China's business press carried the following stories on Friday. China.org.cn has not checked the stories and does not vouch for their accuracy.
Wu Yajun richest woman on the mainland---the Beijing News
As shares were inflated in Hong Kong listings, Wu Yajun, chairwoman of Longfor Properties, surpassed Yang Huiyuan to become the wealthiest woman on the mainland.
Longfor Properties, a real estate developer based in Chongqing, began to trade on the Hong Kong Stock Exchange yesterday. The stock closed at HK$8.01 (US$1.03) on the first trading day, up 13.3 percent from the offering price HK$7.07 (US$0.90). Longfor Properties raised HK$6.7 billion (US$864 million), making it the largest IPO for domestic real estate developers to go public in Hong Kong this year.
Rumor has it: cross-Straits marriage between two brokerages---Oriental Morning Post
Guoyuan Securities yesterday refuted a report that the firm has inked an agreement with Taiwan's Concord Securities on stake transaction and strategic cooperation.
In a report released Thursday by Taiwan-based Economic Daily News, vice chairman of Concord Securities Zheng Dayu was quoted as saying, "Guoyuan Securities and Concord Securities have signed a strategic cooperation agreement to pave way for the former one to buy no more than 20 percent stake in Concord." He also said Concord Securities plans to issue new shares in the first half of next year to raise T$2 billion (US$ 61 million).
The report came as a coincidence with the signing of a memorandum of understanding between the mainland and Taiwan, allowing mainland China's financial institutions to conduct business in Taiwan starting next January.
BYD looks to solar power---Shanghai Securities News
Electric car and battery maker BYD, in which Warren Buffet holds a stake, announced yesterday that it will make substantial inroads into the solar power sector.
Xu An, manager of the public relations department at BYD, said new energy is the newest area of interest for BYD. The new energy plan involves construction of a solar power station, power storage station and development of a green car.
"BYD will possibly use solar energy to power the cars in the future," added Xu.
Massive hot money inflow puts Hong Kong economy at risk---Oriental Morning Post
Chen Delin, chief executive of Hong Kong Monetary Authority, the equivalent of the city's central bank, said more than HK$500 billion (US$64.5 billion) of speculative hot money flowed into the Hong Kong market from October of last year through now. Chen warned that the unusual inflowing poses a risk of forming an asset bubble, especially in the event of a US interest rate increase or a stronger US dollar.
IMF's head Dominique Strauss-Kahn and World Bank's president Robert Zoellick have both shown concerns about Hong Kong's real economy if the bubble bursts.