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 expects to finish free-trade talks with ASEAN in 2015Jul 30, 2015
The Chinese government expressed its desire to conclude negotiations with the Association of Southeast Asian Nations (ASEAN) regarding the upgrading of free-trade terms before this year ends. China hopes to enhance bilateral trade with the ASEAN to USD1tr by the year 2020, according to the country's Ministry of Commerce. Trade between the two sides from January to June this year increased to 1.6% year-on-year to USD224.4bn, about 12% of the Chinese mainland's overall foreign trade.
China will survive market troubles, IMF chief saysJul 30, 2015
Managing Director Christine Lagarde of the International Monetary Fund said she doesn't take china’s current market volatility too seriously. Lagarde added that China's economy is reslient and the growth slowdown is not uncontrollable. She trusts that China's economy can survive significant market changes. Lagarde called attention on the country's benchmark Shanghai Composite Index, which has remained 80% up from last year despite the current sharp falls.
China Club launched in LondonJul 30, 2015
Cooperation between UK and mainland Chinese firms is increasing. The nations' enterprises communication platform, China Club, was unveiled in London on the night of 28 July. The largest English-language Chinese media group, China Daily Europe, and UK travel firm talkholiday launched the platform. It is powered by China Daily and hosted by talkholiday. The Club’s target market is the United Kingdom, as well as European Union's business and leisure travelers who are interested in mainland China.
Shanghai bourse arrests slide, while USD-yuan starts to slipJul 30, 2015
The USD-yuan exchange rate declined on 29 July to close lower, indicative of a stronger yuan against the United States dollar. Experts are saying that the USD-yuan exchange rate pair is technically still in the doldrums and needs to breach the daily Ichimoku Cloud support at 6.2085 so it can get more momentum. The benchmark Shanghai exchange's stocks went up to break a three-day drop, but there are fears it would not suffice to encourage investors to start buying more.
BYD inks USD30m for zero-emission buses in LondonJul 30, 2015
Shenzhen-based BYD Auto Co Ltd signed a GBP19m (USD30m) contract on 29 July to provide the city of London with its first-ever zero-emission, single-deck buses. BYD and bus-maker Alexander Dennis Ltd of England signed the deal. The two firms will cooperate in manufacturing 51 emission-free, pure electric buses. These will be built on chassis from BYD, powered by BYD's electric drivetrain. ADL will design the buses with its Enviro200 midi-bus design.
Microsoft's Windows 10 unveiled in ChinaJul 30, 2015
Microsoft Corp's latest Windows operating system was launched on 29 July in mainland China. The new Windows OS is likely to be utilised by more Chinese computer users as Microsoft goes full force in attracting an increasing number of consumers in the biggest personal computer and mobile-device market globally. Microsoft Executive Vice-President Harry Shum said that the Windows 10 can be used on all devices from PCs to mobile phones and others. The new OS is the last of its kind but will be constantly updated.
Chinese regulators to probe massive stocks sell-offsJul 29, 2015
The China Securities Regulatory Commission made an announcement that it is investigating possible sell-offs of stocks after 27 July's steep decline in the stock market. The CSRC added that it acquired the information regarding the alleged sell-offs from whistle blowers and market monitoring reports. The Shanghai Composite index lost an estimated 8.5% on 27 July, the biggest single-day loss in 18 years. On 28 July, it lost another 1.68%. The CSRC had warned before that short sellers will receive severe penalties if caught and found guilty. The probe has yet to provide the results.
China's tech companies having trouble relistingJul 29, 2015
The smaller Chinese technology firms have sought relief from the rigorous listing requirements in China by going out public in the United States. Instead of finding it easier, however, American investors were largely uninterested. This has forced them to attempt a comeback in China. Beijing tried to help out by calling for a temporary stop to IPOs of shares. Qihoo 360 Technology Co CEO offered a USD9bn buyout offer in June, but investors have remained cold.
Air China to raise USD1.9bn for buying 15 BoeingsJul 29, 2015
Air China Ltd revealed on 28 July that it will try to come up with Rmb12bn (USD1.9bn) in a private placement of A shares to partly fund its planned purchase of 15 Boeing jets. The new Boeing 787 Dreamliners, worth Rmb24bn, will fly long distance routes to North America and Europe from the Chinese mainland. Delivery of the planes is set to start next year. Last September, Boeing announced that the Chinese air-travel industry would need over 6,020 planes in the next two decades.
Shenzhen's OnePlus seeks to further boost overseas presenceJul 29, 2015
Smartphone-maker OnePlus unveiled a new smartphone in Beijing on 28 July. The company, which is based in Shenzhen City in Guangdong Province, is hoping that it will establish itself in foreign markets especially in neighboring India and in Europe. The company’s overseas sales now comprise 60% of its total sales, unlike its domestic rivals Xiaomi and Huawei, which rely on the domestic smartphone market. OnePlus CEO Liu Zuohu said that their company will prioritise the overseas markets this year, especially among the middle and high-end demographics, while keeping their domestic share of the market.
New Chinese FTZs speed up reformsJul 29, 2015
Three of the newest free-trade zones (FTZs) in the Chinese mainland celebrated their first 100 days. The Tianjin FTZ, along with others in the provinces of Guangdong and Fujian, were launched on 21 April and registered 7,053 new businesses from January to June 2015, a 200% increase year-on-year. According to Jiang Guangjian, deputy director of the free trade zone, the Tianjin FTZ's registered a total capital of nearly Rmb174bn (USD28bn), a 248% increase from last year. Of the 280 new businesses at the zone, some 4% are overseas-funded firms with a gross registered capital of Rmb61.9bn (USD9.96bn), which is 35.6% of the total capital, Jiang added.
Alibaba’s DingTalk and Hecom form JV for SMEsJul 29, 2015
E-commerce giant Alibaba Group Holding Ltd's subsidiary, messaging-platform DingTalk, has formed a strategic alliance with Hecom (Beijing) Technology Co Ltd, one of the biggest software-service providers in the Chinese mainland. DingTalk and Hecom (Beijing) Technology Co Ltd seek to help small and medium-sized firms draw in additional clients and boost marketing techniques. Hecom CEO Liu Xuecheng said that the joint venture will put up the best mobile-management platform for small and medium-sized enterprises.
GDP growth of 24 Chinese provinces up in Q2Jul 28, 2015
Among the 26 provinces in mainland China that had already announced their latest economic statistics, 24 posted a rise in gross domestic product growth in Q2 of this year. Stable GDP growth continues to be a top priority for H2 of 2015, according to a report in the Shanghai Securities News. The provinces of Chongqing and Guizhou are the only two that have double-digit year-on-year growth from January to June this year, with 11% and 10.7%, respectively. While Shandong and Anhui Province's latest growth rates are considered up to par with Q1. Liaoning Province is at the bottom with just a 2.6% H1 growth rate. It had a full-year growth goal of 6%.
WeBank gives out USD129m worth of micro loansJul 28, 2015
WEBANK, the online bank that Chinese Internet company Tencent put up, gave out over Rmb800m (USD129m) in micro loans in a two-month period. The loans were accomplished on Tencent’s QQ, an online instant messaging app. Through the app, QQ users can apply for the loan and get up to Rmb200,000 (USD32214) in credit without collateral or guarantee. The daily interest rate is only 0.05%.
China's June industrial profits fall 0.3%Jul 27, 2015The profits of China's biggest industrial companies declined 0.3% year-on-year in the month of June. This is down from the 0.6% growth for May, according to data that China's National Bureau of Statistics released on 27 July. Industrial firms with yearly revenues of over Rmb20m (USD3.27m) reached profits of Rmb589bn (USD94.8bn) in June. The total industrial profits hit Rmb2.84tr (USD458bn) in January to June 2015, a 0.7% drop year-on-year, the NBS added.
Baidu's profits decline with offline-services investmentsJul 28, 2015
Search engine Baidu Inc of China is set to boost spending on efforts to link its online market with group buying, food delivery, and other types of offline services. This is even though such offerings have kept eating up its profits. The Q2 earnings of Baidu went up 3.3% as revenue growth was largely offset by higher expenses. Baidu CFO Jennifer Li said that the Beijing-based firm believes it needs to increase spending for online-to-offline (O2O) projects. Chinese Internet companies such as Baidu have increased their spending on subsidies in order to draw in more users.
Shanghai share index falls 8.5%Jul 28, 2015
The share index of the Shanghai stock exchange dropped over 8% on 27 July with Chinese stocks suffering from a rise in sell-offs even though Beijing has continued to tame the market. The Shanghai Composite Index closed down 8.5% at 3,725.56. Majority of the decline happened in the final hour of trading. Stock benchmarks in other countries likewise fell. Britain's FTSE 100 dropped 0.3% to 6,563.67 and the German DAX lost 1% to 11,232.43.
Wanda faces Spanish controversy over building demolition planJul 28, 2015
Property developer Dalian Wanda of mainland China finds itself at the center of a controversy in Spain for its plan to take down a famous old building in Madrid. In June 2014, Wanda purchased the España Bldg for EUR265m (USD297m) from Spain's Santander Group. The iconic structure takes up a whole block, and is a landmark in the Spanish capital. The 25-story skyscraper was the tallest building in Europe when it was unveiled in 1953. It has been empty since 2006, and has since then deteriorated. Wanda plans to put up a luxury hotel, shopping center, and residential homes in place of the building.
New Suez Canal to advance Chinese tradeJul 27, 2015The construction of the new Suez Canal will present mainland China extra investment opportunities in Egypt and other countries, said Mahmoud Allam, the ex-Egyptian ambassador to China. Allam added that Egypt will put up a logistics area and industrial city along the 72-kilometre-long Suez Canal. The area will draw in many investors from other countries, most especially China, Allam said. The New Suez Canal will serve as an alternate route to the original 190km-long waterway.
New Nanning-Cebu route opensJul 27, 2015A direct route between the cities of Nanning in the Guangxi Zhuang Autonomous Region of southwest China, and Cebu City in central Philippines, is set to be launched by Philippine Airlines on 29 July. Nanning airport made the announcement on 26 July. A 180-seater Airbus A320 will serve the new route. A chartered round-trip flight will be available every five days. Cebu is a top tourist destination in Southeast Asia because of its tropical weather and beaches.
ConocoPhillips and CNOOC sued over Bohai oil spillJul 27, 2015A Chinese nonprofit group filed a landmark suit versus two giant oil firms in a maritime court over the 2011 oil spill off Bohai Bay in the northeastern region of mainland China. The case against Texas-based ConocoPhillips and Beijing's China National Offshore Oil Corp is the very first public-interest litigation over marine environmental pollution approved by Chinese court. A new environmental protection law that became operational on 1 January this year has been credited for the successfully filed suit. According to the China Biodiversity Conservation and Green Development Foundation, the Qingdao court in Shandong Province informed it that the lawsuit had been successfully filed.
GSR Ventures mulls USD5bn fund for foreign technology buysJul 27, 2015Beijing-based GSR Ventures, a venture capital company, is actively trying to come up with USD5bn to be used for acquiring technology assets abroad. According to sources, the fund is intended to be used on deals to purchase firms in the biotechnology, Internet, and straight technology sectors -- considered vital to the mainland Chinese market's growth ambitions. GSR Ventures last March linked up with another venture capital company Oak Investment Partners of the United States in buying 80% of the lighting components and automotive lighting units of Philips NV for USD2.8bn.
New Danone CEO seeks to reestablish its presence in ChinaJul 27, 2015Danone SA, the French-based maker of Aptamil baby formula and Activia yogurt, announced that it will draw back on its efforts to revive its flagship baby-formula subsidiary and instead purchase a bigger stake in state-controlled milk-manufacturer China Mengniu Dairy Co. Danone will also concentrate on the e-commerce industry. New CEO Emmanuel Faber said he will do all he can to get Danone back to sustainable growth, calling their efforts a ‘revolution.’
Chinese stocks up for sixth straight dayJul 24, 2015
Stocks in Mainland China increased for a sixth consecutive day for the longest stretch of gains in almost three months. Volatility decreased due to more intervention by Beijing to support equities. The Shanghai Composite Index gained 2.4% to 4,123.92 points, with financial firms and material producers in the lead. About 531 firms are still under trading suspension in China's bourses, 18% of overall listings. The measure has gone up by 18% since hitting bottom on 8 July as an indication of 10-day price swings declined to a 30-day low.