Biz Scene: Grapevine

Giant offer

Chinese online game developer Giant Interactive Group Inc began marketing a US initial public offering yesterday worth $700-$800 million, joining a record-breaking, capital-raising push by Internet firms, Reuters reported, citing sources.

The mainland-based company, which is selling a 20 percent stake, plans to begin trading its shares on the New York Stock Exchange in early November. The listing is being handled by Merrill Lynch and UBS.

Forex requirement

China may require banks to hold a minimum amount of cash in foreign currencies, a move aimed at controlling the rise in foreign exchange lending, the China Securities Journal reported, without citing anyone.

The requirement will help reduce the government's reserve holdings, the Beijing-based newspaper said, without elaborating.

(China Daily 10/19/2007 page15)