Jinan Iron and Steel Co Ltd (Jigang) will acquire Laiwu Steel Corporation (Laigang) through a share swap, paving the way for the backdoor listing of their controlling shareholder Shandong Iron and Steel Group Co Ltd (Shangang).
Hong Kong stocks dropped 0.75 percent on Wednesday after a sharp two-day rally as renewed concerns about the global economy prompted investors to book gains after a fall in US consumer confidence spurred losses on Wall Street.
A bargain-hunting urge put a brake on Chinese shares' weak run in the previous two trading days and pushed the benchmark Shanghai Composite Index above the psychologically-important 3,000-point level again Wednesday.
China's stocks may extend losses in "coming weeks" as the Shanghai Composite Index runs into resistance at a moving average, according to CIMB Investment Bank Bhd.
Ping An Insurance, China's second-biggest insurer, said yesterday three of its shareholders would sell 860 million restricted A-shares over the next five years, triggering a sell-off of its Shanghai shares and dragging the Shanghai Composite Index below 3,000 points.
China will issue 50 billion yuan ($7.32 billion) of certificate treasury bonds next week, the Ministry of Finance said Tuesday.
The ChiNext stock market went up on Tuesday as only 5 of the 54 stocks at China's start-up board for small and medium-sized enterprises fell.
Investors are in a wait-and-see mood about the newly launched stock index futures, as less than 100 trading accounts were opened yesterday, the first day for account registration, sources told China Business News today.
Copper futures in London will rise to $8,000 a metric ton on increased demand from China and a recovery in usage outside the nation, according to Macquarie Group Ltd.
Chinese automobile dealer Zhongsheng Group Holdings Ltd yesterday started testing demand for a Hong Kong initial public offering (IPO) that could raise as much as $1 billion, said three people with knowledge of the planned sale.
CITIC Securities, the largest mainland brokerage by assets, is in talks to acquire a minority stake in Hong Kong-based brokerage CLSA Asia-Pacific Markets in a bid to expand business overseas.
PCCW Ltd shares fell in Hong Kong trading after people familiar with the matter said police began probing Chairman Richard Li's failed bid last year to buy out the city's biggest phone company.