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23 listed firms plan US$28.6b refinancing
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A total of 23 Chinese listed companies, all which have announced their refinancing plans in a month, plan to raise a combined 204.3 billion yuan ($28.57 billion), including Ping An Insurance's 150-billion yuan new shares issuance and bond sale plan on January 21, the Shanghai Securities News reported.

Sixteen of the 23 listed companies plan to raise a total of 155.73 billion yuan by selling new shares, according to Wind Info, a leading provider of financial data and research systems in China.

In addition to Ping An's 110 billion yuan new share sale plan, China Merchants Property Development Co Ltd plans to raise eight billion yuan through new share sale; Taige Bio-Tech Co Ltd 6.3 billion yuan, Shanxi Coking Co Ltd three billion yuan and Shanghai Worldbest Industry Development 2.66 billion yuan.

Four companies will issue 54.2 billion yuan worth of convertible bonds with warrants that entitle the purchase of its shares. Ping An will issue no more than 41.2 billion yuan, Jiangxi Copper Company Limited 6.8 billion yuan, Huadian Power International Corp Ltd 5.3 billion yuan and Guangdong Kangmei Pharmaceutical Co Ltd 900 million yuan.

Shandong Nanshan Aluminum Co Ltd and Guangxi Liugong Machinery Co Ltd will issue 2.8 billion yuan and 800 million yuan worth of convertible bonds respectively.

Ningxia Yinglite Chemicals Co Ltd and Shanxi Antai Group Co Ltd plan to raise 110 million yuan and 730 million yuan respectively through share placement.

These refinancing plans will test the stock market, which is sensitive to large refinancing plans, analysts said.

Ping An saw its Shanghai shares drop by 10 percent to the daily limit, in two consecutive sessions after announcing its plan to raise some 150 billion yuan through new shares and bonds, the largest refinancing plan in the history of the country's stock market.

( February 21, 2008)

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