Seeking a Listing

China Machinery Engineering Corp. (CMEC), the state-owned contractor with projects in Nigeria, Serbia and Ivory Coast, plans to raise roughly $300 million in an initial public offering (IPO) in Hong Kong, sources said.

CMEC, the Beijing-based unit of China National Machinery Industry Corp., now operates in more than 150 countries and regions.

It could begin to gauge demand for the IPO soon. According to an insider, its shares may start trading in Hong Kong in December.

An external spokeswoman for CMEC declined to comment on the IPO plan. However, the insider revealed that ABCI Securities Co., BOC International Holdings Ltd. and ICBC International Holdings Ltd. are among banks arranging the share sale.

Insurance Cooperation

Acorn International Inc., a media and branding company listed in the New York Stock Exchange, announced on November 26 that it has entered into an insurance business cooperation agreement with Sino-U.S. United MetLife Insurance Co. Ltd.

Acorn and MetLife China will jointly promote and sell short-term accident insurance and health insurance to Acorns customers within designated provinces in China.

“We are a leader in the telemarketing business among foreign and joint venture insurers in China,” said Bob Pei, CEO of MetLife in China.

“Collaboration between Acorn and MetLife will introduce Chinese consumers to a variety of trusted, reliable insurance products that meet the needs of Chinas rapidly evolving insurance marketplace,” said Don Yang, CEO of Acorn.