In Brief
China life blames format for results report error
China Life Insurance blamed 'careless formatting' for the mis-statement of losses during its interim results announcement last Friday. Its loss from the disposal of property, plant and equipment for the first half and the same period a year earlier should be one million yuan and 36 million yuan respectively, instead of 36 million yuan and nil.
Dongfeng to list its Investment unit
Dongfeng Motor has filed an application with the Hong Kong stock exchange to list its Dongfeng Automobile Industry Investment unit, market sources say. The offering, expected in the fourth quarter, was initially thought capable of raising US$1 billion but sources now say even US$750 million is at 'the high end'.
S&P affirms Cheung Kong companies' ratings
Standard & Poor's has affirmed its 'A minus' ratings on Cheung Kong (Holdings), Hutchison Whampoa and Cheung Kong Infrastructure Holdings. The rating outlook for each firm remains negative. The ratings reflected Hutchison Whampoa's weak financial ratios and concerns over its heavy investment in 3G telecoms technology, it said.
China Power nears listing
China Power International will start pre-marketing for its Hong Kong initial public offering soon, market sources say. Pricing of the offer, which is expected to raise US$300 million-$450 million, was targeted for mid-October, they said. Merrill Lynch will be the sole bookrunner.
