Leading Chinese m-commerce company, 99 Wuxian Ltd (ASX:NNW) provides business update.
Bank of China Limited
99wuxian is to raise $20 million at 40c per CHESS Depositary Interest (CDI), the security used by the ASX to allow international companies to trade on the local market. It is equivalent to 40c a share and, if fully subscribed, will value the company at about $410 million. The CDI holders will account for under 5 per cent of the company.
VIDEO: BOC International (HKG:2388) Managing Director & Co-Head of Natural Resources Investment Banking Division Speaks With Frontier Securities
This year's conference, titled "Mongolia: Capital Raising and Investment" was the fifth edition of its kind to be organized by Frontier Securities. Having grown year on year in terms of importance since 2007, this conference has become a major event for anyone interested in exploring the latest developments in Mongolia's business environment from key direct sources.
The Australia share market Monday closed firmer on hope of a gradual appreciation of the Chinese yuan. At the close, the benchmark S&P/ASX200 index rose 60.7 points, or 1.33 per cent, to 4612.6 points and the broader All Ordinaries index added 58.6 points, or 1.28 per cent, to 4632.7 points. The market was also inspired by the news that Australian federal government struck a A$11 billion deal with Telstra over the planned national broadband network.
Gindalbie Metals Limited (ASX:GBG) said today its joint venture between China's Ansteel has secured a US1.2 billion loan facility from the banking syndicate led by China Development Bank and Bank of China (SHA:601988) (HKG:3988) for the US$2 billion Karara iron ore project, which is currently under construction in Western Australia.
Wall Street's rallies overnight provided a positive lead to Asian markets on Wednesday. Dow and S&P 500 Tuesday surged to 18-month highs led by blue-chip industrial stocks. Nasdaq was also buoyed by signs of improved semiconductor market. Asian markets closed mixed on Tuesday. Energy shares in the region rose after the price of crude oil rebounded above US$81 a barrel on the New York Mercantile Exchange. Japan's Nikkei 225 fell nearly 0.5 per cent due to stronger yen against euro. China's Shanghai Composite lost 0.7 per cent. But South Korea's Kospi gained 0.6 per cent. Hong Kong's Hang Seng Index advanced 0.3 per cent.
Friday Asian stocks received a positive lead from Wall Street. US stocks overnight posted a slim gain, supported by better-than-expected retail sales data and analyst upgrades of a batch of blue-chip companies. Yesterday most Asian markets closed lower on renewed worries about China's policy tightening. Hong Kong's Hang Seng Index slid 1.4 per cent, while Shanghai Composite lost 2.4 per cent, with China's banking and property shares dropping sharply. Singapore market was also impacted by China's property bubble concerns, and Straits Times slid 0.5 per cent. Japan's Nikkei 225 was off 1.1 per cent as strong yen hurt exporters.
Yesterday Asian markets ended mixed. Japan's Nikkei index was 0.5 per cent lower due to profit-taking after the previous day's sharp gains. China's Shanghai Composite lost 0.9 per cent led by financials on concerns over banks' fundraising plans. Hong Kong shares, however, was pushed higher by property sector stocks.
Asian shares were lifted on Tuesday after strong U.S. manufacturing data. Japan's Nikkei index ended 1.63 percent higher, after Toyota's plans to fix millions of vehicles equipped with faulty accelerators in North America and Europe. Australian shares climbed as metals prices rose, but Australian dollar was pulled down by RBA's unexpected decision to keep interest rate unchanged.
Wall Street stocks posted gains on Wednesday. The market pared early losses in late trade as Federal Reserve kept its stimulative monetary policy unchanged and said it would hold interest rate at "exceptionally low" level for an extended period to support the economic recovery.