Redchips and H shares suffer delays

Article Abstract:

Beijing has issued tighter listing rules, which will effect the floatation plans of Hong Kong redchip companies, while Huaneng Power International (HPI) has withdrawn plans to release H shares because of uncertainty in Asian currencies. HPI posted a net profit of $197 million in 1997, and had hoped to raise $150 million with the 250 million H share issue. China's municipal governments are raising investment by becoming listed redchips. The provincial government of Liaoning plans to raise $300 million, while the area of Chongqing will raise $200 million during 1999.

Securities and Commodity Exchanges, Security and commodity exchanges, Securities Exchanges, Exchanges, Beijing, China, Huaneng Power International Inc.

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China projects seek new financing methods

Article Abstract:

A number of public utilities in China are urging the government to allow them to privatise. Guangdong Nuclear Power Station and Bashu Power are amongst them. Other candidates waiting to privatise have been halted by falling share prices around the region. Convertible bonds are gaining in popularity and China Nanning Chemical issued US$18 million in five-year convertible bonds on the Shanghai stock exchange. Over 100 companies want to issue convertible bonds.

Stocks & Other Equity Securities, Corporate Bonds, Economic aspects, Marketing, Public utilities, Convertible bonds

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Nanhai tests the IPP market in China

Article Abstract:

CEF Capital has devised a loan for the financing of construction of the Nanhai power plant, on a limited recourse basis. The loan was devised to accommodate the reluctance by Beijing to provide loan guarantees due to the current monetary environment. Limited recourse loans will rely more on the actual project rather than the guarantor, although other bankers expect a trend towards participation in the risk by major export credit agencies.

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