IN BRIEF (Page 13)

CSRC 'to limit' IPOs by banks

The China Securities Regulatory Commission (CSRC) might introduce a rule that only allows banks with at least 100 billion yuan ($15.7 billion) in assets to list on the stock market, Reuters quoted the 21st Century Business Herald as saying on Tuesday.

More than two dozen regional banks, including Bank of Shanghai and Bank of Hangzhou Co Ltd, are seeking permission for IPOs, the paper said.

But the CSRC is reluctant to approve all of the applications because a wave of bank IPOs could further dampen investor confidence in an already sluggish A-share market, the newspaper reported.

Rare earth deal for Chinalco

The chemicals and plastics maker Solvay SA said on Tuesday it had agreed to cooperate with the State-owned Aluminum Corp of China Ltd (Chinalco) on rare earths as the Belgian company continues its expansion into emerging markets.

Chinalco and Solvay will collaborate on the supply, technology and market development of rare earths, a group of metals used in hybrid cars, wind turbines, catalytic converters and batteries.

Taobao achieves one-day record

China's top consumer marketplace, Taobao.com, set a one-day record of 4.3 billion yuan ($676 million) in gross merchandise transactions, prompted by promotions on its website, Alibaba Group Holdings Ltd said on Tuesday.

Taobao.com, a unit of the top e-commerce company Alibaba Group, hit that mark on Monday as the website and businesses using it offered buyers special offers and gifts in a one-day promotion to spur holiday shopping.

Womens' apparel was the top category at 1 billion yuan, followed by home furnishings at 500 million yuan and digital electronics at 480 million yuan, said John Spelich, Alibaba Group spokesman.

Xilinx sets up R&D center

Xilinx Inc, a US-listed chip producer, announced the establishment of a research and development (R&D) center in Beijing on Tuesday. The company has committed to invest about $400 million in research and development annually, and the new center will be an important part of that plan, said Vincent Tong, senior vice-president.

China Daily - Agencies

(China Daily 12/14/2011 page13)