×

PRESS DIGEST - China - Oct 9

SHANGHAI, Oct 9 (Reuters) - Chinese newspapers available in Beijing and Shanghai carried the following stories on Tuesday. Reuters has not checked the stories and does not vouch for their accuracy.

CHINA SECURITIES JOURNAL

-- China's Huawei Technologies Co Ltd denied a report that it plans to list on a U.S. stock exchange soon.

-- As of Oct. 8, Baoshan Iron & Steel Co (Baosteel) had bought back 131 million shares in a price range of 4.51 to 4.65 yuan per share.

-- Lu Thai Textile Co Ltd said it had bought back 31.92 million B-shares in China as of Oct. 8. SHANGHAI SECURITIES NEWS

-- China's financial regulators plan to roll out a series of policies over the next few months to encourage innovation and business model transformation at the country's securities brokerages, following on a conference in May, according to unnamed industry sources. The first new policy will expand brokerages' freedom to open retail branches.

-- China plans to change the formula used to set the retail price of refined oil products. The revised pricing plan being considered includes shortening the price adjustment cycle, making adjustments more frequent and being responsive to changes in the price of crude oil, according to unnamed sources.

PEOPLE'S DAILY

-- Chinese Premier Wen Jiabao said in the State Council executive meeting that China should accelerate development of the service industries.

CHINA BUSINESS NEWS

-- China Galaxy Securities, one of China's largest brokerages, has gained approval from the State Council for dual mainland and Hong Kong listings as early as the end of this year.

SHANGHAI DAILY

-- China will toughen penalties for routine traffic violations like running red lights or driving with invalid license plates. Running a red light will deduct six points from the driver's licence starting next year, up from three points today. Drivers start with 12 points on their licence.

For Hong Kong and South China newspapers see..... ($1 = 6.2872 Chinese yuan)

(Reporting by Shanghai Newsroom; Editing by Prateek Chatterjee)

((reuters@public.bta.net.cn)(Beijing newsroom, +86 10 6627-1277, fax +86 10 6601-3858)(Shanghai newsroom, +86 21 6104-1688, fax +86 21 6104-1728))

Keywords: PRESS DIGEST CHINA/