News AM October 20

PICC Opens as Joint-Stock Entity After Restructuring; Wind Power Equipment-maker Goldwind Eyes World's Top Five Spots

Finance

PICC Opens as Joint-Stock Entity After Restructuring
The People's Insurance Co. of China opened as a joint-stock entity on Oct. 19 after completing its restructuring in September, the company said in a press release on its Web site.
PICC, China's fourth-biggest insurer by assets, has registered capital of 30.6 billion yuan and is wholly-owned by the Ministry of Finance.
The ministry has four seats on the 11-member board, which is chaired by Wu Yan, who is also company president.
Wu told Caijing in an earlier interview that PICC might begin preparatory work on a future listing next year. Strategic investors would be introduced before the floatation, he said.
Full article in Chinese: http://www.bocvip.com/2009-10-19/110286767.html

Central Government Urged to Regulate PE
The central government should assume regulation of private equity and venture capital firms, which are now mainly subject to local government rules, said Wang Ou, researcher at the China Securities Regulatory Commission.
He also urged regulators to treat such firms as financial institutions, contrary to their current legal status in China.
Wang said the CSRC is stepping up research on building a Chinese-style regulatory framework to support development in the private equity and venture.
Full article in Chinese: http://www.bocvip.com/2009-10-16/110284793.html

Industry

Wind Power Equipment-maker Goldwind Eyes World's Top Five Spots
Xinjiang Goldwind Science and Technology Co. aims to become one of the world's top five wind power equipment-makers within three years, its chief executive officer Wu Gang told Caijing on Oct. 19.
The firm's planned listing in Hong Kong will be the first step on the road to global expansion, he said.
In September, the firm announced plans to raise about US$1 billion by listing on Hong Kong's main board.
Full article in Chinese: http://www.bocvip.com/2009-10-19/110287314.html

Li & Fung Group Menswear Unit to List in Hong Kong
Trinity, the luxury menswear unit of Li & Fung Group, aims to raise US$ 100 million to US$ 150 million via an initial public offering, it said at a road show in Hong Kong on Oct. 19.
The share price will be in the range HK$ 1.30 to HK$ 1.71, it said.
Founded in Guangzhou in 1906, Li & Fung is a multinational group of companies with three core businesses -- export sourcing through Li & Fung Ltd., distribution through Integrated Distribution Services Group Ltd. and retailing through Convenience Retail Asia Ltd. and other privately-held entities.
From wires