Biz Scene: Market

Stocks edge down

Chinese stocks fell yesterday, ending a four-day rebound, on concern about tighter economic policy and the upcoming launch of stock index futures.

The Shanghai Composite Index closed down 40.48 points, or 0.68 percent, at 5914.29.

Turnover of A shares was 110.77 billion yuan. A total of 131 companies in the A-share market gained, while 644 saw losses.

NASDAQ debut

Chinsure Inc will become China's first insurance broker to debut on the NASDAQ, the China Securities Journal reported. Chinsure plans to issue 11.6 million American depositary shares (ADS), its prospectus said. The offering is priced at $11-$13.

Chinsure is expected to raise $180 million in maximum and will obtain 101.7 billion yuan in net yield from the offering. It will use the money to expand.

Hotel chain expansion

Home Inns & Hotels Management Inc, one of China's biggest budget hotel operators, is considering expanding outside the mainland, mostly in Asia, within two to three years, its chief financial officer said yesterday.

The hotel operator is also targeting an increase in its market share in China's budget hotel sector to more than 30 percent within five years from 20 to 25 percent at present.

In July, the company said it planned to quadruple its number of hotels to 1,000 in a few years.

(China Daily 11/02/2007 page15)