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BEIJING, June 10 (Xinhua) -- China is ready to end a de facto suspension of initial public offerings (IPOs) on the Shanghai and Shenzhen stock exchanges, after the securities regulator unveiled Wednesday the final guidelines for new IPOs. The China Securities Regulatory Commission (CSRC) said the guidelines would take effect Thursday. An unidentified CSRC spokesman said the commission will give approvals to applying firms any time after the guidelines become effective. The commission announced draft guidelines on May 22 to solicit public opinions till June 5. The new guidelines aim to improve the price discovery function of the stock market, and help retail investors subscribe to newly issued stocks. The draft said the quotation system for new issues should be revised so that issue prices faithfully reflect market demand, and lead underwriters should take steps to avoid "unreasonably" high prices. Under the new rules, stock subscribers need to use either the online or off-line subscription system, but not both, to purchase new stocks. Institutional investors used to enjoy the privilege of subscribing through both systems, while retail investors could use only the off-line system. Three revisions were made to the draft to follow public advices that the commission deemed reasonable. The final version said a single investor is refined to use one account only to purchase new stocks, as some institutional investors have multiple accounts. The revision is aimed to help more smaller investors get access to new stocks. In addition, the commission said it would consider to increase the number of tradable stocks in response to suggestions the lock-down of too many stocks would do no good to curb speculation. However, the spokesperson said shares lock-down of large shareholders would remain in place, as it is aimed to prevent frequent changes in managerial staff that could jeopardize a firm's operation and create risks and the practice is followed on many overseas markets. The commission also added the content about improving the "clawback" and the offering suspension mechanisms upon requests of the public. The "clawback" mechanism is used in the event that the deal is subscribed by 100 times or more. The CSRC effectively suspended all new stock issues last September, as it halted approvals. Since then the stock market has plunged more than 50 percent from its peak 6124.04 in October 2007,compared to Wednesday's closing. The CSRC spokesman anticipated that the first few new IPOs may not be satisfactory (in boosting the market), but he believed that the goals of the new guidelines could be achieved over time, which would play a positive role in boosting the market in the long run. A total of 32 firms are on the waiting list to launch their IPOs on the A-share market, expecting to issue a combined more than 14 billion shares. China State Construction Engineering Corp. is expected to issue12 billion shares.
st groups travel to the island after a meeting between the mainland's Association for Relations Across the Taiwan Strait chairman Chen Yunlin and the Taiwan-based Straits Exchange Foundation chairman Chiang Pin-kun in June last year. The first tourist group arrived in Taiwan on July 4.
CHENGDU, Sichuan, May 11 (Xinhua) -- Chinese President Hu Jintao on Monday expressed his appreciation of the world community for their strong support and valuable aid on the wake of last year's devastating earthquake in southwest China and called for further international cooperation in tackling major natural disasters. "In face of grave natural disasters, the international community could support each other, enhance cooperation, join hands and jointly tackle the difficulties," Hu told some senior foreign diplomats who were invited to the capital of Sichuan Province on the anniversary of the quake. Chinese President Hu Jintao (C front) meets with envoys and delegates of some countries and international organizations, who come to attend the activities marking the anniversary of last year's devastating earthquake in the southwestern Sichuan Province, in Chengdu, capital of Sichuan Province, May 11, 2009. The magnitude-8.0 quake that hit southwest China, including many parts of Sichuan, on May 12, killed more than 69,000 people, left nearly 18,000 missing, more than 374,000 injured and millions homeless. Facing the grave disaster, Chinese armed forces and Chinese people worked as one and struggled in unity in rescue work and disaster relief, Hu told those diplomats during the half-hour meeting. The international community extended their helping hands as governments, groups and individuals from more than 160 countries and some international organizations offered a large number of fund and material assistance via different channels. Some countries, such as Russia and Japan, sent rescue teams and doctors to help the Chinese people in the quake-hit areas. Foreign rescuers, in total, offered medical care to more than 10, 000 injured people, found 52 bodies of the victims and took out one survivor from the debris, Chinese official statistics show. "The assistance from the international community strongly supported China's disaster relief and reconstruction efforts, showcased grand humanitarianism and sincere friendship with the Chinese people," Hu said. Hu briefed China's reconstruction work to the diplomats, saying it has been carried out in a strong, orderly and effective manner and recorded staged success. "After one year of hard working, the quake-hit areas witnessed the resumption of and development in their social and economic construction," Hu noted. The production and living conditions in those areas were improving and the people were working hard to build better lives and new homes, said the head of state. Hu thanked the international community for their support and aid, saying the money and materials have been used in various fields such as rebuilding of homes, roads, schools, hospitals and other important infrastructure. China has carried out "vigorous overseeing" and "effectively used" the donation from the international community, Hu told the 30 diplomats, including those from the United States, Russia, Japan, Pakistan and representatives from the UN International Children 's Emergency Fund and the International Federation of Red Cross and Red Crescent Societies. "We will strive to use the international donation in the places most in need," he said, labeling the cooperation between China and the world as "a good example of international cooperation in disaster relief." "Chinese government and people will step up exchange and cooperation with the world community, jointly tackle various global challenges and push for a harmonious world featuring long-lasting peace and common prosperity," Hu said. "We came here to show respect to the patriotism and wisdom of the Chinese people," said Nolana Ta Ama, ambassador of the Republic of Togo and dean of the diplomatic corp to China. The diplomats were also here to show respect to the mechanism Chinese government established in tackling the quake, he said. "China's efforts and success in fighting against the quake and disaster relief were a contribution to the world." Ama spoke highly of China's "enormous efforts in saving lives and helping the survivors to resume their lives," pledging that the world community will continue support and help the affected regions. The diplomats will visit some quake-hit spots near Chengdu on Tuesday.
JINAN, June 29 (Xinhua) -- Chinese Premier Wen Jiabao has encouraged domestic enterprises to make breakthroughs in science and technology development to weather the global financial crisis. Wen made the remarks during his inspection tour in east China's Shandong Province from Saturday to Sunday. It had been the Premier's fourth consecutive weekend inspection tour outside Beijing this month. Wen said the government would continue the current proactive fiscal policy and moderately ease monetary policy and take it a top task to keep a steady economic growth. In JinJing Group, China's first glass-manufacturing company with a history of 105 years, Wen was pleased to see the company had gained steady sales increase with its independently-developed new products amid the global downturn. Chinese Premier Wen Jiabao talks with workers at a workshop of Weiqiao Textile Company Ltd. in east China's Shandong Province. Wen Jiabao made an inspection tour in Shandong from June 27 to June 28 Wen said that technological breakthroughs were fundamental and long-term solutions which should be relied on to fight against the economic downturn. He urged the enterprises in Shandong to provide better environment for young talent to contribute their ability and wisdom to technology development. When inspecting Jigang Group, Wen asked the steelmaker to improve its products' competitiveness by carrying out technological innovation, cutting manufacturing cost and developing energy-efficient products. Wen also visited privately owned Shandong Weiqiao Textile Company, the largest cotton textile enterprise in Asia with more than 150,000 employees. He said China's textile industry, which was strongly affected by export market, had encountered many difficulties caused by the global financial crisis. Wen urged efforts to create an environment of fair competition and fight against monopoly to facilitate the development of private companies. "It is a must to attach importance to the development of private businesses and private fund investment in an effort to deal with the financial crisis and boost economic growth," he said. Wen said coping with the financial crisis and overcoming difficulties in economic development both serve the purpose of improving people's livelihood and better development of individuals. Only when people's lives are improved and secured, will the economic development have a true meaning, Wen said.
BEIJING, July 14 (Xinhua) -- Chinese equities gained 2.1 percent to hit a 13-month high Tuesday after three days of losses, boosted by financial, real estate and steel shares. The benchmark Shanghai Composite Index closed at 3,145.16 points, up 64.6 points, or 2.1 percent. The Shenzhen Component Index closed at 12,991.06 points, up 330.51 points, or 2.61 percent. Total turnover expanded to 280.53 billion yuan (41.07 billion U.S. dollars) from 268.78 billion yuan on the previous trading day. Winners outnumbered losers by 795 to 67 in Shanghai and 667 to 74 in Shenzhen. This multiple exposure picture shows an investor at a stock brokerage in Haikou, capital of south China's Hainan Province, on July 14, 2009. The benchmark Shanghai Composite Index on Tuesday closed at 3,145.16 points, up 64.6 points, or 2.1 percent to hit a new 13-month high led by banking shares "Strong investor optimism and a rebound in major markets in the United States and Europe driven by financial shares helped push up the gains in Chinese equities," said Qin Xiaojun, an analyst with Galaxy Securities. The Dow Jones Industrial Average gained 1.4 percent Monday with Bank of America, Citigroup, and J.P. Morgan Chase, three of its banking components, posted solid gains. Positive signals strengthened investor confidence as China posted a 19.6 percent fiscal revenue increase in June Monday. China's central bank Monday called on financial institutions to improve financial support to stimulate the economy. Brokerage shares performed well. Guoyuan Securities rose by the daily limit of 10 percent to close at 24.97 yuan, and Hongyuan Securities advanced 6.19 percent to 26.6 yuan. The real estate sector posted widespread gains as the Beijing-based Vantone Real Estate Co., Ltd and Xiamen-based Chuangxing Real Estate Co., Ltd reached the daily limit of 10 percent to close at 13.83 yuan and 11.31 yuan respectively. Anyang Iron and Steel Group Co., Ltd and Guangxi Liuzhou Iron and Steel Group Co., Ltd also rose by the daily limit to 5.48 yuan and 9.01 yuan respectively.Investors are seen at a stock brokerage in Haikou, capital of south China's Hainan Province, on July 14, 2009. The benchmark Shanghai Composite Index on Tuesday closed at 3,145.16 points, up 64.6 points, or 2.1 percent to hit a new 13-month high led by banking shares.