UPDATE 1-PRESS DIGEST - China - Dec 25

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BEIJING/SHANGHAI, Dec 25 (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

-- China's military corporations are likely to raise more than 50 billion yuan ($6.8 billion) through initial public equity offers over the next three years as the country is encouraging foreign participation in the domestic industry.

-- China International Capital Corp and CITIC Securities (600030.SS) are the biggest stock underwriters in the country this year.

-- China's coke export prices are likely to rise again next year after the government said it would raise the coke export tax in 2008 to curb excessive overseas sales.

SHANGHAI SECURITIES NEWS

-- A bull run in stocks has made China's securities brokerage industry the country's fastest growing sector in terms of corporate earnings this year.

-- The value of China's fund industry is expected to exceed 4 trillion yuan next year, from around 3 trillion yuan in late 2007, due to the quick development of the country's stock market.

-- Shenhua Group Corp, China's top coal producer, sold 90.12 million shares it owned in New China Life Insurance to Shanghai Baosteel Corp, the country's top steel mill.

SECURITIES TIMES

-- China's biggest listed property developer Vanke (000002.SZ) foresees more adjustment and consolidation in the country's property market in 2008 although it is still bullish on the market, its general manager Yu Liang said in an interview.

-- Chinese pipe manufacturer Xinxing Ductile Iron Pipes Co (000778.SZ) plans to invest a total of 1.365 billion yuan in upgrading the company's facilities. The funds will be raised on its own and via the market.

CHINA BUSINESS NEWS

-- The recent U.S. subprime mortgage crisis has hit Western financial giants, offering good business opportunities for China Investment Corp, the country's newly established sovereign wealth fund.

SHANGHAI DAILY