Great Wall IPO Denied
The China Securities Regulatory Commission has blocked a domestic IPO by automobile producer Great Wall Motor without giving details, state media reports. Some analysts believe that the disappointing stock market and the uncertain outlook for the automobile industry might have been key reasons for the decision. Great Wall listed its shares in Hong Kong in 2003 and had plans to issue 120 million shares in the mainland.
KTB Invests USD5 bn in China
South Korean-based investment firm KTB said it will invest USD5 bn in
China in the next five to 10 years, Reuters quotes Managing Director
Sung Y. Yoon. Previous investments have gone to telecoms, media and
technology companies. Now, the Koreans are apparently eyeing more
traditional industries, such as automotive and shipbuilding. KTB has
been present in China since 2003 and has, among others, invested in Tudou.com, Focus Media and Seven Media.
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