Biz Scene: MARKET
Stock index rises
The benchmark Shanghai composite index rose 2.18 percent to close at 2,945.26 points yesterday.
China Minsheng Banking Corp led gains on speculation the forthcoming listing of Industrial Bank Co and Ping An Insurance (Group) Co will boost demand for financial stocks. It jumped 1.14 yuan, to 13.49.
China Life Insurance Co, the country's biggest insurer, climbed 0.49 yuan, to 40.75.
Share sale for diesels
Hudong Heavy Machinery Co, a Chinese maker of diesel engines for ships, said it will raise as much as 3 billion yuan in cash through a private placement.
The company will sell an additional 400 million A shares, and the money raised will be used for a "technology upgrade", it said in a statement yesterday.
The Shanghai-based company said its parent China State Shipbuilding Corp will buy 59 percent of the share issue.
Hotel cash injection
Shanghai Jin Jiang International Hotels (Group) Co Ltd said it will inject 1.1 billion yuan in cash into its 80-percent owned Shanghai Jin Jiang International Hotel Investment Co Ltd as planned.
The hotel operator said in a statement yesterday the cash injection will come from capital raised in its December IPO in Hong Kong and international resources.
(China Daily 01/30/2007 page15)
