Business digest
watchdog receives more listing applications
The Securities and Futures Commission received 122 listing applications through the Hong Kong stock exchange in the past year, according to a statement released by the commission.
The number represents a moderate increase from the 117 applications recorded in the previous 12 months.
Applications with offer sizes of more than $100 million rose to 88 from 54.
Of the 64 cases in which it has raised comments on, 26 remained active at the end of last month, while 33 had been withdrawn or rejected. Only five had been listed.
In the first quarter, the commission received 30 listing applications, a marked increase from the previous three months. Kelvin Wong
carmakers seal deal for mainland joint venture
Changan Automotive Group, Ford Motor and Mazda Motor have signed a deal to form a joint venture to build a car engine plant in Nanjing, Jiangsu province.
The plant, 1km west of Changan and Ford's car assembly plant under construction, will be capable of producing 350,000 engines annually when it comes on stream in early 2007.
A Ford spokesman declined to reveal the expected investment, saying the venture had not been approved by the government.
The plant is part of the US$1 billion investment Ford and Changan have vowed to pour into their joint venture to expand its mainland production capacity from 20,000 units to 150,000. Eric Ng
