153 deals, with investment of US$5.73b, are expected to be signed during fair About seven Zhejiang companies will float in Hong Kong this year, according to a senior official from the province. 'There are many good quality companies in Zhejiang. We encourage them to list in Hong Kong,' vice-governor Zhong Shan said yesterday. The Zhejiang officials did not say how much money the companies will raise this year, but 'several of them' have already sent their listing applications to the Hong Kong stock exchange. More details will be disclosed on Tuesday at a conference about financial co-operation between Hong Kong and Zhejiang - part of a programme at the three-day investment fair in Hong Kong organised by the eastern province. A total of 153 agreements will be signed during Zhejiang Week, held from Monday to Wednesday. Total investment will reach US$5.73 billion, of which US$2.4 billion will be foreign capital. Several port and logistic development projects in Ningbo, which will involve Hong Kong companies, will be signed on Wednesday. According to the Ningbo Port Group, it will sign agreements with three Hong Kong companies, including Orient Overseas (International), Cosco Pacific and Hutchison Whampoa to develop port projects with a total value of US$1.05 billion. HSBC, Bank of East Asia and Standard Chartered Bank will also sign agreements with Zhejiang to open representative offices in Hangzhou and Ningbo. Officials said Hong Kong was the biggest investor in the province, with newly approved investment reaching US$5.94 billion last year, up more than 40 per cent year on year. Total approved foreign investment last year was US$14.5 billion, an increase of 20.8 per cent.
