58.com files for US IPOOct 1, 2013China's 58.com Inc, a local classified-advertisement website, filed for an IPO of up to USD150m in American depositary shares as the site looks to fund further growth. 58.com, which became only the second mainland China-based company to complete a US IPO this year, said it would use the proceeds for general corporate purposes, these may include product development, technology investment and marketing, among others.
China's P2P lending rose 269% to USD52bn in 2014May 22, 2015
Turnover of China's peer-to-peer lending platforms last year was at Rmb321.19bn (USD51.8bn) -- a 268.83% increase year-on-year, according to a report that the Payment & Clearing Association of China made public. At the close of 2014, the country had 2,358 P2P platforms with an average yearly interest rate of 17.52%. P2P lending allows unrelated parties get loans without having to go through a bank. The practice was first started in China in 2006, giving service to ordinary Chinese citizens with inadequate investment capabilities.
Ford lowers China production to prevent price cutsMay 22, 2015
A slowdown in its growth in mainland China forced US-based Ford Motor Co to decrease factory production in Q1 to avoid the need price cuts, the company’s Asia-Pacific Vice-President Dave Schoch said on 21 May. Schoch added that should market softness occurs, Ford would not allow stocks to build up and so would cut on production instead. Last year Ford opened two new plants in China and another this year, and by the end of 2015 hopes to be building 1.9 million cars in China.
China looking to up nuclear-power capacity to 30 million KWMay 22, 2015
China will be able to enjoy 30 million KW of nuclear power before the year ends, said Deputy Director Xu Yuming of the China Nuclear Energy Association on 21 May. China has 23 nuclear-power plants as of the moment, having a collective capacity of 21.4 million KW . Xu added that 29 other plants are either planned or are already under construction. Beijing is seeking to boost the country's overall nuclear-power capacity to 58 million KW by the year 2020 or a 170% increase on existing levels.
China's Q1 consumer index fallsMay 22, 2015
Consumer confidence in China from January to March 2015 declined one point quarter-on-quarter, according to a report that the Chinese Consumer Confidence Index released. This means there is a slump in the outlook on personal finance and employment. The CCCI was at 106 in Q1 of this year, five points less from the same period 12 months back, according to data from Nielsen China. But even though personal finance and employment outlook dropped, spending specifically in lower-tier cities, went up two points to 44.
China Exim, 4 Brazilian firms sign deals worth USD6.65bnMay 22, 2015
The Export-Import Bank of China, also known as the China Exim Bank, signed contracts worth USD6.65bn with four Brazilian firms in connection with the Chinese bank's support for bringing in technology from China to the South American nation. The agreements will enable Brazilian mining company Vale and energy firm Petrobras import advanced shipping vessels and oceaneering equipment, and give financial support to Chinese business groups to acquire 40 E-190 aircraft from Brazil's aerospace-giant Embraer.
China seeks leadership in robotics industry by 2030May 22, 2015
Mainland China is now one of the biggest markets in industrial robotics for a second straight year and is set for further growth. Trade delegates at the China Robot Industry Alliance in Yongchuan, Chongqing were told on 21 May that the country seeks to be among the top robot producers by the year 2030. In 2014, 57,000 automated machines, an estimated fourth of all the robots manufactured worldwide, were sold in China a 55% rise year-on-year. According to the International Federation of Robotics, the United States and Germany, Japan, and South Korea were the other top robot markets in 2014.
China Lodging Group names Hui Chen as new CFOMay 22, 2015
China Lodging Group, a multi-brand hotel group in China, has announced the appointment of Hui Chen as Chief Financial Officer. In a statement, the group said Chen, who has been EVP of Finance since January of this year, will take on the new role starting 22 May and will report to Jenny Zhang, the company president. Qi Ji, founder, executive chairman and CEO of China Lodging Group, announced Chen's appointment, adding that her strong leadership and financial expertise will add value to the company and its shareholders. China Lodging Group owns seven hotel brands, namely, Joya Hotel, Manxin Hotels & Resorts, JI Hotel, Starway Hotel, HanTing Hotel, Elan Hotel and Hi Inn.
Maersk Line names new East and Central China headMay 22, 2015
Maersk Line, one of the biggest shipping companies in the world, has announced the appointment of Mike Fang as its East and Central China head. Fang will take over from David Williams, who is moving to Copenhagen to become global CEO of Safmarine, IHS Maritime reported. Fang's appointment will take effect starting 1 July. Fang joined Maersk as a sales representative in 1994 and has since then taken on various leadership positions in Maersk's business in China. Tim Smith, Maersk Line North Asia CEO told IHS Maritime, that Fang's knowledge of the local market would add great value to the company's East and Central China organization.
US Zinc expands China production capacityMay 22, 2015
US Zinc Corp, one of the largest producers and distributors of zinc oxide, metal and dust, is expanding the capacity at its Changshu facility in China to ensure consistent supply for the Chinese as well as the global zinc oxide market. The expansion calls for facility additions, hiring new employees and installing new equipment to add 9,000 metric tons per year of capacity. The expansion, which is expected to be completed in Q1 of 2016, demonstrates US Zinc's commitment to its China and global customers.
Kontinental Hockey League wants to expand in ChinaMay 22, 2015
Russia-based Kontinental Hockey League (KHL), an international professional ice hockey league, wants to expand to China according to a report by The Associated Press. The KHL is hoping to use a successful Chinese Winter Olympic bid as a catalyst for expansion. China is bidding to the host the 2022 Olympics and the country would be forced to develop ice hockey if it gets to host the Olympics, KHL president Dmitry Chernyshenko was quoted as saying. Chernyshenko says the league would like to host a regular season game in China next season, and that adding a Chinese club was a long-term goal for the KHL.
Japan sends 3,000-member delegation to ChinaMay 22, 2015
Japanese heads of local governments and leading enterprises are among the 3,000-member delegation from Japan that arrived in China on 22 May. The purpose of the visit is to deepen mutual understanding and trust between the two countries and two further enhance trade ties with China. Toshihir Nikai, the chairman of the Liberal Democratic Party's General Council, is leading the delegation. The 3,000-strong delegation will be divided into 80 teams that will visit various provinces in China, including Beijing, Tianjin, Hebei and Liaoning, to attend various events related to culture, trade and tourism, the report added.
Chinese firms hire 80,000 people in the USMay 21, 2015
Consultancy firm Rhodium Group has reported that Chinese companies now employ more than 80,000 people in the US, up from the 15,000 people they employed in the US five years ago. Among the US states that China has generated employment in, North Carolina tops the list with some 15,000 American employees. The Rhodium Group, which tracks Chinese investment in to the US, added that Chinese companies have invested some USD5bn in the US states of California, Texas and North Carolina over the past 15 years. Analysts viewed the investment and employment figures as signs of increased cooperation between the two nations.
Manufacturing activity continues to contract in MayMay 21, 2015
China’s manufacturing activity continued to contract in May, with the HSBC flash manufacturing PMI standing at 49.1 this month, slightly up from 48.9 in April but still below the 50-point mark that separate contraction and expansion. The factory data was released just hours after Chinese Premier Li Keqiang expressed confidence that China would be able to meet its economic growth target for this year, which is around 7%. Xinhua has reported that Premier Li issued the statement in Brazil, where he also announced tens of billions of investments in the South American country. Li was quoted by Xinhua as saying that China has the ability and confidence to meet the target and to maintain medium-to-high speed economic growth.
Foreign airlines safety program initiatedMay 21, 2015
A programme meant to improve safety assessment and supervision of foreign airline companies that operate in mainland China has been created. According to the Civil Aviation Administration of China, the new programme will complement CCAR-129 -- an operation specification set up in 2005. It requires foreign commercial airlines that do business in China to follow CAAC regulations. The program has 34 assessment items that cover accidents. All airlines start with a score of zero and have only 12 points to be deducted before the CAAC can decide to revoke their CCAR-129 compliance certificate.
New firm created to boost overseas investmentMay 21, 2015
Beijing has put up a new investment firm intended to assist China's local businesses make investments in foreign countries while encouraging the export of China's advanced industrial products. According to the country's National Development and Reform Commission, the new firm is a unit of state-owned China Investment Corp -- one of the biggest sovereign-wealth funds in the world. It was started with a capital of USD5bn and could eventually be more valuable than the infrastructure-oriented fund Silk Road Fund, said NDRC official Gu Dawei.
Chinese-led consortium awarded Kenyan coal-exploration contractMay 21, 2015
A consortium that HCIG Energy Investment Company Ltd of China leads was awarded the contract to explore two coal blocks in eastern Kenya. According to the country's ministry of energy and petroleum, HCIG Energy and Liketh Investments Kenya will jointly extract and process coal to be taken from blocks A and B in Kenya's Kitui County. A power plant will be constructed in the vicinity of the Mui basin where large coal deposits have been discovered. The power plant is expected to be operational in three years' time.
China ditches its rare-earth export quotaMay 21, 2015
The Chinese government informed the World Trade Organization that it has decided to get rid of its rare-earth export quota system that was first put into practice in 2011. China lost a case at the WTO last year and was given until 2 May 2015 to instigate the changes. The United States, Japan, and the European Union filed complaints against China in 2012. The country controls 90% of the world's rare-earths market despite having just 23% of global reserves. The new WTO regulations call for China to get an export licence for rare-earth minerals but there will be no more quota for the amount to be sold abroad.
Milacron earmarks USD10m to upgrade China plantMay 21, 2015
US-headquartered Milacron LLC is seeking to upgrade the capacity of its manufacturing operation in Kunshan to address the growing Asian market, Plastics News has reported. Milacron is reportedly spending more than USD10m to double the capacity of its hot runner and controller plant in the country. CEO Tom Goeke said in a news conference that expanding its facility in China is in line with the massive conversion from cold runner to hot runner in China and in Asia. The expansion is expected to be completed in 18 months. Milacron currently employs 650 people at its Kunshan facility.
Haitian International opens new factory in NingboMay 21, 2015
Haitian International Holdings Ltd, a Ningbo-based injection molding machine maker, expects to hire about 400 people at its newly-opened facility in Chunxiao. Haitian opened its new facility for its Zhafir Plastics Machinery Co Ltd subsidiary in Chunxiao in order to meet the demands of the Asian market. The plant sits on a 120,000 square metre facility and will produce up to 5,000 Zhafir I/M machines annually. The facility also includes an R&D department, a centre for technology and application, machine testing, and machine assembly, among others.
Volvo recalls heavy trucks in ChinaMay 21, 2015
Due to defects in the hydraulic oil cylinders, heavy trucks imported by Volvo China will be recalled from 15 July, the State Administration of Quality Supervision, Inspection and Quarantine said in a statement. Volvo (China) Investment Co Ltd will recall 23 imported heavy trucks on the Chinese mainland to replace the components so that the potential hazard will be removed, the statement from China's quality watchdog said. If not replaced, the bolts of the cylinders could eventually fail and cause safety problems.
Xiaomi launches online store targeting US and EuropeMay 20, 2015
On 19 May Xiaomi launched an online store meant to expand its market in the United States and in Europe. The Mi.com/en/store, though, doesn't sell Android-based smartphones and tablets, only headphones, wristbands, and power banks that the Beijing-based tech company produces. A Xiaomi spokesperson admitted that Xiaomi currently does not intend to sell smartphones on its online store. The firm, valued at USD45bn, is currently embroiled in a patent dispute with Swedish-based Ericsson in India.
Baidu reportedly plans to acquire Nokia's maps businessMay 20, 2015
China's Global Times reported that Baidu Inc is planning to acquire HERE, the maps business of Nokia Corp, as part of efforts to further explore opportunities in the country's Internet of Cars industry. The report did not give the value of the planned purchase but earlier reports by Reuters showed it could reach as much as USD4.9bn. The Global Times quoted an IT expert as saying that the news about Baidu's plan to purchase Nokia's HERE may be true considering that the Chinese Internet giant is tapping into the Internet of Cars industry. Aside from Baidu, the report said may other technology companies in China have expressed interest in acquiring Nokia's HERE.
Sinopec, BP create marine-fuel JVMay 20, 2015
Oil-refiner Sinopec Corp and London-based energy-firm British Petroleum jointly put up a marine-fuel company on 19 May. A Sinopec subsidiary signed the deal with BP in Singapore. The bunker-fuel oil company will be run based on Sinopec and BP's existing branches. The JV is projected to boost the two firms' presence in markets like Singapore and other key ports worldwide such as in the city of Rotterdam in Holland, Fujairah located in the United Arab Emirates, and in the ports Shanghai, Shenzhen, Ningbo, Tianjin, and Qingdao in mainland China.
Site of 20th Century Fox park in China to be unveiledMay 20, 2015
US-based film-and-TV firm 20th Century Fox Inc will announce the site of its first amusement park in the Chinese mainland. Fox Consumer Products President Jeffrey Godsick told Shanghai Daily that the company is discussing with a couple of provincial-government units regarding the final destination for Fox's park opening. Fox also plans to open 50 retail stores in the country for licensed products of its hit cartoon-series, The Simpsons, before the end of next year.