Pension fund allowed to invest in unlisted overseas firms
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China's business press carried the following stories on Thursday. China.org.cn has not checked the stories and does not vouch for their accuracy.
Pension fund allowed to invest in unlisted overseas firms—Shanghai Securities News
China's National Social Security Fund has won approval to invest in unlisted foreign companies and private equity firms, said Dai Xianglong, head of the NSSF.
The fund is currently looking for fund managers to assist it.
The 700-billion-yuan fund has spent 7 percent on overseas stocks, bonds and other assets, far from the maximum20 percent that it is allowed to buy in overseas assets.
Carmakers boosted with profit—China Securities Journal
Three Chinese listed carmakers reported soaring profits and sales in the first quarter because of modest price rises in raw materials and government incentive program.
SAIC Motor Corporation Ltd. gained 2.9 billion yuan (US$425 million), or 0.4 yuan a share (US$0.06), more than triple the amount last year. FAW gained 519 million yuan, or 0.4 yuan a share, a 182-percent increase. Beiqi Foton Motor rose 179 percent to 519 billion yuan, or 0.6 yuan a share.
Sales of Chinese automobiles rose 72 percent in the first quarter, in contrast with the world's auto brands, which stumbled in the global downturn.
Everbright Bank IPO awaiting approval—China Securities Journal
China Everbright Bank, a mid-sized Chinese lender based in Beijing, is waiting for approval by financial regulators after meeting criteria for listing on the stock market.
The bank had a 34.8-percent growth in profits in 2009, to 7.64 billion yuan, according to its annual report released Wednesday. By the end of last year, the bank's non-performing loan ratio dropped to 1.25 percent. It ranks 16th among Asian banks in overall competitiveness.
"The listing won't be smooth, so the bank will speed up preparation for the public share sale this year," said an Everbright manager.
