Leading Chinese m-commerce company, 99 Wuxian Ltd (ASX:NNW) provides business update.
China Construction Bank Corporation
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.
Asian markets opened flat this morning while Wall Street overnight closed with little change after the US central bank's minutes eased concerns over rate hike. Yesterday Australian stock market touched an 18-month high despite the Reserve Bank of Australia raised official rate by 25 basis points. Japan's Nikkei 225 Tuesday dropped 0.5 per cent on profit-taking selling. China's Shanghai Composite was nearly unchanged while Hong Kong market was closed for public holiday.
Friday Wall Street ended flat, giving up its early gains after the news about the sinking of a South Korean naval ship raised fears of tension between North and South Korea. Today Asian markets could be helped by the euro-zone bailout for Greece and the news that South Korea has ruled out North Korea involvement in the navy vessel sinking. Friday Asian markets rallied with Japan's Nikkei hit its 18 months closing high. The Nikkei climbed 1.6 per cent due to relief over sovereign-debt problems in Greece. Both Hong Kong's Hang Seng Index and China's Shanghai Composite added 1.3 per cent.
Asian shares mostly declined yesterday on uncertainty about the sovereign debt issue in Greece, Spain and Portugal. Japan's Nikkei stock average sank 1.1 percent to a two-month low at the close. South Korea's Kospi fell 0.9%, while Hong Kong's Heng Seng Index lost 0.6%. But Singapore's Straits Times Index gained 0.4.
U.S. stocks closed slightly lower on Tuesday, giving up early gains boosted by consumer confidence data and strong earnings from Apple. Investors remained cautious as there were continued concerns over bank regulation plans.
Most Asian markets ended lower on Friday, following the massive slump on Wall Street in previous trading session. Investors also remained cautious before a key U.S. report on the jobs market. In major indexes, Japan's Nikkei 225 Average saw a biggest fall of 3.5%. Hong Kong's Hang Seng Index ended down 2.4%, while Shanghai Composite fell 1.3%.