Home Business Local Travel Binhai New Area Photos  
 
 
Site Search Advanced  
 
Home > Business
 
Business
Tianjin Port to raise HK$2.4b
Tianjin Port Development Holdings Ltd said yesterday it will raise a net HK$2.4 billion placing 986.5 million shares at HK$2.50 each.
Local
Aquilaria Art Museum opens in Tianjin
China's first Aquilaria Art museum has opened in Tianjin's Five Main Street Area.
Binhai New Area
Zong Guoying elected head of Binhai New Area
Zong Guoying was elected head of Tianjin's Binhai New Area at the first session of the first People's Congress of Binhai.
 
Board and fund help miners
2009-12-30

Tianjin Equity Exchange launched China's first mining board over the weekend to help finance smaller mining companies which have difficulties in listing on the country's stock markets.

Meanwhile, a China Mining and New Energy Fund was launched to raise 10 billion yuan (US$1.46 billion) to invest in precious and nonferrous metals as well as energy minerals globally.

Less than 0.1 percent of the country's more than 110,000 mining companies are able to launch initial public offerings on the two main stock exchanges and ChiNext, a Nasdaq-style bourse. So the new board and the fund will help meet the financing demands of these companies.

The Tianjin board simplifies procedures for mining companies to exchange equities to facilitate investors and financiers. It will also draft special rules as massive investments, high risks, long period of funding and slow return of cash flow are features of the mining industry. It, however, didn't specify what it meant by special rules.

Institutional investors qualified to finance firms traded on the Tianjin exchange must have a registered capital of more than 1 million yuan.

The fund, managed by China Mining United Investment Management, has already raised 500 million yuan in the first phase. The money will be used to help domestic mining companies to acquire overseas assets whose prices have declined amid the global financial crisis.

The fund will invest in mining, new energy and clean energy sectors, and advise clients on equity mergers and initial public offerings.

Editor: Guo Changdong Source: Shanghai Daily

 
Video
TIANJIN City of Glamour
Special