HSBC Holdings considers Shanghai public float
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China's business press carried the following stories on Tuesday. China.org.cn has not checked the stories and does not vouch for their accuracy.
HSBC Holdings considers Shanghai public float—21st Century Business Herald
Amid rumors that foreign companies will be able to list on the Shanghai Stock Exchange, HSBC Holdings is likely become the first one to float on China's mainland market.
HSBC Holdings is believed to be keen to raise its profile in China and is planning to issue 5 billion (GBP) worth of shares. China CITIC Bank and China International Capital Corporation will back the deal. Gold Sachs is likely to support the offer.
HSBC was originally established in Shanghai and Hong Kong in 1865.
HSBC Holdings declined to reveal any details or time table for the deal.
Land Rover to cancel franchise in China—National Business Daily
Indian owned car manufacturer Land Rover will set up its first sales company in China on July 1 next year and cancel franchise agreements with Chinese based car dealers in the meantime.
Land Rover has four dealerships in China with the right to import vehicles. Car dealers will use high sales figures as a bargaining chip in negotiations with Land Rover.
"Land Rover will definitely set up its own sales company, but we want to achieve a desirable result with the car manufacturer," said a broker who declined to reveal the details of negotiations with Land Rover.
China Development Bank seeks bank expansion--Xinhuanet.com
China Development Bank, a state-run lender, has begun integration with Aviation Securities Company (originally owned by Aviation Industry Corporation of China) after finalizing a 100-percent-stake deal worth 1.15 billion yuan (US$169 million).
The deal is a key part of the bank's bold plan to operate both banking and securities businesses.
A detailed integration plan, personnel arrangement and capital injection are in the pipeline. According to an agreement between the bank and the security firm's major shareholders, China Development Bank has promised a large capital injection in Aviation Securities after the merge. Aviation Securities will be re-launched at the beginning of next year.
Sources say China Development Bank will build its securities business on its own or through buying into more brokerage firms.
Changqing Oilfield to surpass legendary Daqing—China Business News
China National Petroleum Corporation, China's largest oil company, is making steady progress in developing Changqing Oilfield into a second "Daqing Oilfield" in western China. The company announced yesterday that Changqing Oilfield's capacity has exceeded 30 million tons.
If the current growth rate were to continue, Changqing Oilfield would have a capacity of 40 million tons in 2012 and 50 million tons in 2015 and would surpass Daqing as the largest oil field in China.
