Biz scene: MARKET
Datong seals share reform
Datong Cement Co became the first S-share company in 2007 to complete equity reform and become a fully public company yesterday, joining 456 companies listed on the Shenzhen Stock Exchange that have made the transition.
Twenty-one listed companies have yet to begin the process.
Market insiders say that S-share companies will see more limits imposed if they do not begin the reform process soon.
On January 8 the Shanghai and Shenzhen stock exchanges began limiting S-share company daily price fluctuations to 5 percent.
CapitaRetail doubles malls
CapitaRetail China Development Fund, a $600 million fund sponsored by CapitaLand Ltd, has signed preliminary agreements to buy more than 35 shopping malls across China.
The fund also bought a 65 percent holding in six retail malls with total assets of $166.8 million and purchased a stake in 14 malls for $259.9 million, CapitaLand said yesterday.
With the six new aquisitions and memoranda of understanding signed to acquire over 35 retail malls in various provinces across China, the company will more than double the number of retail malls it owns or manages to more than 70.
(China Daily 01/16/2007 page15)
