Biz Scene: Market
Gains continue
The Shanghai Composite Index yesterday climbed 1.48 percent to 3,495.22, surging for the eighth consecutive day.
Gainers outnumbered losers by 445 to 335. Yesterday's turnover in Shanghai A shares was 156.2 billion yuan.
Banks and insurers, sought by institutions as important components in the futures index, which is expected to be launched in the first half of this year, continued climbing. China Life, the nation's largest life insurer, gained 2.85 percent to 37.48 yuan.
Angang Steel offer
Angang Steel Co, China's third-largest steelmaker by production, plans to sell as many as 1.78 billion shares to existing holders to fund a 22.6-billion-yuan steel mill.
The company will sell both yuan- and Hong Kong dollar-denominated shares through a three-for-10 rights offer, Angang Steel, based in northeastern Liaoning Province, said in a statement yesterday. It hasn't set a price for the offering. Angang Steel is seeking to raise funds in a stock market that's almost tripled in the past year.
Beijing Gas Group buyout
Beijing Enterprises Holdings Ltd, an owner of shopping malls, toll roads and a brewery, agreed to buy the biggest supplier of piped gas in the Chinese capital for HK$11.6 billion to tap rising energy demand.
The city government controlled company will buy Beijing Gas Group Co from parent Beijing Enterprises Group Co for HK$4 billion in cash and through the sale of shares, Beijing Enterprises Holdings said in a statement yesterday. Its shares rose to a nine-year high.
Chief Executive Officer Zhang Honghai wants to switch Beijing Enterprises Holdings' focus to gas and infrastructure, away from retail and tourism units.
(China Daily 04/12/2007 page15)
