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Nikkei Markets

HONG KONG PRESS: News Headlines On Friday, October 20

By Hong Kong Newsroom
Nikkei Markets
HONG KONG (Oct 20) -- Here's a roundup of local news:

*Sinochem taps banks for Hong Kong IPO of oil assets: sources

China's Sinochem Group has tapped three banks, including Morgan Stanley, to work on the possible Hong Kong listing of its key oil assets, as it seeks to raise capital and revive the company, said four people with knowledge of the matter. Citic Securities and BOC International are also advising China's fourth-largest oil company on the planned initial public offering, which will likely take place in the second half of next year, the people said. - Reuters

*First Hong Kong Legco meeting ends abruptly, as divisions appear to deepen

Hong Kong's opposition lawmakers on Thursday resorted to familiar tactics to force an early end to the second day of the new Legislative Council session, dashing hopes for better ties with the administration and its allies. The rift between the pan-democrats and the government often paralyzed the workings of the legislature during the last administration - a problem Chief Executive Carrie Lam Cheng Yuet-ngor has vowed to solve. - South China Morning Post

*Hong Kong stock brokers' plea to government: Cut stamp duty to boost turnover

Hong Kong Securities Association will continue to press the government to cut stamp duty in a bid to boost market turnover, according to the newly elected head of the association. Hong Kong stocks on Monday reached their highest level in nearly a decade after media reports said the bourse operator was considering asking government to cut the stamp duty on share trades. HKEX and government, however, both later denied any plan to change the stamp duty. - South China Morning Post

*ICBC aims to grow assets managed by Hong Kong unit in global expansion push

ICBC, the world's largest lender by assets, aims to expand the scale of assets managed by its Hong Kong asset management unit to HK$300 billion (US$38.45 billion) in three years, tapping the strong demand of overseas asset allocation from China. The unit, renamed on Thursday as ICBC Asset Management (Global) from ICBC (Asia) Investment Management, would be built as an "integrated global asset management operational platform", with assets under management to reach HK$100 billion by the end of this year. - South China Morning Post

*Chinese Estates lifts stake

Chinese Estates Holdings yesterday said it had acquired 819.5 million shares of real estate developer China Evergrande Group, about 6.23 percent of the latter's total issued share capital as of September 30 this year. Former celebrity journalist Kimbee Chan Hoi-wan, a Chinese Estates executive director, personally holds a 0.76 percent stake in Evergrande. Chinese Estates said the group and Chan held about 7 percent of Evergrande by the end of September this year. - The Standard
- By Hong Kong Newsroom; hkeditorial@nikkeinewsrise.com
- Edited by Glen Nicol Perkinson
- Send Feedback to feedback@nikkeinewsrise.com
- Copyright (c) 2017 Nikkei NewsRise Asia Pte Ltd.

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