• 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 has the most number of high-earning expats in the world

    Oct 23, 2014

    At least 29% of expatriates who earn more than USD250,000 a year are working in China, the Expat Explorer survey commissioned by HSBC showed.  The survey, conducted by market research firm YouGov for HSBC, showed that mainland China now holds the biggest share of high-earning expats in the world. The survey covered nearly 9,300 expats in some ten countries. China, however, only ranks third in the list of world's favourite destinations among expats. The survey ranked Switzerland as the top destination globally for expats because of its trusted economy, good quality of life and comfortable salaries. Singapore ranked second. The fourth to tenth spots are taken by, in order, Germany, Bahrain, New Zealand, Thailand, Taiwan, India and Hong Kong.

  • 21 countries to ink deal establishing AIIB

    Oct 23, 2014

    Representatives of the 21 countries that have agreed to join the China-led Asian Infrastructure Investment Bank (AIIB) are set to sign a memorandum of understanding on 24 October for the establishment of the regional bank. The bank will be officially launched in 2016 but a general meeting will be held on 24 October to discuss the launch. A source from the Chinese government said South Korea has not responded to China's invitation to become one of the bank's founding member countries. The Seoul-based daily JoongAng Ilbo reported that South Korea bailed out of a plan to join the AIIB. South Korea initially expressed its support for the bank but then reversed its position.

  • Apple CEO visits iPhone6 workshop in China

    Oct 23, 2014

    Apple CEO Tim Cook inspected a Foxconn iPhone workshop in the city of Zhengzhou in Henan Province on 22 October. Along with Cook was Foxconn Founder and Chairman Terry Guo. Henan city officials were also present. It took Cook two hours to make his inspection. He was told of the construction of three other Foxconn workshops in the city.

  • Shanghai's September FDI hits USD2.7bn

    Oct 23, 2014

    Foreign direct investment in the city of Shanghai reached USD2.7bn in September -- a 44.6% rise year-on-year, according to data that the Shanghai Statistics Bureau released. CITIC Securities Co Analyst Xue Jun said that Shanghai is still one of the top cities in China with the largest foreign investment. A big part of this is from the projects in the Shanghai pilot free-trade zone and the Disneyland theme park.

  • City of Massachusetts to purchase Chinese subway cars worth USD566.6m

    Oct 23, 2014

    The Massachusetts Department of Transportation board of directors gave its approval and officially awarded a USD566.6m contract to CNR MA for the purchase of Red and Orange Line subway cars. CNR MA is a joint venture of CNR Changchun Railway Vehicles Co and China CNR Corp Ltd. The deal calls for the acquisition of 284 subway cars and the construction of an assembly factory in the city of Springfield. The Orange Line subway cars are expected to be delivered between winter 2018 and winter 2021, while the Red Line subway cars between fall 2019 and spring 2021.

  • Zuckerberg holds Q&A session in Chinese at Tsinghua University

    Oct 23, 2014

    Facebook co-founder and CEO Mark Zuckerberg answered questions and impressed a Chinese audience at Tsinghua University in Beijing on 22 October. Zuckerberg delivered a speech and answered queries using the Chinese language. He was in Beijing after being named to Tsinghua’s School of Economics and Management’s advisory board. Zuckerberg said joining the board is a very good chance to support education in China, China Real Time reported.
  • HSBC's China manufacturing PMI up 50.4 in October

    Oct 23, 2014
    The preliminary HSBC China Manufacturing Purchasing Managers’ Index went up 50.4 in the month of October this year. In September, the HSBC Holdings Plc's final reading of the country's manufacturing PMI was at 50.2. The result of this gauge of activity may help in easing concerns over the pace of China’s economic growth.
  • JP Morgan warned of potential problems in its China hiring practices

    Oct 23, 2014

    JP Morgan Chase & Co executives at the company's New York office were warned of possible problems that could come up in relation to the US-based lender’s hiring practices in mainland China. This was over 12 months before JP Morgan's programme was investigated by American government officials. According to company emails reviewed by WSJ, a bank executive in Asia told legal and compliance officers in New York in 2011 of allegations that JP Morgan’s recruitment of a senior Chinese official's daughter helped the bank in getting an investment-banking assignment.

  • Lottery sales hit USD5.3bn in September

    Oct 23, 2014

    Lottery sales in the country increased 25.2% year-on-year in September to Rmb32.25bn (USD5.3bn), the Ministry of Finance said. The ministry said the total lottery sales in the first nine months of 2014 stood at Rmb279.4bn (USD45.7bn), up 24.5% from the same period last year. In 2013, the total lottery sales in China hit Rmb309bn (USD50.50bn).

  • German Chamber to establish office in Taicang

    Oct 23, 2014

    To better serve its members in the Jiangsu Province, the German Chamber of Commerce announced that it plans to establish a representative office in Taicang, where many German firms have invested heavily. Details of the construction of the said office have not been disclosed yet. Taicang, located next to Shanghai, has seen a growth in the number of German companies investing in the city's manufacturing and services industries. The chamber has 2,200 members among around 4,800 German businesses in the country.

  • USD24.4bn railway, airport projects approved

    Oct 23, 2014

    The National Development and Reform Commission announced that it has approved the feasibility study of the proposed projects involving five airports and three railways in China. The said projects have a total investment of Rmb150bn (USD24.4bn), with the three railway projects taking up most of the budget with Rmb144.52bn (USD23.62bn). The projects form part of the government's efforts to boost infrastructure investment in less developed regions.

  • China's foreign currency purchase hits USD179bn in September

    Oct 23, 2014

    Chinese institutions and individuals purchased USD179.3bn in foreign currency in September and sold USD163bn, the State Administration of Foreign Exchange (SAFE) said. This resulted to a USD16.3bn deficit in the banks’ forex transaction. From January to September of this year, Chinese bought USD1.25tr and sold USD1.43tr in foreign currency.

  • More mainland firms set to list in Hong Kong

    Oct 22, 2014

    The upcoming Shanghai-Hong Kong Stock Connect programme is expected to lure more mainland firms to list in Hong Kong, an official told the Global Times. Hong Kong Exchanges and Clearing (HKEx) Beijing Office Representative Judy Huang said the forthcoming Stock Connect programme will enable mainland investors to buy shares directly from the Hong Kong bourse. The Stock Connect programme was created after mainland and Hong Kong securities regulators agreed on it last April, enabling global investors to trade Shanghai A shares via the Hong Kong Stock Exchange. The programme also allows mainland investors to trade Hong Kong H shares through the Shanghai Stock Exchange.

  • Premier Li calls for global unity in fight vs Ebola

    Oct 22, 2014

    Chinese Premier Li Keqiang has urged the international community to join hands and cooperate in the fight against the growing threat of the deadly Ebola virus. Xinhua reported that Li spoke with UN Secretary-General Ban Ki-moon over the phone to discuss about the threat. The Chinese premier said the international community needs to coordinate and cooperate further to combat the disease, which he said poses a pressing threat to the global public health.
  • Singapore's Frasers still optimistic on Chinese market

    Oct 22, 2014

    The economic slowdown of China is just part of the adjustment for a better development down the line, said CEO Choe Peng Sum of Singapore's Frasers Hospitality -- a hospitality-asset management firm. Sum added that the rate of development in China is still very impressive and that its economy will eventually recover and flourish. Frasers currently operates 14 serviced residences in ten Chinese cities, including Shanghai and Beijing.

  • Shanghai stocks dip as China's economic growth rate drops

    Oct 22, 2014

    The Shanghai Stock Exchange's numbers declined on 21 October due to increasing worries regarding China’s economic growth rate, which rose at its lowest in over five years in Q3 of this year. The Shanghai Composite Index fell 0.72% to 2,339.66 points. The country's GDP went up just 7.3% year-on-year during the months of July, August and September. Q2 growth rate was at 7.5%, according to China's National Bureau of Statistics.

  • Security of Apple’s iCloud service in China unstable

    Oct 22, 2014

    US-based Apple Inc’s iCloud service in mainland China has been criticised for its supposedly unstable security measures. Hackers allegedly can easily intercept data that contain usernames and passwords. GreatFire.org, the online censorship watchdog, has accused China-based hackers of attacking iCloud, although some experts are saying that the allegation cannot be confirmed.

  • Manchester launches investment portfolio in Beijing

    Oct 22, 2014

    Manchester, the former industrial centre of the United Kingdom, sent a delegation of business representatives to start an investment portfolio in Beijing. The portfolio, available in English and Chinese, displays a wide range of Manchester opportunities including infrastructure like Ocean Gateway, a strategic corridor stretching 40 miles from Manchester to Liverpool. Another is the NOMA, a ten-year regeneration project to put up a new neighbourhood.

  • Beijing tops list of mainland-Chinese cities with highest rental rates

    Oct 22, 2014

    With an average monthly rental price of Rmb64.83 (USD10.59) per sq. m., Beijing is China's most expensive city, according to the country's National Bureau of Statistics. The agency added that the nation's home-rental price rose 2.6% on average in September year-on-year. It has been the 57th straight month of increase. Meanwhile, Shanghai placed second with an average monthly rental price of Rmb58.18 (USD9.50) per sq. m. The third to tenth spots were taken by Shenzhen, Sanya, Guangzhou, Hangzhou, Xiamen, Nanjing, Fuzhou, and Wenzhou.

  • FB, IBM CEOs added to Tsinghua's advisory board

    Oct 22, 2014

    Tsinghua University School of Economics and Management added Facebook CEO Mark Zuckerberg and IBM CEO Virgina Rometty to the Beijing university's advisory council. Facebook announced that Zuckerberg will be at Tsinghua's annual board meeting in Beijing on 24 October. Rometty, on the other hand, cannot be at the board meeting but will be in China in November.

  • China's auto sales to slow this year

    Oct 22, 2014

    Growth in China’s auto sales is expected to slow this year to 4.6% from an earlier projection of 8.3%, said Dong Yang, secretary general of the China Association of Automobile Manufacturers (CAAM). In an interview with Bloomberg, Dong said the CAAM has noted the slowdown in sales in the past two months and is looking into the reason for the slowdown. In September, auto sales in China grew 2.5%, the slowest in 19 months.

  • Agricultural Bank of China names new leader

    Oct 22, 2014

    One of China's big four banks, the Agricultural Bank of China (ABC), announced the appointment of Liu Shiyu as the bank's new secretary of the Party committee. Liu, who was previously deputy governor at the People's Bank of China, will replace Jiang Chaoliang, who left the bank on 31 August. Liu's appointment was announced by ABC on the website of the Shanghai Stock Exchange.

  • Airbus Helicopters banks on China growth

    Oct 22, 2014

    The world's largest civil helicopter maker, Airbus Helicopters, said it expects to raise its annual sales in China by 150 units by 2020, making China and Hong Kong its biggest global market by then. Airbus Helicopters China President Norbert Ducrot said China is still a very small market for the company but with a big potential, especially now that civil private helicopter operators start to emerge in the country. The company expects to sell around 30 to 40 helicopters in China this year.

  • China's ODI seen to rise 10% annually

    Oct 22, 2014

    A senior commerce official said China's overseas direct investment (ODI) is projected to rise at least 10% per year in the next five years. Chinese ODI is set to hit USD120bn this year but Zhang Xiangchen, assistant minister at the Ministry of Commerce, said Chinese firm's ODI still lag behind foreign competitors, especially with American and Japanese firms. Zhang, however, said it is only a matter of time that China's outbound investment will rise, eclipsing inbound investment.

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