China’s premier, Wen Jiabao
China’s largest bank, the Industrial and Commercial Bank of China (ICBC), has chosen Merrill Lynch, Credit Suisse and Deutsche Bank to underwrite its Hong Kong IPO, which is expected to raise around $12 billion. China International Capital, in which Morgan Stanley holds a 34% share, and ICBC’s own investment banking arm, ICEA Finance Holdings, will also work on the deal, which could yield $300 million in underwriting fees. ICBC is expected to sell 10% to 15% of its stock.
More than 20 Chinese companies have formed an association to encourage the use of WAPI technology, according to state-run Xinhua news. Wireless authentication privacy infrastructure (WAPI), is a Chinese-developed wireless alternative to Wi-Fi. China claims that WAPI is a more secure wireless standard.
The shareholders of China Aviation Oil (Singapore) Corp. voted in a new board of directors in early March and approved a restructuring plan that should allow the company’s stock to be traded again by the end of the month. Trading of the company’s stock was halted in November 2004 after the company lost more than $550 million in the Singapore derivatives market.