Biz Scene: GRAPEVINE

Regulatory approval

China's securities regulator approved 70 futures companies last week to trade in financial futures, Shanghai Securities News reported yesterday, citing sources.

Capital Futures Co, Jiangsu Holly Futures Brokerage Co, and Sinosteel Futures Brokerage Co received approval documentation last week, the newspaper said. The rest of the brokers will receive their documents within two weeks, the report said.

IPO plan

Sichuan Hidili Industry Co, a Chengdu-based coking coal and coke producer founded in 2000, may raise $300 million in a Hong Kong initial public offering, Bloomberg reported, citing a person familiar with the situation.

Hidili hired UBS to arrange the sale, which is expected in September, said two people with knowledge of the deal. Baring Private Equity Asia in May committed to invest $50 million in the Chinese coal producer, according to Asia Private Equity Review.

(China Daily 08/23/2007 page15)