Stocks News
- Morgan Stanley eyes Shenzhen broker stake
Date: 25-Sep-2007 Sources: (Shenzhen Daily)
MORGAN Stanley plans to buy a 33 percent stake in Shenzhen-based China Fortune Securities Co. for about 4 billion yuan (US$529.11 million), the 21st Century Business Herald reported yesterday, citing sources.
The stake is to be purchased from Shanghai Electronics Development Holding Group, the largest shareholder of Fortune Securities with a 48 percent stake, the report said. The sale price is equivalent to 12 yuan per share, it added. China Fortune Securities booked a net profit of 34.16 million yuan in 2006, with assets of 2.88 billion yuan at the end of 2006.
Vehicle exports may rise 46 percent
VEHICLE exports from China, the world's third-biggest producer, may increase at least 46 percent this year as carmakers manufacture more sedans and trucks.
Auto shipments are expected to exceed 500,000 units in 2007, the Ministry of Commerce said in a statement on its Web site yesterday, citing the minister, Bo Xilai, at a meeting with the nation's car exporters. Last year, overseas sales doubled to 342,400 units, customs data showed.
Refined copper imports double
THE country's refined copper imports, the biggest in the world, almost doubled in the first eight months of 2007 from a year earlier, customs data showed yesterday.
Imports of the metal and its alloys rose 99.4 percent to 1.1 million metric tons from January to August, and gained 10.3 percent to 92,413 tons in August.
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