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Chinese Companies Raise 500 Bn Yuan
The latest information shows that Chinese State-own enterprises (SOEs) so far have raised a total fund of nearly 500 billion yuan (about US$62 billion) from home and overseas stock markets.
As raising funds from stock markets can help solve the problem of capital shortage of SOEs and facilitate the transformation of enterprises' operational mechanism, China has since 1998 started to back qualified SOEs listing abroad.
The past three years saw SOEs raise a total of 272.3 billion yuan from 307 newly listed domestic companies; and US$26/7 billion from 22 overseas listed companies.
Last year, three large SOEs, i.e., Petrochina and China Unicom started listing in succession in Hong Kong and New York while Sinopec in Hong Kong and London. These three listed companies collected capital of US$2.89 billion, US$6.28 billion and US$3.72 billion respectively.
By PD Online Staff Deng Gang
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