China Travel & Tourism News
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Three new warrants to debut in Shenzhen
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| 02-Dec-2005 - Shenzen Daily |
Three companies said Thursday that warrants issued by their parent companies will start trading on the Shenzhen Stock Exchange on Monday. They will be the first warrants to trade on the exchange after a nearly 10-year ban.
The issues by the companies will raise the number of warrants offered by local companies on China's exchanges to five, and follows a high level of interest in the warrants of Baoshan Iron & Steel Co. (SHA: 600019) and Wuhan Iron & Steel Co. (SHA: 600005).
China Vanke Co. (SZA: 000002; SZB: 200002), the country's largest listed property developer by capitalization, said in a statement that 2.14 billion warrants issued by its largest shareholder, China Resources Land Ltd. (HK: 1109), will start trading on the Shenzhen exchange Monday. Each warrant allows the holder to sell one yuan-denominated A shares back to China Resources at 3.73 yuan (US$0.46) at the end of a nine-month listing period. Its A shares last traded at 3.95 yuan.
Also to start trading Monday will be 113.1 million buy option warrants of Angang New Steel Co. (SZA: 000898) and 233.3 million sell-option warrants of Panzhihua New Steel & Vanadium Co. (SZA: 000629).
Angang's warrants, issued by its parent Anshan Iron & Steel Group Corp., allow holders to buy its A shares at 3.6 yuan at the end of a 366-day listing period. Its A shares last traded at 4.61 yuan.
Panzhihua's warrants, issued by its parent Panzhihua Iron & Steel Co., allow holders to sell its A shares at 4.85 yuan at the end of an 18-month listing period. Its A shares last traded at 3.34 yuan.
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| 02-Dec-2005 - Shenzen Daily |
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