CONFIDENTIAL
機密
lottery of the completed applications.
Actually there is a
definite schedule for only two of these companies, with
flotations worth a total of Rmb 61.8 million, to go public
in November 1991(17).
In view of the generally higher
accumulated
level of income and the substantial amount of deposits
in Shenzhen, share issuance can be an effective
means of raising capital from the market. The same applies
to bond issuance. Therefore, the Shenzhen authorities are
planning to float government bonds totalling Rmb 200
million to finance the construction of ports and power
plants in Shenzhen.
(II) Visible trade between Hong Kong and China
(unless otherwise stated, all statistics in this
section are from Hong Kong's trade statistics and the
growth rates are expressed in money terms)
22.
China and Hong Kong remained each other's largest
trading partner.
In the first three quarters of 1991,
China accounted for 32% of Hong Kong's total trade;
reciprocally Hong Kong accounted for 37% of China's total
trade (according to China's customs statistics). The value
of total visible trade between Hong Kong and China reached
HK$357 billion in the first three quarters of 1991,
representing an increase of 28% over the same period in
1990. China remained the second largest market for Hong
Kong's domestic exports (accounting for 23% of the total),
the largest market for Hong Kong's re-exports (29%), and
(17)
China South Glass Ltd., a Sino-foreign joint-venture with China Merchants Holdings Co. Ltd. as the largest partner, will issue shares totalling Rmb 20.3 million.
The other one is the Shenzhen Property Development Group Ltd., which will issue shares valued at Rmb 41.5 million. These two companies will also issue Renminbi denominated B-type shares for sale to foreign investors.
CONFIDENTIAL #2