UPDATE 1-PRESS DIGEST - China - May 12
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BEIJING/SHANGHAI, May 12 (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.
CHINA SECURITIES JOURNAL
-- A China Securities Regulatory Commission official said the regulator would strengthen its checks of brokerage account management after it found 127,500 brokerage accounts that should be disqualified under securities rules, accounting for 0.11 percent of A-share brokerage accounts, due mainly to account inactivity.
-- China's ambitious project to build large commercial jets will promote technologies in a range of important sectors and upgrade China's aircraft industry, Premier Wen Jiabao said in a commentary released via Xinhua News Agency. China established its first company to manufacture large jetliners on Sunday.
-- The Shanghai Gold Exchange is considering launching trade in gold spot options to attract more investors to the country's largest physical precious metals exchange, said exchange Chairman Shen Xiangrong.
-- China will not make further cuts in export tax rebates on textile products, said Du Yuzhou, president of the China National Textile and Apparel Council, as the industry confronts weakening profits. The rebate has been decreased to 11 percent from 17 percent.
SHANGHAI SECURITIES NEWS
-- The Shanghai Stock Exchange has told listed companies to immediately notify in writing any shareholders holding a 1 percent stake or more under lock-up conditions of the need to adhere to rules on share sales.
-- Liquid crystal display maker SVA Electron Co Ltd (600602.SS) will issue up to 2.04 billion yuan ($292 million) in new shares in a private placement to its parent company as part of a deal to acquire an affiliate.
-- Bank of Ningbo (002142.SZ), partly owned by Singapore's Oversea-China Banking Corp (OCBC.SI), denied a media report that Ping An Insurance (601318.SS) planned to acquire a 5 percent stake.
-- Yunnan Metropolitan Real Estate Development Co (600239.SS) will issue up to 132 million A shares for no less than 15.17 yuan each in a private placement with up to 10 institutional investors.
SECURITIES TIMES
-- A 1.5 million-tonne cold-rolled steel coil production line at Beijing Shougang Co (000959.SZ) recently started commercial production.
CHINA BUSINESS NEWS
-- Five leading coal mines in central China's Henan Province, including the state-owned parent of Zhengzhou Coal Industry and Electric Power Co (600121.SS), are considering stock market listings.
CHINA DAILY (www.chinadaily.com.cn)
-- The health ministry said an outbreak of hand-foot-mouth disease had been brought under control in Fuyang in eastern Anhui province, where 22 children died of the disease and thousands of others were infected. China has reported more than 27,000 cases of the disease and 34 deaths.
-- New smoking restrictions introduced in Beijing on May 1, covering public places including hotels and parks, has reduced by half the number of fires sparked by cigarette butts, local fire authorities said.
PEOPLE'S DAILY
-- China's installed power generating capacity will exceed 800 gigawatts by the end of this year and likely reach 1,000 gigawatts by 2010, said Zhang Guobao, chief of the State Energy Bureau. ($1=6.987 Yuan) (Compiled by Beijing and Shanghai Newsrooms; Editing by Ken Wills and Edmund Klamann)
