhua may raise 76 billion yuan from the IPO, calculated by
its HK$44 closing price today.
In the meantime, the country is stepping up efforts for its corporate
bond market. In its latest move, the Shenzhen Stock Exchange yesterday
released a set of detailed rules governing corporate bond issuance. It
also set the fee rates for the issuance.
The Shanghai Stock Exchange revised its corporate bond trading rules on
Tuesday and lowered the entry limits for companies wishing to issue
bonds. The new rules also stipulate the responsibilities of bond credit
rating agencies and specify rules for information disclosure.
The China Securities Regulatory Commission (CSRC) has approved China
Yangtze Power's application for issuing 8 billion yuan corporate bonds.
China Yangtze, the first listed company to issue corporate bonds after
CSRC released a rule governing corporate bond issuance last month,?will
issue its first batch of five- or 10-year bonds, amounting to 4 billion
yuan, as early as this month. The bonds are expected to carry a coupon
rate of around 6.2 percent. At the non-discounted issue price, the yield
of the proposed China Yangtze bonds would be about 170 basis points above
that of treasury bonds, investment analysts said.
In less than one month, twenty firms, including China Vanke, Huaneng
Power International, Poly Real Estate Group and Gemdale, have filed
applications for corporate bond issuance, the Securities Times reported.
These companies may target raising as much as 36 billion yuan for the
bond sales, which may further drain the floating capital from the market,
analysts said.
(For more biz stories, please visit Industry Updates)
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