PRESS DIGEST - China - Nov 11
SHANGHAI Nov 11 (Reuters) - Chinese newspapers available in Beijing and Shanghai carried the following stories on Monday. Reuters has not checked the stories and does not vouch for their accuracy.
- A commentary by the mouthpiece of the ruling Communist Party of China (CPC) said the country's new leadership has launched a slew of innovations aimed to building up a democratic political system since they came into power a year ago. The commentary was issued as the party is convening a crucial central commission plenum.
- China will take major steps to reform its gigantic state-owned enterprises, allowing private capital to have easier access to invest in the state sector, after the four-day Third Plenum of the CPC's 18th Central Committee, which started on Saturday, said Huang Shuhe, vice-chairman of the State-owned Assets Supervisions and Administration Commission.
SHANGHAI SECURITIES NEWS
- Chongqing Iron and Steel Co said the China Securities Regulatory Commission (CSRC) has approved its plans to issue new shares to its parent and other parties to raise money to buy new assets from its parent, a move expected to narrow its losses sharply next year.
- Oil giant Sinopec Corp said its parent on Friday bought back 39 million yuan-denominated A shares. The parent last week announced a plan to spend an estimated maximum of $17.7 billion to buy back a 2 percent stake in Sinopec's Shanghai-listed entity over the next year, in a move to support the mainland's sagging stock market.
CHINA SECURITIES JOURNAL
- China has quietly opened the second-batch tenders for high-speed trains this year worth an estimated 56-57 billion yuan ($9.18-$9.34 billion). The country in August lifted a suspension of tenders of high-speed trains imposed after a crash that killed dozens of passengers in 2011.
- A total of 757 companies are now on the waiting list to launch initial public offerings (IPOs) in the mainland's stock exchanges, CSRC data shows. China quietly suspended IPOs one year ago to help check a slide in the domestic stock market .
- The Shenzhen Stock Exchange will blacklist those companies that announce poorly conceived merger and acquisition plans aimed at boosting their own share prices.
- An editorial by a senior editor criticized Hangzhou-based Alibaba Group's IPO strategy in Hong Kong, saying Hong Kong was right to reject Alibaba's proposal to list under a tiered share structure that would allow management and preferred shareholders to retain control after listing, in contravention of the Hong Kong Exchange's rules.
For Hong Kong and South China newspapers see.....
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