Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
PICC Leads Sizzling Chinese Companies' IPO
By Paul Denlinger
PICC Property and Casualty, China's leading property and insurance insurer debuted on the Hong Kong Stock Exchange Thursday, soaring 50 percent. The H share opened at HK$2.425, hit an intraday high of $2.725, and closed at $2.70. Buying was led by institutional investors and retail investors who want to grab a piece of China's growing insurance sector. About 1.63 billion shares worth $4.22 billion were traded, accounting for 21 percent of the exchange's total turnover for the day.
The HK$5.4 billion issue drew $73.31 billion in demand, making it the most oversubscribed IPO in Hong Kong this year. It is also the largest flotation in Hong Kong this year.
In October, AIG purchased a 9.9 percent stake in PICC, and was positioned as a strategic investor. For AIG, this has brought the company a HK$956.23 million paper profit on its first day of trading. After AIG made its investment, many other traders felt better about making an investment in the company.
PICC Holding's chairman, Tang Yunxiang, parent company of PICC Property and Casualty, commented that he would like the government to ease restrictions on the insurance industry so that it can operate in multiple insurance fields. China's 1995 insurance law separated it into property, casualty, life and re-insurance divisions, putting it in alignment with international practice.
Tang said that the company would like to become a universal financial services player. Currently, this is not allowed.
The next major company in the IPO pipeline is China Yangtze Power, which is already 70 times oversubscribed, attracting more than 385 billion yuan worth of investment from institutional investors. The retail portion of the A-share offering is in the amount of 10 billion yuan. The IPO has Citic Securities as the lead underwriter, and UBS and Deutsche Bank as strategic investors under the QFII (qualified foreign institutional investor) program.
This year, China has suffered from an electricity shortage.
--------------------------------------------------------------------------------
China Business Strategy , a strategic planning consultancy, has helped companies build more than US$3 billion of market capitalization in the China market since 1998.
CRICKET.......CRICKET....
There you go my friend.......we will have a TOGA PARTY.......on someone's houseboat........O wait he's not with us any longer.......LOL
MBR....I'm with ya on that......I haven't been selling any of my shares but at the same time I haven't been adding to my position either(because of frustration). I opted to put my money to work elsewhere.......if we do get off OTC I honestly believe we will get a big runup, but regardless I will than feel comfortable enough to begin accumulating more.
Investorman........Nice is not enough of a word to express the happiness we would all feel....IMHO
MBR....Must have been a misprint.....LOL
I'm thinking that might not have been an accident......Here's to hoping.
5 on the bid....might have support here around .61 again.....
HRCT - HARTCOURT COS INC Company Profile
Last
Sale:
0.61
Best
Bid:
0.61
Best Bid
Depth:
12500
Best
Ask:
0.63
Best Ask
Depth:
5000
MPID Bid Size Ask Size U O/C
NITE 0.61 2500 0.63 2500 O
HILL 0.61 2500 0.65 2500 O
TDCM 0.61 2500 0.63 2500 O
WIEN 0.61 2500 0.67 2500 O
SEAB 0.61 2500 0.67 2500 O
GVRC 0.595 2500 0.65 2500 O
SCHB 0.58 2500 0.635 2500 O
PERT 0.56 2500 0.645 2500 O
CRWN 0.55 2500 0.68 2500 O
SACM 0.55 2500 0.87 2500 O
VIEW 0.55 2500 0.66 2500 O
CARR 0.53 2500 1.01 500 O
FRAN 0.52 2500 0.9 2500 O
NATL 0.52 2500 1.01 500 O
AGIS 0.51 2500 0.99 2500 O
MAYF 0.51 2500 0.9 2500 O
DOMS 0.51 2500 1.05 500 O
JEFF 0.51 2500 0.74 2500 O
BAMM 0.5 5000 0.67 2500 O
NAIB 0.445 5000 1.01 500 O
VFIN 0.4 5000 1.01 500 O
BMIC 0.34 5000 0.89 2500 O
FRGP 0.2 5000 1.01 500 O
VNDM 0.2 5000 2 500 O
QUIN 0.1 5000 0.84 2500 O
EFGI 0.01 5000 0.86 2500
Moody.....Your right Phan has left......has the inquiry into HRCT left?????? NO. So to say that it is a personal issue is not entirely correct now is it?
I do find it interesting that DC did mention the AMEX exchange this time......to the best of my knowledge this is the first time they have ever been specific about an exchange. Usually the company line was always, " we are seeking listing on other exchanges" no reference to AMEX was ever given.......hmmmmmmm
Talk about SPIN.
How is this a civil suit and not effect HRCT?????
Securities and Exchange Commission v. The Hartcourt Companies, Inc., Alan V. Phan, And Yongzhi Yang, Civil Action No.CV 03-3698 LGB (PLAx) (C.D. Cal.)
The Securities and Exchange Commission announced that on May 27, 2003, it filed a complaint in federal district court in Los Angeles against The Hartcourt Companies, Inc., based in Long Beach, California, Alan V. Phan, Hartcourt's former Chairman, CEO and President and a resident of Long Beach, and Yongzhi Yang of Los Angeles. The complaint alleges that the defendants participated in a scheme to illegally raise money for Hartcourt by using a Form S-8 registration statement........
TFN.....Wow just took a look......I believe when I looked at it, it was in the .30-.40 range........Hell of a run on that one.
(OT) Thanks TFN....I took a look at HLSH a while back.......I'll check it out again.
What's up FUN....It's been a long time.
Thanks Nutz.
OT.....TFN anything new in the hopper?
JONAS,
What makes you feel as though you should have a say in what transpires on this board???? You have been around for all of three months, who are you to try and demand changes on posting ETC. to shareholders that have been around for 4+ years?.......get a life......if you don't want to read something just skip it or ignore it, but censorship is NEVER the answer!!!!
ROFLMAO......Nutz
HRCT - HARTCOURT COS INC Company Profile
Last
Sale:
0.64
Best
Bid:
0.63
Best Bid
Depth:
5000
Best
Ask:
0.64
Best Ask
Depth:
5000
MPID Bid Size Ask Size U O/C
HILL 0.63 2500 0.75 2500 O
SCHB 0.63 2500 0.71 2500 O
TDCM 0.625 2500 0.64 2500 O
SEAB 0.625 2500 0.67 2500 O
FRAN 0.62 2500 0.9 2500 O
WIEN 0.62 2500 0.67 2500 O
BAMM 0.61 2500 0.67 2500 O
NITE 0.61 2500 0.64 2500 O
DOMS 0.6 2500 1.05 500 O
JEFF 0.6 2500 0.74 2500 O
GVRC 0.57 2500 0.65 2500 O
VIEW 0.56 2500 0.66 2500 O
PERT 0.56 2500 0.65 2500 O
SACM 0.55 2500 0.87 2500 O
CRWN 0.55 2500 0.68 2500 O
CARR 0.53 2500 1.01 500 O
AGIS 0.51 2500 0.99 2500 O
MAYF 0.51 2500 0.9 2500 O
NAIB 0.445 5000 1.01 500 O
VFIN 0.4 5000 1.01 500 O
NATL 0.39 5000 1.01 500 O
BMIC 0.34 5000 0.89 2500 O
FRGP 0.2 5000 1.01 500 O
VNDM 0.2 5000 2 500 O
QUIN 0.1 5000 0.84 2500 O
EFGI 0.01 5000 0.86 2500 O
--------------------------------------------------------------------------------
Nutz.....I didn't know they put BALL BOYS on those covers.......LOL
I don't Pump......No need too......I share investment news with a few on this board, if you don't like it put me on ignore.......is there an elementary school holiday in Florida?.......don't bother answering.....IGNORE
OT: Another China play in the news......
GTEC GENESIS TECHNOLOGY GROUP INC
--------------------------------------------------------------------------------
Genesis Technology Group Forms New China Joint Venture With CIIC Investment Corporation Limited; Top 10 of China's Foreign Economic-Related Firms
WEDNESDAY, NOVEMBER 05, 2003 07:00 AM
BOCA RATON, Fla., Nov 5, 2003 (BUSINESS WIRE) -- Genesis Technology Group, Inc. (OTCBB:GTEC), the first US-based Trust Member of the Shanghai Technology Stock Exchange, announced that it has entered an agreement to form a new joint venture with CIIC Investment Corporation Limited, a wholly owned subsidiary of China International Intellectech Corporation (CIIC), a leading state-owned enterprise that has been funded solely by the State Council. Two private US capital firms have joined the joint venture as partners. The joint venture will be named CIIC Investment Banking Advisor Company, Limited. It will be operated by staff from both CIIC and GTEC offices in Shanghai. GTEC will own 10% of this joint venture.
This new venture will provide investment banking services, asset management, capital raising via private placement or public market, and help Chinese companies penetrate the US markets, as well as help state-owned companies undergo management buyout program. Genesis will oversee operations in North America and work with CIIC from the firm's new Shanghai facility.
Genesis President Dr. James Wang, who is traveling in China, said: "CIIC is an outstanding Chinese international company that is very admired by the business community in China. Their commitment to Genesis and the US is another example of the tremendous potential in China and US commerce. We will assist the Chinese companies in going public. The companies that we will be enlisting are all long-standing profitable firms that have new and advanced technology or with proprietary, service related product lines. This joint venture will also provide GTEC a platform to evaluate Chinese companies to acquire. One of main focuses of our expansion strategy will be to acquire more Chinese companies and grow them to the next level."
Professor Tingting Shan, Executive Vice President of CIIC Investment Corporation, Limited, said: "I am extremely pleased to enter this agreement with GTEC to launch this joint venture. In the past several days, we have already signed up one client who wishes to go public in the US and are negotiating with several companies to enter the US public market. I believe this joint venture will be a pioneer in the Sino-US investment banking industry for small to mid-size Chinese private companies."
About Genesis Technology Group, Inc.
Genesis Technology Group is a business development firm that fosters bilateral commerce between companies in the United States and Europe with those in China. Genesis has created successful profit centers in product development, manufacturing, distribution, joint ventures and operational services. Genesis has established effective working relationships with various governmental agencies, public institutions, and private industries in China at both national and provincial levels. For more information, visit http://www.genesis-technology.net .
About China International Intellectech Corporation
China International Intellectech Corporation (CIIC) was founded in 1987. Under the direct administration of the state council, it is a leading state owned enterprise featuring unique operations in techno intellectual service trade. Funded solely by the State Planning Council, Beijing based CIIC is guaranteed by the Bank of China. Since 1994, it had been among the top ten of the country's 955 foreign economic related companies. CIIC's primary business is to provide various services to foreign enterprises. CIIC conducts international placement services for 3,300 companies in 76 countries and regions. It had annual revenues over $400 million last year. For more information, visit http://www.ciic.com.cn/
This announcement contains forward-looking statements that involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the company's limited operating history, the limited financial resources, domestic or global economic conditions -- especially those relating to China, activities of competitors and the presence of new or additional competition, and changes in Federal or State laws, restrictions and regulations on doing business in a foreign country, in particular China, and conditions of equity markets. More information about the potential factors that could affect the company's business and financial results is included in the Company's filings, available via the United States Securities & Exchange Commission.
SOURCE: Genesis Technology Group, Inc.
CONTACT: Genesis Technology Group, Inc., Boca Raton
Kenneth Clinton, 561/988-9880, ext. 302
kclinton@genesis-technology.net
Customize your Business Wire news & multimedia to match your needs.
Get breaking news from companies and organizations worldwide.
Logon for FREE today at www.BusinessWire.com.
Copyright (C) 2003 Business Wire. All rights reserved.
-0-
KEYWORD: FLORIDA CHINA INTERNATIONAL ASIA PACIFIC
INDUSTRY KEYWORD: BANKING
MANUFACTURING
SOFTWARE
NETWORKING
MARKETING
AGREEMENTS
STOCK SYMBOLS: [(gtec)]
--------------------------------------------------------------------------------
Copyright © 2002. The Nasdaq Stock Market, Inc
Copyright ©2002 Knobias.com, LLC and Comtex News Network
TDCM ONLY ONE WITH ASK BELOW .70
HRCT - HARTCOURT COS INC Company Profile
Last
Sale:
0.67
Best
Bid:
0.66
Best Bid
Depth:
2500
Best
Ask:
0.68
Best Ask
Depth:
2500
MPID Bid Size Ask Size U O/C
HILL 0.66 2500 0.75 2500 O
NITE 0.65 2500 0.71 2500 O
CRWN 0.645 2500 0.72 2500 O
GVRC 0.645 2500 0.72 2500 O
SCHB 0.64 2500 0.71 2500 O
BAMM 0.64 2500 0.7 2500 O
TDCM 0.64 2500 0.68 2500 O
WIEN 0.64 2500 0.72 2500 O
FRAN 0.62 2500 0.9 2500 O
SEAB 0.61 2500 0.96 2500 O
DOMS 0.6 2500 1.05 500 O
JEFF 0.6 2500 0.74 2500 O
VIEW 0.56 2500 0.78 2500 O
PERT 0.56 2500 1.01 500 O
SACM 0.55 2500 0.87 2500 O
CARR 0.53 2500 1.01 500 O
AGIS 0.51 2500 0.99 2500 O
MAYF 0.51 2500 0.9 2500 O
NAIB 0.445 5000 1.01 500 O
VFIN 0.4 5000 1.01 500 O
NATL 0.39 5000 1.01 500 O
BMIC 0.34 5000 0.89 2500 O
FRGP 0.2 5000 1.01 500 O
VNDM 0.2 5000 2 500 O
QUIN 0.1 5000 0.84 2500 O
EFGI 0.01 5000 0.86 2500 O
lol......nutz
I believe he is stating that the company lied and said they would give us guidance in the press release (I don't remember him saying that the press release was a lie). What is guidance for some might NOT pass muster with others.
BoatRgirl...."Call a Spade a Spade" my daddy always taught me........that and be honest and sincere.....and don't hit girls.......and.......LOL......It's also funny how messages get deleted for saying truths.
Forget gross sales.......With aquisitions like this you get higher margins by cutting costs, R&D, ETC.......obviously they haven't gottin to that part yet.
LOL MBR........My accountant is first in line.......she flipped......LOL........Lean and Mean should be the model!
As a matter of fact I do run my own business. How is deteriorating profit margins on higher sales good????? By the way I run mine at 48% profit margin so don't try to talk figures, cost cutting, ETC. with me.
INVESTING 101.......You might want to enroll....
Profit margins are actually down from 1.65% to 1.53%
Tennis take a pill dude.
What happened to the guidance that was promised with this news?????
1.53% profit margin
JMAP......I have a hole in my pocket.....Does that mean anything? Besides being broke........LOL.......or keeping my hand warm.
They sell lotion for that......LOL
BoatRgirl.......Aren't you supposed to be on vacation somewhere????
I would love to know names myself......anyone want to OUT themselves......LOL.
Seems like some still have not seen the light......LOL
HRCT - HARTCOURT COS INC Company Profile
Last
Sale:
0.73
Best
Bid:
0.71
Best Bid
Depth:
7500
Best
Ask:
0.735
Best Ask
Depth:
2500
MPID Bid Size Ask Size U O/C
MAYF 0.71 2500 0.9 2500 O
SCHB 0.71 2500 0.755 2500 O
NITE 0.71 2500 0.745 2500 O
CRWN 0.7 2500 0.8 2500 O
JEFF 0.7 2500 0.9 2500 O
FRAN 0.7 2500 0.9 2500 O
HILL 0.7 2500 0.75 2500 O
BAMM 0.7 2500 0.765 2500 O
WIEN 0.68 2500 0.735 2500 O
GVRC 0.66 2500 0.745 2500 O
SACM 0.65 2500 0.87 2500 O
TDCM 0.65 2500 0.76 2500 O
BMIC 0.64 2500 0.89 2500 O
SEAB 0.64 2500 0.81 2500 O
DOMS 0.6 2500 1.05 500 O
VIEW 0.56 2500 0.745 2500 O
CARR 0.53 2500 1.01 500 O
AGIS 0.51 2500 0.99 2500 O
PERT 0.5 5000 0.95 2500 O
NAIB 0.445 5000 1.01 500 O
VFIN 0.4 5000 1.01 500 O
NATL 0.39 5000 1.01 500 O
FRGP 0.2 5000 1.01 500 O
VNDM 0.2 5000 2 500 O
QUIN 0.1 5000 0.84 2500 O
EFGI 0.01 5000 0.86 2500 O
GNET - 0 - 0 U O