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9/30/11

SAIF-Backed China Hanking Falls 2.4% On 1st Day Of Trade In Hong Kong?


Shares in China Hanking Holdings, an iron ore mining and concentrates company controlled by Forbes China Rich List member Yang Min, fell by 2.4% on their debut at the Hong Kong Stock Exchange today.

The decline was about in line with a 2.3% drop in the exchange’s benchmark Hang Seng Index amid worries the economic growth outlook and tight credit in the mainland.
China Hanking, launching the sale in a bear market, priced its stock at the low end of the expected range. The IPO was supported by three well-known cornerstone investors:  Baosteel Resources International, a subsidiary of Chinese government-controlled steel maker Baosteel Group,  agreed to buy $10 million of shares, Hong Kong investment company SAIF Partners, which has backed Nasdaq-listed, China-based companies such as Global Education, ATA, Shanda Interactive and Perfect World,  purchased $30 million of shares,  and Gold Mountains, a subsidiary of Hong Kong-listed Zijin Mining Group, bought $20 million, according to filings  Zijin is partly owned by Chinese billionaire Chen Fashu, who ranked no.  323 with wealth of $3.4 billion on the 2011 Forbes Billionaires List.
Yang and her family ranked no. 299 on the newly released 2011 China Rich List with projected wealth of $610 million. 
source: forbes.com

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