Biz Scene: Grapevine

IPO bid delay

Chinese department store operator PCD Stores has postponed its Hong Kong initial public offering to January 2008 as documentation work could not be completed on time, Reuters reported yesterday, citing a source.

The company, in which US-based private equity firm 3i Group has a stake, was originally scheduled to kick off its roadshow this week, with a listing planned before Christmas.

The company, a department store operator targeting middle-income to wealthy consumers in China, aimed to raise about $350 million, a source said earlier.

Branch approval

China will allow domestic fund management companies to set up branches in Hong Kong soon, the China Securities Journal reported, citing draft rules that the China Securities Regulatory Commission distributed to mutual funds.

The draft rules may be published before January 1, the newspaper reported. Domestic fund management companies have started preparing documents to set up branches based on the Hong Kong Securities and Futures Commission's requirements, it said.

(China Daily 12/07/2007 page15)