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BEIJING, Aug. 15 (Xinhua) -- The Agricultural Bank of China (ABC), one of China's "big four" state-owned commercial banks, won the title for the world's largest initial public offering (IPO) after selling another 3.34 billion shares at its IPO price of 2.68 yuan per share.The ABC said in a statement at the Shanghai Stock Exchange Sunday that it raised an additional 8.94 billion yuan (1.31 billion U.S. dollars) after fully exercising the over-allotment option of its Shanghai share offering. The bank has now raised 22.1 billion U.S. dollars.The previous record was set by the Industrial and Commercial Bank of China, which raised a record 21.9 billion U.S. dollars in its IPO in 2006.ABC shares rose 0.37 percent to 2.69 yuan on the Shanghai bourse Friday.The ABC is the last of the "big four" state-owned commercial lenders to go public. The other three banks -- the Industrial and Commercial Bank of China, China Construction Bank and Bank of China, are listed on both Shanghai and Hong Kong bourses.The over-allotment, or so-called greenshoe option, allows the sale of additional shares to the public if demand is high.
SHANGHAI, Aug. 21 (Xinhua) - Shanghai International Port Group (SIPG), China's largest commercial port and one of the country's major gateways for foreign trade, reported a 52 percent increase in profits during the first half of the year.Net profits for SIPG were 2.6 billion yuan (385 million U.S. dollars) from January to June, up 52.4 percent year on year, the company said in a statement to the Shanghai Stock Exchange on Saturday.Further, earnings per share rose 52 percent from a year earlier to 0.12 yuan, according to the statement.The company attributed the growth mainly to China's robust trade performance in the first half of the year.During the first half of 2010, China's exports rose 35.2 percent to 705.09 billion U.S. dollars while imports increased 52.7 percent to 649.79 billion U.S. dollars, according to the General Administration of Customs.SIPG shares on the Shanghai bourse closed down 0.48 percent to 4.17 yuan on Friday.
BEIJING, June 26 (Xinhua) -- China's police chief has urged the country's rehabilitation professionals and staff to provide excellent medical care for drug users and develop effective and humane methods to help free them from the use of drugs.Minister of Public Security Meng Jianzhu made the remarks Friday during his visit to the city of Ningbo in eastern Zhejiang Province to inspect local drug rehabilitation work."To successfully transform a drug user is to save a family and contribute to social harmony. We should explore effective and humane methods to help them stop using drugs and return to society for a better life," Meng said while visiting a district drug rehab center.Meng expressed his gratitude to all community workers and volunteers for their contribution to the country's anti-drug fight and told them to provide excellent medical care for drug users, including specialized treatments."Drug rehab is a very long, arduous and complicated process. You must overcome all difficulties with confidence and firm belief in order to give up drugs and be happy and healthy...," Meng told patients at the drug rehabilitation center.Meng expressed the hope that these patients would teach more people to cherish life and stay away from drugs after they returned to society.On Saturday, a local court in southeast China's Fujian Province announced the executions of two drug dealers who were convicted of selling and trafficking 12,242 grams of heroin.In addition, the ministry announced Saturday in a statement that police across the country seized 38,000 suspects in drug-related crimes from January to May during a national campaign.A total of 2.3 tons of heroine, 2.4 tons of crystal methamphetamine and 2.1 tons of ketamine were confiscated, along with 243 tons of chemicals for drug making.According to the statement, the crackdown, starting in early this year, has been focusing on drug making and trafficking, especially chains involving foreign sources.Saturday is the International Day Against Drug Abuse and Illicit Trafficking.
BEIJING, July 12 (Xinhua) -- The State Council's policies to rein in rapidly soaring housing prices in cities will continue and local governments should implement them "unswervingly", according to a statement released Monday from the Ministry of Housing and Urban-Rural Development, while also denying some media reports on a possible policy withdrawal."We will urge local governments to make sure that they strictly implement the differentiated housing loans policy to crack down on housing speculations," the ministry said in a brief statement posted on its website.The ministry added it would adopt "positive" measures to increase the supply of commercial homes in the market, speed up construction of housing for low-income residents and renovation of shantytowns, and strengthen supervision of the real estate market conditions.The statement came shortly after the National Bureau of Statistics (NBS) released its latest figures on housing prices in Chinese cities.Housing prices in major Chinese cities rose 11.4 percent year on year in June, one percentage point lower than the increase in May, according to NBS statistics.This was the second consecutive month that China's property prices grew at a slower pace. Property prices in the 70 large- and medium-sized cities grew 12.4 percent year on year in May, 0.4 percentage point lower than in April.The State Council, China's Cabinet, introduced a series of tightening measures in April to rein in soaring house prices and curb speculation, including tightened scrutiny of developers' financing, suspension of loans for third-home purchases and higher down-payment requirements for second-home purchases.Housing prices almost doubled in some popular Chinese cities such as Beijing and Shanghai in 2009, prompting the Chinese government to take measures to curb these excessive hikes.
LUOYANG, July 11 (Xinhua) -- Chinese President Hu Jintao has stressed economic restructuring, agricultural production and the role of grass-root party organizations during his visit to the city of Luoyang in central Henan province.Hu visited state-owned enterprises, research institutes and talked with local farmers during this trip from Friday through Sunday.At Citic Heavy Industries Co., Ltd., the largest manufacturer of mining machinery in China, Hu learned that the company had shifted focus from manufacturing to research and development. He said innovation is the lifeblood of a company.He also visited a tractor manufacturing plant and a bearing producing company, both enjoying rapid growth thanks to restructuring. Hu asked officials at the two companies to continue with their restructuring and their ongoing expansion through innovation.Hu also visited two research institutes. At China Aviation Lithium Battery Research and Development Center, Hu asked the center to seize the opportunity as the new energy industry is booming and the market demand for lithium batteries is expanding.At another research institute, Hu stressed the role of talent in scientific and technological research.Hu also urged the province to to do a good job in agricultural production this year, as Henan contributes the largest share of crops in China.Hu urged village-level party organizations to serve the interests of farmers while visiting a local village.Hu visited farmers at a corn field and asked about the yields and price of corn. Hu told farmers that supporting grain production is a long-term policy and the state will again boost such support in the future so farmers can earn more and increase their wealth by planting grain.Hu said China would continue to give priority to the development of rural areas, agriculture and farmers during the 12th five year plan, China's development blueprint for the next five years.Hu noted that China's grain yields have increased for 6 consecutive years, and this year the summer yield of grain is another good harvest, despite earlier bad weather.Hu said, however, that Henan, as China's bowl of grain, should take on the responsibility to safeguard the nation's food security and enhance its agricultural production capacity.While visiting a local village, Zhouli village of Mengjin county, Hu requested village-level party organizations to work for the interests of farmers.Hu added that the party organization plays a critical role in improving the standards of living for farmers.Zhouli village was relocated to its present site to make way for a water conservation project in the Yellow River in 1995. Since then, the per capita annual income of local farmers rose from 680 yuan (100 U.S.Dollar) to its current 4,950 yuan now, and farmers now have access to running water, cable TV as well as other public services.Hu said the government would continue providing favorable policies to farmers so they might lead better lives.At the end of his visit, Hu urged continuing efforts to transform the economic growth pattern, adjust the economic structure, increase the amount of indigenous innovation, continue to promote energy conservation, emission reduction and environmental protection as well as reform and opening up.