• 58.com files for US IPO

    Oct 1, 2013
    China'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 final August PMI hits 3-month low

    Sep 1, 2014

    China's National Bureau of Statistics (NBS) and China Federation of Logistics and Purchasing (CFLP) said that the country's manufacturing sector expanded at 51.1 in August, the slowest pace in three months. Manufacturing lost its momentum as the growth in output and new orders cooled, a private survey showed. With the slow manufacturing expansion, China is expected to announce more stimulus measures in the next few weeks, said Lu Ting, Bank of America Corp’s Hong Kong-based head of Greater China economics. The final PMI August reading missed the median 51.2 estimate in a Bloomberg survey.

  • Alibaba may launch world's largest IPO next week

    Sep 1, 2014

    The much-awaited US initial public offering of Alibaba, China's largest e-commerce company, is expected to be launched early next week. The launch, which is set to become the world's largest IPO in years, could raise more than USD20bn, making it one of the largest ever in the US. Facebook raised USD16bn in its IPO two years ago. Next week's IPO launch is expected as the company's ongoing discussion with US regulators is set to wrap up next week, a source said as cited in a news platform. The US Securities and Exchange Commission must approve IPO listing documents before a company can set a price and launch a deal. If the timing holds, Alibaba shares could begin trading as soon as 18 or 19 September.

  • China Eastern Airlines' H1 net profit falls 98%

    Sep 1, 2014

    China Eastern Airlines had its net profit falling a disastrous 97.76% year-on-year in H1 of this year. CEA only made Rmb14m (USD2.28m), registering a business revenue of Rmb42.59bn (USD6.93bn) from January to June 2014 -- a 2.68% increase year-on-year, according to a statement filed with the Shanghai Stock Exchange on 31 August. CEA said that its substandard performance was caused by fewer high-end business tourists, improved high-speed trains and geopolitical instability.

  • CSR seeks localised offerings in Southeast Asia

    Sep 1, 2014

    For 17 years, CSR Zhuzhou Electric Locomotive Co has been shipping trains and other rail vehicles worldwide. This year, it announced a plan to offer localised services, including manufacturing and maintenance facilities, in the rail transit market of Southeast Asia. CSR, a unit of China South Locomotive and Rolling Stock Co, the biggest manufacturer of electric locomotives globally, began its expansion overseas four years ago in Malaysia and at this point has 38 electric units in operation in Kuala Lumpur.

  • Weakening yuan pulls China's corporate revenues down

    Sep 1, 2014
    Companies in China have been borrowing cheap money overseas, but they are paying the real price for it now. Many Chinese firms complained to have sustained hits to their H1 financial results from foreign-currency exchange rates. These firms borrowed billions of dollars from the United States, Hong Kong, and other places and the weakened Chinese yuan has made Chinese exports cheaper to sell overseas and interest payments on foreign debt more expensive. Bei Fu, Standard & Poor's analyst, said that it is difficult to tell if the yuan will keep appreciating in the next three to five years.
  • China, Russia to begin construction of joint gas-pipeline in Siberia

    Sep 1, 2014

    The governments of China and Russia will begin working on a joint natural-gas pipeline in eastern Siberia on the first week of September. The two sides signed a natural-gas supply contract early this year. China's Vice Premier Zhang Gaoli arrived in Bejing after attending a start-of-construction ceremony for the joint project. Pipe welding will start in the Russian side of the East Route of the China-Russia natural gas pipeline, which the Russians call ‘Siberia Power’ pipeline.

  • Chinese banks report slower profit growth in H1

    Sep 1, 2014

    Five of China's 16 listed banks reported a net profit growth rate of less than 10% in H1 2014, from only two banks at the same time last year. The five banks, including Bank of Communications, China Citic Bank, Everbright Bank, China Construction Bank and the Commercial and Industrial Bank, said the single-digit profit growth is a result of an economic slowdown at home and abroad. Of all the major banks in China, the Commercial and Industrial Bank had the biggest net profit of Rmb148.4bn (USD24bn) in H1, exceeding the combined net profits of Sinopec, CNPC and CNOOC, China's three oil giants.

  • USD1.35bn in QFII quotas granted in August

    Sep 1, 2014

    A total of USD1.35bn worth of QFII quotas was handed out by China's State Administration of Foreign Exchange (SAFE) to eight overseas fund managers in August. The August figure brings the total volume of allocations awarded under the scheme to USD59.7bn, covering 254 financial entities, the SAFE said. The outstanding amount under its Renminbi Qualified Foreign Institutional Investor (RQFII) program stood at Rmb278.6bn (USD45.36bn) for the month, said the country's foreign exchange regulator.

  • USD1.35bn in QFII quotas granted in August

    Sep 1, 2014

    A total of USD1.35bn worth of QFII quotas was handed out by China's State Administration of Foreign Exchange (SAFE) to eight overseas fund managers in August. The August figure brings the total volume of allocations awarded under the scheme to USD59.7bn, covering 254 financial entities, the SAFE said. The outstanding amount under its Renminbi Qualified Foreign Institutional Investor (RQFII) program stood at Rmb278.6bn (USD45.36bn) for the month, said the country's foreign exchange regulator.

  • Weak China demand drags S. Korea's exports in August

    Sep 1, 2014

    Weaker demand from China has caused South Korea's exports to fall slightly in August. Exports to China, the largest export market of South Korea, fell in August for a fourth consecutive month year-on-year, the longest losing streak in two years. South Korea's exports in August dropped 0.1% from a year ago, the country's trade ministry said. After China, the United States and the European Union are the next major destinations for South Korean exports.

  • China Galaxy Securities seeks to raise USD1.24bn in Shanghai IPO

    Sep 1, 2014
    One of China's largest brokerages, China Galaxy Securities Co Ltd, seeks to raise about Rmb7.6bn (USD1.24bn) as it plans to list in Shanghai. Galaxy aims to sell 1.69 billion A shares when its application is approved by the China Securities Regulatory Commission (CSRC). Galaxy hopes to list in China after the government resumed listing and IPOs in January following a 14-month hiatus.
  • Yuan deposits at Singapore banks hit Rmb254bn

    Sep 1, 2014
    The Monetary Authority of Singapore (MAS) announced that banks in Singapore held Rmb254bn (USD41.33bn) worth of yuan deposits at the end of June, boosting the country's goal to become a major offshore trading centre for the Chinese currency. The amount was higher than the Rmb220bn (USD35.80bn) that banks held at the end of Q1. To further promote the use of yuan, Singapore and China have agreed to allow eligible companies and individuals in the Suzhou Industrial Park to conduct cross-border yuan transactions with the city-state.
  • Bad debt manager Huarong gets USD2.4bn investment

    Aug 29, 2014

    A group of Chinese and foreign investors, including Goldman Sachs and Warburg Pincus, poured about USD2.4bn of investment into China's biggest bad debt manager, China Huarong Asset Management, ahead of the company's IPO in Hong Kong. State-owned Huarong sold 20.98% stake to the eight investors for Rmb14.54 (USD2.36bn), which in turn valued the company at about USD11bn. Huarong was established by the government to clean up the banking system of bad loans. It has become the biggest of the four state-owned firms set up in the late 1990s to take bad loans off the books of China's biggest banks.
  • Jack Ma is China's richest with USD21.8bn

    Aug 29, 2014

    Jack Ma, 49, Alibaba Group Holding's founder and chairman, declared a net worth of USD21.8bn, making him the richest person in China, according to the latest Bloomberg Billionaires Index. Ma's assets range from a 7.3% interest in Alibaba, the biggest e-commerce firm in China, to a 50% stake in its parent company, Alipay, also an online-payment business. Ma is richer than second-placer Tencent Holdings' Ma Huateng by USD5.5bn. Baidu founder Robin Li is on the third place with USD15.8bn. At fourth and fifth places, respectively, are Wang Jianlin of Dalian Wanda (USD14.7bn) and Zong Qinghou of Wahaha Group (USD11.5bn).

  • Xiaomi still the top selling smartphone in China

    Aug 29, 2014

    For the fourth straight month, China's Xiaomi is the top-selling smartphone in the country. Xiaomi has a 31.6% share of the urban market in the month of July. South Korea's Samsung and China's Huawei are at second and third places, according to the UK-based market-research firm Kantar Worldpanel Comtech on 28 August. Xiaomi Inc was founded just four years ago in Beijing's Zhongguancun technology centre.

  • China's property price to go up in the next 3-5

    Aug 29, 2014

    Vice-President Geng Jing of Shanghai-based Greenland Holding Group said that the housing price in China could keep going up in the next three to five years. The total price and the yearly rent-income ratio of a property in China is about 50 to 1. Geng added that Japan and Hong Kong markets' ratio reached 80 to 1 before collapsing. Geng emphasised that China's property market still has to reach its upper limit.

  • Wal-Mart seeks to boost online business in China

    Aug 29, 2014

    US-based Wal-Mart Stores Inc is looking to bring in more online shoppers in mainland China. Yihaodian, literally the number one store, the online arm of Wal-Mart in China and which Wal-Mart has a 54% stake, has boosted the number of its products online. Yihaodian seeks to increase growth in the country's retail market, but it has to go up against the biggest e-commerce firm in China, Alibaba, which controls over 50% of the USD46bn online business-to-consumer market in China in Q2 of this year.

  • Swedish court denies bankruptcy protection to Chinese owner of Saab's

    Aug 29, 2014

    A judge in Sweden on 28 August refused to give bankruptcy protection to the Chinese firm which owns car brand Saab, saying that the suggested financial solutions were not documented and unclear. According to National Electric Vehicle Sweden AB (NEVS), it asked a Swedish court for bankruptcy protection so it can restructure its business and deal with potential investors. But the court declared that NEVS does not have the liquidity needed to rebuild its business.

  • China's Gome, Microsoft to open 800 tablet experience centres

    Aug 29, 2014

    Chinese electronics and home appliances retailer Gome and Microsoft China jointly announced their tablet strategy for 2014. Gome signed a procurement order of nearly one million tablets with mainstream Windows tablet manufacturers, including Acer, Asus, and Lenovo. Meanwhile, the company plans to open 800 Windows tablet experience centres, aiming to provide one-stop services to consumers. Gome will use its online and offline sales network and Microsoft's Windows operating system platform to integrate the global customisation experience and resources of Chinese manufacturers to jointly promote the development of the Chinese tablet market.

  • China opens first car factory in Brazil

    Aug 29, 2014

    Chinese car manufacturer Chery becomes the first car maker in China to open a factory in Brazil, in the city of Jacarei in Sao Paulo. The Jacarei plant will have a production capacity of 150,000 vehicles a year when it will be fully operational in 2018. The plant currently employs 300 workers but aims to hire 3,000 people. During the inauguration ceremony on 28 August, Chery's Vice President for Brazil Luis Curi said the company is investing up to USD22.4m to build a research and development centre in Brazil.

  • Chinese consumers trusting milk products again

    Aug 29, 2014

    A survey released by the China Association for Quality showed that Chinese consumers are becoming more confident in milk products after a tainted milk scandal in 2008. The survey, which covered 20 brands across 35 large- and medium-sized cities, showed that the confidence index stood at 75.9 points out of 100, which is 0.5 points higher than that in 2013 but 0.3 points lower than in 2009. According to the 2014 survey, more than 56% of the respondents consider the brand over other factors when buying milk products.

  • Three foreign ship management firms settle in FTZ

    Aug 29, 2014

    The shipping management office of Shanghai Pudong New District, where the Free Trade Zone is located, said three wholly foreign-funded ship management companies have settled in the zone on its first year of operation. The ship management companies, which include a firm under international shipping giant Maersk, mark the early success of Shanghai's goal of boosting shipping business in the FTZ. Six other foreign ship management companies have applied to set up in the zone.

  • ICBC posts record USD12.2bn profit in Q2

    Aug 29, 2014

    The world's largest bank by assets, Industrial & Commercial Bank of China (ICBC), reported a net income of Rmb74.8bn (USD12.2bn) in the second quarter, a 7.5% rise year-on-year. ICBC boosted loan margins and limited provision for bad loans, limiting the drag on profit, analysts said. In H1 of this year, ICBC's net income rose 7% to Rmb148.1bn (USD24.10bn), the bank said. Net interest income was up 10% to Rmb237.6bn (USD38.67bn). ICBC had Rmb10.6tr (USD1.72tr) of loans as of 30 June, up 7.3% from the end of last year.

  • Real estate firms pay lesser taxes in Jan-July

    Aug 28, 2014

    The corporate income tax paid by real estate companies in China dropped from 27.4% in the first seven months of 2013 to 5.8% in the same period this year. The 2014 budget report submitted by the State Council to the country's top legislature also showed that government revenue from land transactions also dropped to 23.9% from January to July this year, compared to the 49.4% growth registered in the same period last year. Analysts said China's cooling property market has dented revenue of real estate firms, resulting to the drop in corporate income tax payments.

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