Biz Scene: MARKET

Share placement

Haitong Securities, China's third largest listed brokerage, said yesterday it has raised the 26 billion yuan it targeted from a share placement with 10 domestic institutions.

In a filing with the Shanghai Stock Exchange, Haitong said it had issued 724.64 million shares at 35.88 yuan each.

The 10 subscribers include Youngor, China's biggest shirt company, China International Trust and Investment Corp and other financial institutions, the statement said, adding that the new shares were subject to a lock-in period of at least one year.

GOME earnings up

GOME Electrical Appliances Holding Ltd, China's top electronics retailer, posted a 66 percent rise in quarterly earnings thanks to strong sales enhanced by exclusive product offerings in China's booming retail arena.

The Beijing-based firm posted a net profit of 357.8 million yuan for the third quarter ended September, up from 215.8 million yuan for the same period last year.

(China Daily 11/22/2007 page15)