Saturday, 3 October 2009
Mainland stocks should extend their rally into next year as the economy got a boost from a pick-up in exports and consumer demand, but a bumpy ride was expected this quarter, partly because of a glut of initial public offerings, an HSBC fund manager said.
Glorious Property Holdings Ltd., a real estate developer in nine Chinese cities, is the fifth consecutive Hong Kong initial public offering company whose shares fell on debut on the city’s exchange.
A small mainland-focused firm floated shares in Germany yesterday and another filed for a listing in the United States as they sought to cash in on international investors’ appetite for a link to China’s economic growth.
Deng had led an eventful life. His rocky political career was well documented, having survived three ousters from the centre of power. But even more fascinating is his record for surviving more assassination attempts than any other Chinese leaders.
The Se Shang Property index’s 200-day moving average is at 4,214.70, 4.5 percent below the index’s close of 4,413.23 on Sept. 30. The index, which is down 28 percent from its July high, is an “exceptional” predictor of global markets, Michael Hartnett, New York-based chief global equity strategist at Bank of America, wrote in a report.
Friday, 2 October 2009
The National Day military parade did not hold any big surprises but there were tantalising clues for experts to mull in assessing the modernisation of the world’s biggest army.
The Las Vegas casino company Wynn Resorts raised $1.63 billion after pricing its Asian initial public offering at the top of its indicated range Wednesday, a sign that demand was still strong for certain offerings despite a glut of stock deals.
Following our revelation that the Straits Times had named a photo of ex-Miss Singapore World Ris Low as “sg-stupid.jpg”, the photo has been deleted though the link remains.
Thursday, 1 October 2009
When British antique dealer John Maas chose Chiang Mai in northern Thailand as a retirement destination 11 years ago, he never thought he would end up sharing his dream lifestyle and a sizeable small property portfolio with other expatriates.
Lawyers for fung shui master Tony Chan Chun-chuen admitted yesterday they had mistakenly given the wrong name for an informant about a controversial land deal quoted during the court battle over the will of late tycoon Nina Wang Kung Yu-sum.
Parents who check their under-age children’s mobile phone text messages without permission may be breaking the law in Hubei.
Plans are afoot to take Li Heng Chemical Fibre Technologies private at 41 cents per share, pricing the company at some $690 million, say sources. The stock has been halted from trading since yesterday morning pending an announcement.
Describing Singapore as the ‘missing link’ in its regionalisation drive, CIMB Bank is boosting its retail presence here with a host of new products and services ranging from credit cards to home loans.
Police raided offices of accounting giant Ernst & Young and arrested one of its Hong Kong partners yesterday as part of a fraud investigation linked to a court case over the collapse of electronics firm Akai Holdings.
David Sun Tak-kei, the Hong Kong and China chairman of Ernst & Young has stepped down. It comes a day after the offices of the accounting firm were raided by police on Tuesday in connection with a long-running investigation into the collapse of former client Akai Holdings.
Singapore’s Wilmar, the world’s biggest listed palm oil producer, is likely to delay the US$3 billion listing of its mainland unit in Hong Kong as concerns about frothy markets hurt investor sentiment.
But under the one-child policy, the country is likely to grow old before it grows rich.
The Baltic Dry Index, the main measure of shipping costs for commodities, may surge more than 80 per cent by the end of the year on increased demand for shipments to China, according to China Ocean Shipping (Group).
Wednesday, 30 September 2009
The mainland’s securities regulator yesterday vowed to react quickly to any trading irregularities when the nation’s Nasdaq-style second board opens in a few weeks’ time, warning investors not to attempt any price manipulation.
They are the nameless heroes who build the glittering skyscrapers that line the mainland’s urban boulevards, and the driving force behind the inexpensive “Made in China” consumer goods.
It’s probably the most valuable strip of derelict land in the world.
But for Singapore’s largest jewellery chain Aspial Corporation, all that glitters is more than gold, as the company looks to carve a niche in its pawn broking segment by taking in non-gold items such as diamonds and white gold. It sees the latter as relatively untapped segments.
Tuesday, 29 September 2009
Monday, 28 September 2009
I have been researching and thinking about Chinese civilisation for more than 20 years. I wrote a book on this topic, which was published by the China Social Sciences Press in January 2007, but even after many deletions were made, the book ended up being banned before its launch. So I am truly delighted that my book can now finally be published and launched overseas in its original state. I wish to thank all the people who have worked hard to make this happen.
So the state-owned enterprises are on the hunt for value investments again. Just last week, China Investment Corp (CIC) took strategic stakes in Indonesia’s Bumi Resources and commodity trader Noble Group, while PetroChina completed its buyout of Singapore Petroleum Company.
Agricultural Bank of China (ABC), the only unlisted bank among the mainland’s top four lenders, intends to launch its long-awaited initial public offering in Shanghai only, according to mainland banking sources briefed on the matter.
Sunday, 27 September 2009
Barack Obama made history last year when he became the first African-American to be elected president of the United States. Next month, he will make history again, of a different sort. He will become the first president not to meet with the Dalai Lama when the Tibetan leader visits Washington.
In the 1980s and ‘90s, he was an adviser to China’s leaders, including Deng Xiaoping. He helped push through some of this country’s earliest market reforms, paving the way for China’s spectacular rise and earning him the nickname “Market Wu.”
They are called police but they carry military ranks. They are structured and equipped like a regular military force but they are not on the army’s payroll. Their tasks range from guarding state leaders to helping out with production at gold mines.
No man in the history of the People’s Republic has embodied so many contradictions as Marshal Lin Biao - who to this day remains a mysterious figure to most people.
Another key defendant in the legal battle over the insolvency of collapsed electronics giant Akai has been accused of lodging questionable evidence with the court.
Yes, there will be investment mania and sky-high valuations; there will be dodgy companies and scandals; there will also be state intervention and manipulation; but the mainland second board is here to stay and prosper.
Christopher Ho Wing-on, a former Ernst & Young partner, is charged by Akai ‘s liquidators with misappropriating most of the consumer electronic company’s assets just before it was wound up in 2000 and transferring them into his Hong Kong-listed vehicle, Grande Holdings.
Shanda Games fell on its first day of trading in New York yesterday after the unit of China’s biggest online games provider raised US$1.04 billion in the largest United States-only initial public offering by a Chinese company since at least 1999.
Oversea-Chinese Banking Corporation (Hong Kong Branch) has dropped its winding-up application against FibreChem Technologies to give the company some breathing space to work out a restructuring plan.
In the capital of Zhejiang, respected members of communities in Xiacheng district have formed associations of mediators - known as heshilao, or peacemakers - to solve civil disputes without resorting to the courts.
Qian Xuesen, also known as Tsien Hsue-shen, was one of the United States’ top missile scientists before he became the subject of a five-year witch-hunt that ended with him being deported to the mainland. The system which Qian, now 98, helped put together after his return has since nurtured a nuclear power and space programme that has sent astronauts into the heavens and a probe to the moon.
Quiet and modest Liu He helps shape key policy
Two days after the collapse of Lehman Brothers Holdings a year ago, an adviser sent by Premier Wen Jiabao met with a group of Harvard University scholars to help shape China’s response.
Singapore’s US$200 billion-plus sovereign wealth fund GIC is likely to reveal next week it is moving more money into property, resources and Asian assets after recently cutting its exposure to large Western banks.
The author of a history book banned on the mainland for criticising traditional Chinese culture has decided to defy the authorities’ orders not to release the work in Hong Kong.
In a public statement that caught everybody off-guard, his eldest sister, Ma Yi-nan, said her brother found the typhoon victims ungrateful.
Zhonghui Holdings has been placed under judicial management, following a court petition by its creditor United Overseas Bank (UOB). The Singapore High Court has appointed Goh Thien Phong and Chan Kheng Tek, both partners of PricewaterhouseCoopers LLP, as the judicial managers, the China-based waste management company said yesterday.
Instead of addressing the concerns of Singaporeans that they are being squeezed out of the housing market by rising prices of HDB flats, HDB has struck back to correct public perception through its officers and a deluge of letters from ghost writers.