99 Wuxian, (ASX:NNW) the leading Chinese mobile commerce company that operates a mobile online market place is pleased to provide its monthly business update.
China Minsheng Banking Corporation Ltd.
99wuxian is to raise $20 million at 40c per CHESS Depositary Interest (CDI), the security used by the ASX to allow international companies to trade on the local market. It is equivalent to 40c a share and, if fully subscribed, will value the company at about $410 million. The CDI holders will account for under 5 per cent of the company.
The newly founded China Mining Club will host its opening ceremony and its first mining investment saloon on January 7th 2011 in Beijing International Club St Regis Hotel.
Asian stocks markets broadly dropped on Thursday despite Wall Street posted a solid gain overnight. Tokyo shares opened lower as the stronger yen continued to dampen investors' sentiment. In Hong Kong market, China Minsheng Banking Corp failed to lift the Hang Seng Index in its debut. Shanghai and Seoul shares also declined as their Asian peers.
Asian stock markets were broadly lower Friday following the weakness in Wall Street. Chinese shares also fell on profit taking, but airline equities rose across the board on a new pricing mechanism of fuel surcharge to take effect this weekend.
China Minsheng Banking Corp., Ltd (SHA:600016)(CMBC) has launched the JCB branded "CMBC - CEA Credit Card" in cooperation with China Eastern Airlines Corporation Limited (HKG:0670).
Asian major markets opened mixed on Thursday. South Korea's KOSPI and Hong Kong' Hang Seng Index were up in the morning, while Tokyo stocks traded lower, struggling between good and bad news.
Asian share markets were bolstered on hopes for China's further stimulus measures, which are speculated to include market-supportive moves. Shanghai Composite Index surged 6.1% while Hong Kong's Hang Seng Index rose 2.5%. South Korea's Kospi was up 3.3%. Japanese and Singaporean markets also shrugged off the bad lead from Wall Street, gaining 0.9% and 1% respectively.