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1、中国银行获准香港首发上市Bank of China gets key approval for HK IPOBank of China, Chinas top foreign exchange lender, has secured key approval from the State Council to launch a HK$60 billion (US$7.7 billion) Hong Kong initial public offering in the first half of 2006, a Hong Kong newspaper reported on Monday.Th
2、e listing plan awaited a final approval from the China Securities Regulatory Commission, the South China Morning Post reported, citing sources close to the situation.The bank may file a preliminary listing application with the Hong Kong Stock Exchange as soon as this week, the paper added.The offeri
3、ng, which Bank of China previously planned to complete before April, was now most likely to be launched in May, the paper quoted the sources as saying.The offering would value the bank at 400 billion yuan (US$49.6 billion), the paper said.上市公司可能被许出售股份Listed firms may be allowed to sell sharesThe cou
4、ntrys regulators will consider allowing listed firms to sell shares as a first step toward lifting its suspension on new IPOs in domestic markets, but no timetable has been set, domestic media reported Monday.China is proceeding with a series of market reforms aimed at reviving its shares markets, w
5、hich remain mired in a four-year slump.In mid-2005, China suspended new IPOs in domestic markets in an effort to prop up sagging stock prices, weighed down by investor concerns over the share-reform plan to sell more than US$250 billion in State-held shares.We will look at allowing listed companies
6、to sell shares before approving any new IPOs, the Financial News quoted Shang Fulin, the top securities regulator, as saying at a conference.Reforms in state-held shares need to be built upon solid capital markets, said Shang, adding that the last mile of reforms would be the most difficult.Last mon
7、th, China scrapped capital gains taxes for foreign stock investors.The government is intensifying efforts to lure foreign cash into its main stock market, via a Qualified Foreign Institutional Investor (QFII) scheme that lets overseas firms invest in primary stock and debt markets.The index was Asia
8、s worst performing major market benchmark stock index in both 2005 and 2004.While trying to reform inefficient capital markets to give domestic firms another fund-raising option besides banks, China is also trying to enhance corporate transparency and boost profitability.Shangs comments come after a
9、 leading economic official said Saturday that efforts to revive its sickly stock markets are likely to work only if poor quality listed companies are eliminated from trading.Raising the quality of Chinas listed companies is the only permanent cure that can ensure public investors fundamental interes
10、ts, said Cheng Siwei, a vice chairman of the Standing Committee of the National Peoples Congress.政府加快开放期货业Although the futures industry is the only financial sector that has no set timetable for opening-up under Chinas WTO commitment, there are signs that the government is already moving fast on thi
11、s front.The quick pace, which became apparent late last year, is expected to stimulate the countrys still-struggling futures industry, analysts and watchers say.Under Supplement II of CEPA (Mainland and Hong Kong Closer Economic Partnership Agreement), a pact signed in 2004 to boost the economic co-
12、operation between Hong Kong and the Chinese mainland, qualified domestic futures brokerage will be allowed to set up their subsidiaries in Hong Kong beginning from this year.Domestic futures industrys enthusiasm for branching out in Hong Kong is obviously strong, said Chen Xiaodi, a researcher with
13、China International Futures Co Ltd, Chinas futures house bellwether.It could broaden their investment channels as they could engage in business that is currently unavailable in domestic market such as trading of financial derivatives, Chen said.The foray into Hong Kong, analysts say, would also prov
14、ide an investment conduit for domestic investors and a platform for domestic enterprises that have business needs, such as resource-extensive sectors.Currently, only 31 domestic enterprises are authorized to trade futures overseas for arbitrage, but many more are said to be interested in getting a l
15、icence. Analysts say this potential customer pool may become the primary target for domestic futures firms after they set up their subsidiaries in Hong Kong.While domestic futures players are entering overseas turfs, foreign investors are moving in.China published new rules last August that allow fo
16、reign brokers registered in Hong Kong or Macao to form ventures with Chinese partners.Companies with at least 50 million yuan (US$6.2 million) of registered capital and that have been in the futures broking business for at least five years and have made profits in the latest two years can apply to set up joint-venture futures house in China, a
