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Putting a Bet on RedRed chips are companies listed on the Hong Kong Stock Exchange that are controlled by mainland Chinese interests. They're also becoming one of China's chief modes of privatizing its economy as their backers shift assets from state-owned companies onto the red chips' balance sheets. Here are some red chips that investors are watching.
COMPANY MARKET CAPITALIZATION
(BILLIONS)
CITIC PACIFIC $12.1 Founded in 1990, this huge conglomerate is the bluest
of the red chips. With interests in everything from
manufacturing to electric power generation and
transportation, it stands far above more recently
listed red-chip companies.
SHANGHAI $4.8 Started life in 1996 as tobacco and auto parts
INDUSTRIAL company. Its shares have quintupled since its listing.
Owns interests in a toll road, shopping mart, and
dairy producer.
CHINA $4.5 An offshoot of the Ministry of Foreign Trade & Eco-
RESOURCES nomic Cooperation. Its 1992 listing makes it one of
ENTERPRISE the oldest red chips. Main businesses are warehousing,
property, and brewing.
NG FUNG $1.6 Sister company of China Resources Enterprise.
HONG Diversifying as its near-monopoly on food imports into
Hong Kong comes to an end. Makes ice cream, runs
supermarkets, and owns a fishing fleet.
DATA: BUSINESS WEEK; CREDIT LYONNAIS SECURITIES (ASIA) LTD.
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Updated June 15, 1997 by bwwebmaster
Copyright 1997, by The McGraw-Hill Companies Inc. All rights reserved.
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