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The Hong Kong Monetary Authority announced on Thursday that it has granted a banking licence to Standard Bank Plc (SBP) under the Banking Ordinance, bringing the number of licensed banks in Hong Kong to 148.
Chinese private equity firms are taking market share from foreign rivals and will be the main beneficiaries as money inflows from domestic investors surge, according to McKinsey & Co.
China's lead futures gained 3.19 percent on debut in Shanghai on strong interest from local companies to hedge risks.
Stocks on the Chinese mainland fell for the first time in five days on concerns that a surge in commodity prices will spur inflation and curb earnings growth.
The People's Bank of China (PBOC), China's central bank, stepped up efforts this week to tighten excessive liquidity stemming from Chinese banks, as capital on the money market remains abundant throughout the country.
The Bank of China announced on Thursday that it posted a 28.52 percent increase year on year in after-tax profits to 109.69 billion yuan ($16.71 billion) in 2010.
An official with China's central bank said Thursday that China should strengthen liquidity management as it is still facing imbalances of international payment and excessive liquidity.
Chinese shares closed lower Thursday with the benchmark Shanghai Composite Index down 1.77 points, or 0.06 percent, to 2,946.71.
Lead futures were listed on the Shanghai Futures Exchange Thursday. The bench mark price of the seven contracts on the first day was 18,350 yuan per ton, Securities Times reported.
Stocks on the Chinese mainland rose for a fourth day on speculation fresh earthquakes in Japan will boost demand for non-nuclear energy and local governments will set targets for housing prices that are higher than analysts' estimates.
China's Henan Golden Dragon Precise Copper Tube Inc, partly owned by Lehman Brothers Holdings Inc, Goldman Sachs Group Inc and the private equity unit of Standard Chartered Plc plans to raise 3.5 billion yuan ($533.72 million) through a domestic initial public offering.
China Life Insurance Co, the world's biggest life insurer by premiums issued, said it continues to regard bank insurance as a major trend.
