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Weighing on China stocks is the recent widening investigations from the corruption scandal in China that has precipitated rumours of how China companies here were being probed as well. Another story that was making its rounds was that US hedge fund Amaranth was liquidating its books here. Amaranth was said to have Fung Choi and FerroChina in its books.
Today's a generally bad day for china stocks. Most are in the red.
Singapore is attracting small and mid-sized Chinese companies, whereas Hong Kong tends to attract bigger Chinese IPOs, often of state-owned companies. About 60 of the more 100 Chinese firms listed in Singapore have a market capitalisation of < US$100m.
Singapore-based PrimePartners Group, an asset manager and corporate finance advisory, plans to launch an index later this week to track the performance of these shares listed on SGX. Some 25 counters are set to be included in the index, based on their market cap and liquidity. Those included are likely to be bigger-capaitalised companies such as Cosco.
Investor interest is expected to be strong, given that this is the first index in S'pore that will track exclusively a basket of China stocks.
ICBC will start trading on Oct 27. May sell 15% more shares if demand is good.
The company may sell US$3.5b to investors including billionaires Li Ka Shing and Lee Shau Kee.
ICBC, China's biggest commercial lender, is planning to list in late October. The key investors include the Kuwait Investment Authority, a firm linked to Singapore's government and two companies controlled by Asia's second-richest man.
Two of China's big four state-owned banks -- Bank of China and China Construction Bank -- have already launched IPOs in the last year. Investors snapped up the stocks because they're seen as a great way to tap into China's fast-growing economy.
The Kuwait Investment Authority, which wants HK$5.6 b in shares, and the Qatar Investment Authority, which will buy HK$1.6 b, the preliminary prospectus said. Li Ka-shing also wants a big stake, and two companies he controls -- Cheung Kong and Hutchison Whampoa -- will jointly invest HK$1.6 b.
Other investors include China Life Insurance, which wants HK$4.4b and the company's Hong Kong-listed unit, China Life Insurance, which will buy HK$2 b.
UOB has signed up for HK$1.6 b, while GIC Direct Investments will buy HK$2.8 b.
Jinduicheng Molybdenum Group, China's largest producer of the molybdenum metal used to toughen alloy steel, is planning a Hong Kong IPO to raise about US$1 billion, people familiar with the matter told Reuters on Friday.
The state-owned company, whose name means "gold pile city,"
has invited nearly a dozen international banks to compete for the
IPO at a bake-off meeting scheduled for early next week in China,
they said. An official at Jinduicheng's headquarters in the northwestern
province of Shaanxi reached by phone confirmed it is planning a
Hong Kong listing, but she declined further comment.
With an annual output of about 12,000 tonnes of the hard, silvery-white metallic element, the company is the largest integrated molybdenum producer in Asia and the third largest in the world, according to Jinduicheng's Web site www.jdcmmc.com. The other two major producers are Phelps Dodge Corp.
Located at Huaxian, next to the provincial capital of Xi'an -- home to the famous Terracotta Warriors -- the company has proven reserves of about one billion tonnes, it said on its Web site. Its exports account for 10% of the world market.
Jinduicheng is joining a growing number of Chinese mining companies -- from zinc to gold producers -- to list in Hong Kong, taking advantage of strong investor interest in the country's red-hot metal sector boosted by breakneck economic growth.
Sources familiar with the matter said Jinduicheng could list in Hong Kong as early as this year because of its strong profitability and "clean" balance sheet. But some say the timeline remains uncertain given that
Jinduicheng is engaged in a highly cyclical industry. Its products are mainly used in the automotive, shipbuilding and property sectors.
"I would not get too excited. It is a very cyclical metal," said a banking source with knowledge of the Jinduicheng IPO.
China sgx listed stock is coming alive although volume is not that encouraging. A caution mode but up trench is there.
Sing$1.59 billion compare to BOC. I think not a problem at all it can be over subscribe very easy, too much Yuen money is floating around in China and HK, anyway today top two SGX/China listed stock Cheongg.. leh, jus wondering saying something nice will the big boys disappear or not ??, hopr not as NPD is coming, hope to get some kopi $$$, maybe even chicken rice liao.
Another IPO to suck up liquidity. Air China is expected to raise US$1 b in Shanghai. It is expected to list not later than Aug 22.
Thanks ~! today a good sign as most of china stocks seeing green .. however , my China Sun punture leh ... no cheong ...
Hi chandler_ling97. China stocks tend to be more volatile than local counters.
It look the same as yesterday, don cheongg..and oso lower in volume where R they now resting?? or... lai ahh.. lai ahh..say somethings nice oni about sgx/China listed stocks and they disappear "Pasei si bo".
Hi guys , had noticed daily fluctuation of many china stocks are very big which difference ranges between 0.03 ? 0.08 Cents per day trading compare to local counters. Any special reason behind it ?
Detected some changes in trading patten on SGX/China listed stocks not all Cheongg.. some on profiting, let see tomorro how!!.
The worst for China stock seem over liao, it can see better day ahead, end of the day most sgx listed China Cheongg..........ahh.....
Westcomb report? i dun even bother to read it.
See the ipo co. they listed performance and also all their prev reports.
IF u know their mgmt and tht staff they have, u would understand why.
A positive report on Fabchem by Westcomb provided a boost to other China stocks.
It will be and is going to be another successful IPO story for ICBC
Look at BOC success IPO issues, another replica in d making, so giving China shanghai & HK bourse a big lift plus a little bit +ve for SGX China listed stocks here, oni one condition left, no big surprises from middle East.
ICBC, China's top lender, aims to raise as much as US$19b in what would be the world's biggest IPO. It is on track to surpass Japan's NTT Mobile Communications Network, which raised US$18.4b in 1998. ICBC is valued around US$116b, ranking it as the world's No. 6 lender.
Minsheng Banking, the 3rd largest Shanghai-listed bank, also plans to raise about US$1.5b (12b yuan) in the Shanghai stock exchange. Temasek Holdings holds nearly 5% of Minsheng Banking.
These big IPOs could drain liquidity from existing issues.