Biz Scene: GRAPEVINE

Anton IPO

Anton Oilfield Services Group, a closely held Chinese provider of drilling and field services, may raise as much as HK$1.25 billion in a Hong Kong initial public offering, Bloomberg reported, citing an e-mail to investors.

Anton is selling 520 million new shares at HK$1.80 to HK$2.40 apiece, said the e-mail to international institutions. It may expand the sale by another 15 percent to meet excess demand and stabilize the share price after trading is scheduled to begin on December 14.

New approval process

China's securities regulator will speed up the approval process for companies selling shares in a private placement for mergers and acquisitions, the Shanghai Securities News reported, citing unidentified sources.

China COSCO Holdings Co may become the first company to win the China Securities Regulatory Commission's approval within one day for its plans to acquire assets from its parent and sell shares to selected institutional investors to fund the purchase, the report said.

(China Daily 11/27/2007 page15)