PRESS DIGEST- China - April 29
April 29 (Reuters) - Chinese newspapers available in Beijing and Shanghai carried the following stories on Tuesday. Reuters has not checked the stories and does not vouch for their accuracy.
CHINA SECURITIES JOURNAL
- The pace of China Securities Regulatory Commission (CSRC) in resuming IPO applications will not overly speed up despite the commission's recent spate of "pre-disclosure" of companies waiting to be listed, with sources expecting four to five companies to be granted per week in the near term. As of April 28, up to 144 companies have submitted the draft version of prospectuses, the CSRC information disclosure shows.
- Members of the China Iron and Steel Association (CISA) have lost 2.329 billion yuan ($372.5 million) in the first quarter of 2014, with 45.45 percent of the association members losing money because of low demand, high inventory stock and declining price.
- A total of 2453 A-share listed companies have released their 2013 annual reports so far, with the sum of their net profit reaching 2,240 billion yuan, a 15 percent rise year-on-year.
- In spite of high rates, the number of China's new issuance of quasi-municipal bonds in 2014 has reached 215 so far this year, raising 248.31 billion yuan, a 36.28 percent increase from the same time of last year.
- Chinese stocks saw a sharp drop on Monday after the securities regulator said it will resume reviewing IPO applications following an 18-month moratorium. The Shanghai Composite Index lost 1.6 percent before closing at 2003.49, the Shenzhen Component Index dropped 1.14 percent to 7240.46.
- China's president Xi Jinping visited armed policeman, local residents' homes and a primary school after arriving in the restive Xinjiang autonomous region on Sunday, encouraging local officials to promote harmony among all ethnic groups.
- Higher quality as well as wider coverage of road constructing in China's rural areas must be achieved to fulfil the goal of modern agriculture, an editorial said, commenting on president Xi Jinping's series of conduct highlighting the significance in rural transportation infrastructure.
For Hong Kong and South China newspapers see..... ($1 = 6.2530 Chinese Yuan) (Compiled by the Shanghai Newsroom; Editing by Anand Basu)