JP Morgan secures mainland QFII licence
JP Morgan Chase Bank yesterday received a licence under the qualified foreign institutional investor (QFII) scheme to invest in Shanghai and Shenzhen A shares, yuan-denominated treasuries and other eligible securities. The United States financial services firm has a foothold in mainland fund management business through a joint-venture agreement with Shanghai International Trust and Investment Corp signed in April.
Yizheng expects strong growth in earnings
H share Sinopec Yizheng Chemical Fibre says unaudited net profit for the first three quarters will improve by more than 50 per cent because demand for textile products began to recover in June. The company reported an 87.8 per cent drop in profit to $6.84 million in the first half. It said it was unaware of any other reasons for yesterday's 6.5 per cent price rise in its stock, which a saw a turnover of $202.52 million.
Former pearl oriental chief buys into Dah Hwa
Dah Hwa International (Holdings) has raised $7.5 million by selling new shares to Wong Kwan, the former chairman of Pearl Oriental Holdings. The leather manufacturing company issued 151.13 million shares at five cents each - a 23.07 per cent discount to Tuesday's closing price - in a deal that will increase its issued share capital by 20 per cent. Mr Wong will join Dah Hwa as executive director.