China Coal, Sinotruk parents buy back shares in secondary market
Two key mainland enterprises said their controlling shareholders bought back more shares in the secondary market. China Coal Energy said its parent company China National Coal Group bought 4.05 million A shares in Shanghai yesterday, increasing its shareholding to 57.55 per cent from 57.52per cent.
Sinotruk (Hong Kong) said its controlling shareholder, Sinotruk BVI, had bought a total of 11.88 million of the company's H shares between September 19 and 23, increasing its stake to 63.04 per cent from 62.52per cent before the move. Carol Chan
HK dollar climbs to six-month high against the greenback
The Hong Kong dollar advanced to a six-month high against the US dollar yesterday as liquidity in the interbank market tightened because banks were cautious to lend. The local unit touched 7.7615 against the US dollar, the strongest since March, in the evening trading session. Dealers said banks were still reluctant to lend amid the global credit crunch, prompting some to sell US dollars for Hong Kong dollars. Maria Chan
Survey finds 87pc see sustained equity investment on mainland
Deloitte & Touche yesterday said that 87 per cent of participants in a recent survey about the mainland's private equity market expected that overall levels of investment activity would increase or at least stay the same over the next 12-month period. Survey respondents said the equity market could benefit from the downturns in the initial public offering and debt-financing markets.
Sixty per cent of respondents said they expected average equity deal sizes to increase as the private equity market becomes more mature. Deloitte polled 30 leading mainland private equity companies in conducting the survey, including domestic and international funds, as well as other related funds. Nick Westra