China’s Changjiang Securities Backdoor Listing Approved
考研英语
时间: 2019-04-08 14:16:30
作者: 匿名
A plan for mid-sized brokerage Changjiang Securities to obtain a backdoor stock market listing has been approved by China's securities regulator, a company involved in the scheme said on Saturday.
Shijiazhuang Petrochemical Co. said the China Securities Regulatory Commission passed its plan to merge with Changjiang by issuing new shares, in a deal which it previously estimated would value Changjiang at 10.3 billion yuan ($1.37 billion).
Under the plan, Shijiazhuang will separate itself from its parent firm, oil refining giant Sinopec Corp.. Sinopec will buy all of Shijiazhuang's assets by assuming debts estimated at 3.7 billion yuan.
The merger, which is subject to conditions specified by the commission, will provide Changjiang with Shijiazhuang's listing on the Shenzhen Stock Exchange.
Because of China's stock market boom, a string of brokerages is seeking listings through initial public offers of shares or backdoor listings, which can be quicker and cheaper than IPOs.
French bank BNP Paribas previously had a partnership with Changjiang but severed ties in January, saying the two companies had different views on the development of a joint venture in China.
Shijiazhuang Petrochemical Co. said the China Securities Regulatory Commission passed its plan to merge with Changjiang by issuing new shares, in a deal which it previously estimated would value Changjiang at 10.3 billion yuan ($1.37 billion).
Under the plan, Shijiazhuang will separate itself from its parent firm, oil refining giant Sinopec Corp.. Sinopec will buy all of Shijiazhuang's assets by assuming debts estimated at 3.7 billion yuan.
The merger, which is subject to conditions specified by the commission, will provide Changjiang with Shijiazhuang's listing on the Shenzhen Stock Exchange.
Because of China's stock market boom, a string of brokerages is seeking listings through initial public offers of shares or backdoor listings, which can be quicker and cheaper than IPOs.
French bank BNP Paribas previously had a partnership with Changjiang but severed ties in January, saying the two companies had different views on the development of a joint venture in China.
猜你喜欢
-
- 03-082018考研英语单词需掌握5个反义否定前缀
- 03-082018年考研英语翻译必备词组100条
- 03-082018考研英语阅读顶级攻略:阅读40分是如何做到的
- 03-082018考研英语阅读掌握三步基本解题思路
- 03-082018考研英语阅读常存在的三个解题误区
- 03-082018年考研英语词汇8个轻松记忆法
- 03-082018考研英语作文提分新途径巧用插入语
- 03-082018英语大纲将来袭这两点你做到了吗
- 03-082018考研英语错误率高怎么办你需要做到这5点
- 03-082018年考研英语教你如何复习