China's business press carried the following stories on Wednesday. China.org.cn has not checked the stories and does not vouch for their accuracy.
Agricultural Bank denies doing IPO in April -- National Business Daily
Agricultural Bank of China (ABC), the only Big Four bank in China yet to be listed, denied a report saying it will start IPO as early as this April, according to National Business Daily's Wednesday issue.
"It's January already, doing IPO in April is too soon for our bank," said ABC vice president Pan Gongsheng, "We haven't yet finished the process of introducing domestic strategic investors." The bank has only picked up one Chinese strategic investor - the National Social Security Fund - and yet hasn't decided whether to introduce overseas strategic investors.
Currently, ABC hasn't decided either a detailed timetable or the size and method of the IPO, Pan said. However, the bank will try to go public within the year, added Pan.
Hainan, Lanzhou picked as oil reserve sites -- Shanghai Securities News
China's Hainan province and Lanzhou city have been confirmed as two state-level strategic oil reserve bases. The State Council recently announced that Hainan has been selected as a future oil strategic reserve base. Also, China National Petroleum Group (PetroChina Group) said Tuesday that it has started construction of Lanzhou National Oil Reserve Base.
Hainan's oil reserve base will be located near an oil-refining project of Sinopec Group in Yangpu, said an official with the Business Promotion Bureau of Hainan's Yangpu Economic Development Zone. The total reserve of the base will reach 5 million tons. The government hasn't yet decided which company will lead the construction of the base. However, "It's more likely to be Sinopec Group," the official said.
PetroChina Group announced yesterday that it started the construction of Lanzhou National Oil Reserve Base on December 29, 2009. The base in Lanzhou covers about 218.7 acres and is expected to begin operating in the first half of 2011. The total investment of the base is 2.378 billion yuan.
Central bank step up on draining liquidity via open market operations -- Oriental Morning Post
The People's Bank of China, China's central bank, drained 47 billion yuan of liquidity from the banking system in Tuesday's open market operations, marking the 13th consecutive week that it conducted net drain from the market.
The central bank sold 12 billion yuan of 1-year note and 75 billion yuan of 28-day repurchase agreement. This week, a total of 47 billion yuan of central bank bills and repos is due to mature.
The PBOC is expected to further withdraw liquidity in Thursday's regular open market operations.
Tianjin initiates consolidation of four major steelmakers -- China Business News
The consolidation plan of four major steelmakers in Tianjin has achieved the municipal government's approval, China Business News reported, citing an unnamed official with the city's Development and Reform Commission.
According to an executive of Tianjin Pipe Corporation, Tian Jin Tian Tie Metallurgical Group, Tianjin Metallurgy Group, Tianjin Iron & Steel Group and his company will be restructured into Tianjin Bohai Iron & Steel Group. The new group's capacity will be about 20 million tons per year.
Tianjin Pipe is the largest production base of petroleum casing pipe in China; Tianjin Tiantie mainly produces hot rolled coils, medium steel plate and deformed steel bars; Tianjin Metallurgy Group's main products include hot rolled coils and cold rolled sheet; while Tianjin Iron & Steel Group is mainly engaged in the production of medium steel plate and bar & wire rod.