UPDATE 1-PRESS DIGEST - China - Dec 27

(Adds items)

BEIJING/SHANGHAI, Dec 27 (Reuters) - Chinese newspapers available in Beijing and Shanghai carried the following stories on Thursday. Reuters has not checked the stories and does not vouch for their accuracy.

CHINA SECURITIES JOURNAL

-- The China Securities Regulatory Commission is seeking feedback on a proposed rule to tighten oversight of financial advisers who work on acquisitions that involve listed firms.

-- China's northern province of Shanxi, a major coal region, issued a regulation to help the coal industry consolidation and encouraging leading miners to take over smaller rivals.

-- Major firms of China's textile industry are expected to gain a total gross profit of 115.2 billion yuan in 2007, a rise of 32 percent from last year, the China Textile Industry Association said in a report.

-- Wu Gang, president of Xinjiang Goldwind Science & Technology Co (002202.SZ), which soared 264 percent on its trading debut in Shenzhen, said the company seeks stable development and does not want investors to lose money from sharp price fluctuations in the company's shares.

-- Pacific Securities Co, a Chinese brokerage based in the southwestern province of Yunnan, will list in Shanghai on Friday after taking over Unida Co. Ltd, which has been delisted.

-- Sichuan Atlantic Welding Consumable Co Ltd (600558.SS) said its parent has signed a strategic cooperation agreement with Hunan Nonferrous Group to invite the base metals producer as a strategic investor to the group company.

-- China Sinoma International Engineering Co. (600970.SS) said it has won a contract worth $148.5 million to help Riyadh Cement Co in Saudi Arabia to expand a cement production line.

-- CSC Nanjing Petroleum Transport Co Ltd (600087.SS) said it plans to pay 490 million yuan for four carriers

SHANGHAI SECURITIES NEWS

-- The State Council, or cabinet, has approved detailed rules on building up a new generation of broadband wireless mobile communications system in China.

-- CITIC Securities (600030.SS) said it would combine its subsidiary asset management units -- China Asset Management Co, CITIC Asset and CITIC Fund Management.

-- Hana Bank, a unit of South Korea's Hana Financial Group (086790.KS), will launch its locally incorporated bank in China on Thursday.

-- The capitalisation of the Small and Medium Enterprise Board in the Shenzhen Stock Exchange has exceeded 1 trillion yuan ($136 billion). China plans to the use the exchange as a base to establish a Nasdaq-style board next year.

SECURITIES TIMES

-- Hunan Valin Steel Tube & Wire Co. Ltd 000932, in which ArcelorMittal (MT.N)CELR.PA holds a minor stake, said it has shut down a copper tube unit because of rising material prices and lower processing fees.

-- Guangdong Provincial Expressway Development Co Ltd 000429.SS said its plans to buy two expressway developers in Jiangxi Province with a total investment of 500 million yuan.

CHINA BUSINESS NEWS

-- The Shandong provincial government appointed new heads at the Jinan Iron and Steel Group and Laiwu Iron and Steel Group, the province's two major state-owned steel mills. The move could help a long-expected merger of the two steel makers.

SHANGHAI DAILY

-- China's Suning Appliance Co plans to increase sales to 8 billion yuan next year in Shanghai by opening more medium and big-sized outlets, the vice president of the electronics retailer said on Wednesday.

FINANCIAL NEWS

-- Some 200 million people have been insured under the social security fund, with revenues expected to top 1 trillion yuan ($136.2 billion) this year.

-- Outstanding loans offered by rural cooperatives to farmers stood at 1.226 trillion yuan and more than 300 million farmers have benefited from the loans.

CHINA DAILY (www.chinadaily.com.cn) -- China will set up two big government departments in a bid to streamline certain sectors. Regulatory commissions for securities, banking and insurance will be merged into one mega department, said Zheng Xinli, deputy chief of the Central Policy Research Office of the Central Committee of the Communist Party. Panels for coal mining, crude oil, electricity and renewable energy would also be unified under a new energy department.

PEOPLE'S DAILY

-- Chinese lawmakers are reviewing a draft law, which would strengthen oversight of food production and place the onus on producers to insure food safety. ($1=7.344 Yuan)