Biz Scene: MARKET

Index edges up

China's main stock index climbed 0.58 percent higher yesterday, aided by positive comments by central bank governor Zhou Xiaochuan. But traders do not expect strong resistance around the 3,000-point barrier to break any time soon.

The Shanghai Composite Index closed at 2,954.914 yesterday, after hitting a low of 2,904.744 in the morning session.

A total of 591 companies gained in the Shanghai A-share market, while 176 firms saw losses. Turnover was 85.5 billion yuan.

Ajisen to go public

Restaurant chain operator Ajisen (China) Holdings, which sells Japanese noodles on the mainland and in Hong Kong, plans to raise $172 million to $210 million in a Hong Kong initial public offering this month.

Ajisen, which kicked off a management road show yesterday in Singapore, is offering 300 million shares at between HK$4.47 and HK$5.47 each.

The chain, founded by Chief Executive Officer Poon Wai in 1995, operates 105 stores on the mainland and 17 in Hong Kong, with food manufacturing and processing centres in Shanghai, Shenzhen, Beijing, Wuhan, Shandong and Hong Kong.

(China Daily 03/13/2007 page15)