Stocks News
- Investment agency denies stake in HKEx
Date: 28-Sep-2007 Sources: (Shenzhen Daily)
THE mainland's new State investment agency has denied a report that it is building a stake in Hong Kong Exchanges and Clearing Ltd. (HKEx), the Hong Kong Economic Times reported Thursday.
The denial came after the Times of London quoted bourse insiders as saying China Investment Corp. (CIC) may secretly be using a US$200 billion wealth fund to build a stake in the Hong Kong stock exchange operator.
The Times of London also said the Chinese Government might be investing in HKEx via another State-controlled vehicle, the US$53 billion National Social Security Fund.
'China Investment Corp. has no investment except in the Blackstone Group,'the Hong Kong Economic Times quoted CIC spokesman Wang Jianxi as saying.
In May, the investment agency said it was taking a US$3 billion stake in U.S. private equity firm Blackstone Group, a sign of China's eagerness to get a higher return on its hoard of currency reserves.
Shares in HKEx have surged 47 percent since Sept. 7, when the Hong Kong government lifted its stake in the bourse operator, easily outpacing a 10 percent rise in the Hang Seng Index over the same period.
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