Banking News
- No A-share plan: China Merchants Group
Date: 8-Mar-2007 Sources: (Shenzhen Daily)
CHINA Merchants Group has no plans to pursue an A-share listing for China Merchants Holdings (International) Co., but could seek fresh capital if it makes an acquisition, its chairman, Qin Xiao, said yesterday.
The group could seek fresh funds through a variety of means, including a bond or rights issue or a new share issue, but would favor Hong Kong as a destination to raise more capital for the listed unit if it chose to go to the stock market, Qin said.
'We have no such kind of plan (for an A-share listing). We don't have a need. We have plenty of opportunities to raise funds in Hong Kong,'he said.
Qin said the group did not plan to raise more funds in Hong Kong in the near future.
Turning to China Merchants Bank, which is part of China Merchants Group, Qin said no specific plan existed for acquisitions abroad.
However, Qin said the bank was open to opportunities if they arose and singled out Southeast Asia as a region where the bank could eventually make an acquisition.
'We don't have plans to open branches in Southeast Asia. Maybe we prefer to have an acquisition (there) if we get the opportunity,'he said.
The bank is in the process of setting up a branch focused largely on wholesale banking in New York, its first overseas outlet apart from Hong Kong.
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