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Changjiang Securities to go public via backdoor listing
(AFX)
Updated: 2007-01-24 16:02 ![]() Sorry, the page you requested was not found.Please check the URL for proper spelling and capitalization. If you're having trouble locating a destination on Chinadaily.com.cn, try visiting the Chinadaily home pageCopyright 1995 -
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![]() ![]() Changjiang Securities Co Ltd will list via the backdoor in Shenzhen through a merger with Shijiazhuang Refining-Chemical Co Ltd, a unit of China Petroleum and Chemical Corp (Sinopec).
To pave the way for the deal, Sinopec, which holds a 79.73 percent stake in Shijiazhuang Refining-Chemical in non-tradable shares, will buy all of the unit's assets while taking over its debts, the statement said. Shijiazhuang Refining-Chemical will then repurchase the non-tradable shares held by Sinopec for 1 yuan and retire them. The new entity will also offer 1.2 bonus shares for every ten to holders of Shijiazhuang Refining-Chemical's tradable shares as compensation in the State share reform programme. The deal is still subject to regulatory approval, according to the statement. Trading in Shijiazhuang Refining-Chemical has been suspended since December 6. It is scheduled to resume by February 2 after the company consults its shareholders on the plan, according to the statement. Changjiang Securities has just ended a partnership with France's BNP Paribas in a joint venture investment banking company. BNP Paribas said earlier this week that it will sell its 33.3 percent stake in Changjiang BNP Paribas Peregrine, to Changjiang Securities, which holds the remaining 66.7 percent. BNP Paribassaid the decision was due to differences with Changjiang over the development of their joint venture. The China Securities Journal said Changjiang Securities posted a net profit of 450 million yuan in 2006. It had assets of 9.89 billion yuan, according to unauditied annual results. The mid-sized brokerage currently run 49 branches across China. (For more biz stories, please visit Industries)
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