Money Briefs: Chinese trust firm gets nod for IPO

Chinese trust firm gets nod for IPO

BEIJING • China's securities regulator has approved the nation's first initial public offering (IPO) by a trust company in more than two decades.

Shandong International Trust won approval from the China Securities Regulatory Commission to sell as many as 676.5 million shares in a Hong Kong IPO, one of its shareholders, Luxin Venture Capital, said in a filing last Friday.

Shandong International Trust plans to seek about US$300 million (S$426 million) from the sale, people with knowledge of the matter said.

The most recent listings from a Chinese trust company were in 1994, when Shaanxi International Trust and Anxin Trust sold shares in the domestic market, according to data compiled by Bloomberg.

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Dalian Wanda on buying spree

BEIJING • Billionaire Wang Jianlin's Dalian Wanda Group is examining opportunities for purchases in the financial industry as the Chinese conglomerate seeks to bolster that business, people familiar with the matter said yesterday.

Wanda is looking at possible purchases among European banks, one of the people said, asking not to be identified.

The conglomerate is also looking at securities firms, another person said. Wanda declined to comment. The Financial Times reported earlier that Wanda is weighing the purchase of Deutsche Postbank, prompting the Chinese group to issue a statement that media reports about it buying the German lender are inaccurate and that the companies have not held any such discussions.

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A version of this article appeared in the print edition of The Straits Times on February 14, 2017, with the headline 'Money Briefs'. Print Edition | Subscribe