PRESS DIGEST-China - April 4
SHANGHAI, April 4
SHANGHAI, April 4 (Reuters) - Chinese newspapers available in Beijing and Shanghai carried the following stories on Friday. Reuters has not checked the stories and does not vouch for their accuracy.
CHINA SECURITIES JOURNAL
- The trial in a lawsuit filed by Yang Jianbo, the former head of brokerage Everbright Securities Co Ltd's trading unit, was held at Beijing First Middle Court on Thursday. The court session focused on the identification of inside information and inside trading.
SHANGHAI SECURITIES NEWS
- Several state-owned firms in Shanghai including Bright Diary & Food Co Ltd, Shanghai Pharmaceuticals Holding Co Ltd and Shanghai Huayi Group Company have begun selling shares to investors as the local government accelerates ownership reforms for state-owned firms.
- Inventories of residential properties in 20 major Chinese cities hit 84 million square meters by the end of March, up 16.3 percent from a year earlier, the highest in five years, according to data from a real estate research institute in Shanghai.
- The bond ratings of nine listed companies have been cut to speculative grade by rating firms since the end of February, while only two were downgraded in the same period last year, highlighting rising risks of China's corporate bond market.
- Denmark's shipping conglomerate Maersk Line plans to expand its business in China, as more Chinese companies trade with emerging markets.
- China's e-commerce giant Alibaba unveiled an online sales platform for brokerage products for financial institutions on Thursday. The platform will be operated by the newly established Shanghai Zhaocaibao Financial Service and Information Co.
For Hong Kong and South China newspapers see.....
($1 = 6.1201 Chinese yuan) (Reporting by Shanghai Newsroom; Editing by Anupama Dwivedi)
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