• China's stock market boom expected in 2014

    Dec 27, 2013

    The Chinese Academy of Social Sciences (CASS) has said there is a strong possibility that the country's stock market make dramatic gains next year when the government reopens the market for IPOs. Although there will be challenges, the CASS said in a report that a dramatic rise in the stock market could happen next year, resembling that of 1999 in many ways. Within two months from mid-May in 1999, the benchmark Shanghai Composite Index increased from around 1,100 to more than 1,600. With the relaunch of IPOs next year striking rises should be expected, experts said.

  • Alibaba's IPO size to hit USD25bn following additional issues

    Sep 22, 2014

    Alibaba's initial public offering (IPO) will become the largest in history after the Chinese e-commerce company issued additional shares to bring its IPO's size to about USD25bn, the Wall Street Journal reported.  The new issues increase the amount of USD21.8bn initially raised last week. The report said the underwriters of Alibaba Group Holding - which include Morgan Stanley and JPMorgan Chase - have issued additional shares as Alibaba soared 38% in its first session last Friday. Reuters said Alibaba can exercise the "green shoe" option because its shares performed well in the public market. The Wall Street Journal report, however, did not mention the number of additional shares that were issued.

  • China will not alter economic policy

    Sep 22, 2014
    Despite lowered growth forecasts by many economists, China will not change its economic policy dramatically merely because of weakness in one economic indicator, Finance Minister Lou Jiwei said. While Lou did not name any indicators, the country's industrial output growth recently slowed to its lowest level since the 2008 global financial crisis, latest official data showed. Policy makers will continue to focus on a combination of growth objectives, especially employment and inflation, Lou said in a statement on the ministry's website on Monday.  The official made the remarks during a meeting of the finance ministers and central-bank governors from Group of 20 leading nations over the weekend, the statement said.
  • Nanjing also ditches housing-purchase limit

    Sep 22, 2014

    The government of the city of Nanjing, the capital of Jiangsu Province, made an announcement on 21 September that it would put an end to housing purchase restrictions in order to help re-energize the property market. Nanjing revealed that it will raise the supply of small and medium-sized apartments. Slow housing sales have served to create overstocking in Nanjing. It has been estimated that 51,000 new homes in the city remain unsold.

  • Ford shifts towards CSR with strong sales

    Sep 22, 2014

    With an impressive increase of over 32% in sales year-on-year from January to July 2014, the Chongqing-based joint venture Changan Ford Automobile Co has decided to focus on its corporate social responsibility. President and CEO Marin Burela of Changan Ford said at a campus event in the city of Guangzhou in the second week of September this year, that Ford believes it has responsibility toward the youth of China to give opportunities to help them accomplish their dreams. The company is backing up the Chinese College Auto Union campaign, which this year features a student debate contest.
  • ABC lists first China fixed income bond in Arab stock market

    Sep 22, 2014

    The Agricultural Bank of China, the country's third largest bank, launched in Dubai on 21 September with a listing of Rmb1bn (USD163m) in Emirates bonds on the NASDAQ Dubai, becoming the first-ever Chinese fixed income bond in the Arab stock market. The Emirates bond has a 3.5% coupon rating - part of ABC's worldwide mid-term bond plan.
  • Mainland-Chinese investors complain of being excluded from Alibaba IPO

    Sep 22, 2014
    Mainland-Chinese consumers are the prime source of e-commerce giant Alibaba's success, but now they feel they are being left out of the firm's initial stock offering. They cannot buy foreign equities directly because of China's restrictions and only the most financially capable can purchase Alibaba's stocks indirectly by way of investment programs. Alibaba IPO was predicted to go as high as USD70 per share.
  • Microsoft postpones Xbox One launching in mainland China

    Sep 22, 2014

    Microsoft Corp's Xbox One game console was scheduled to be launched in mainland China on 23 September but the US-based company decided to delay it. It only said that the Xbox One will be made available in the mainland-Chinese market before 2014 ends without giving a reason for the delay. China lifted a 2000 ban on foreign gaming consoles in the early part of 2014 and Microsoft soon struck a deal with China-based BesTV New Media Co to create a joint venture to produce the Xbox One at the Shanghai Free Trade Zone.

  • Coal production, sales decline

    Sep 22, 2014

    The China Coal Industry Association said that from January to August of this year, production and sales of coal declined 1.4% from the same period last year. In the first eight months of the year, China only produced 2.52 billion tonnes of coal and sold 2.4 billion tonnes, down 1.6% year on year. The association attributed the flagging industry mainly to the current off-peak season in terms of demand and low coal prices in the international market.
  • OSI cuts 340 jobs in Shanghai

    Sep 22, 2014

    McDonald's and Yum Brands supplier OSI Group LLC has axed 340 workers at its Shanghai plant following the food scandal that rocked the US food firm in July. OSI's Shanghai Husi Food Co experienced significant financial and customer losses as a result, triggering the jobs cut that brings the facility close to shutdown, OSI said in a statement on its website. OSI came under spotlight when Chinese media reported that it was using expired meat and doctoring production dates.

  • Singapore Exchange expects Chinese IPOs in 2015

    Sep 22, 2014
    The Singapore Exchange Ltd (SGX) is expecting some initial public offerings from Chinese companies in 2015, said SGX listings head Lawrence Wong. Last year, SGX and the China Securities Regulatory Commission signed a deal that will allow Chinese mainland companies to list on the Singapore bourse without having to incorporate an overseas holding company. The arrangement is very significant, Wong said, because in the past it was very difficult for mainland companies to do so. SGX has been holding seminars across China to explain the new rule.
  • De Beers considers China engine of growth of diamonds market

    Sep 22, 2014
    De Beers, the world's biggest diamond company, predicts China to become the engine of growth for the global diamond market. De Beers CEO Philippe Mellier said the company expects its China sales to grow 10% annually over the coming years. While he noticed a slowdown in China in recent years, Mellier said the country still remains De Beers' fastest growing market.
  • Alibaba's initial IPO price set at USD68 for each share

    Sep 19, 2014

    Chinese e-commerce giant Alibaba Group Holding set a price for its initial public offering at USD68 per share -- seemingly the peak of the expected range that could raise USD21.8bn. At that price, Alibaba's IPO market valuation will be at USD167.6bn, bigger than US institutions Boeing Co and Walt Disney Co. This will also give Alibaba a top position in the United States' e-commerce industry above eBay and Amazon.
  • Shanghai imports USD16bn gold

    Sep 19, 2014
    Shanghai has imported USD15.98bn worth of gold in the first eight months of this year in time for the opening of the international board at the Shanghai Gold Exchange (SGE) in the Shanghai Free Trade Zone. Last Thursday, two tonnes of gold arrived in Shanghai and was kept in a warehouse with improved customs clearance services. Since the SGE announced in June that it plans to allow foreign investment into China's gold market, gold imports passing through Shanghai's Pudong International Airport went up by 200% month on month. The SGE has been the top gold trading location in the world for 7 consecutive years, with trading volume reaching 11,600 tonnes in 2013.
  • China to ban heavy-polluting vehicles next year

    Sep 19, 2014

    The Chinese government is set to control or even totally ban heavy-polluting automobiles by June next year in the country's biggest urban centers, according to the Ministry of Environmental Protection on 19 September. These vehicles are the so-called yellow-label cars or gasoline-powered automobiles not up to the standards of National I emission regulations and diesel cars not up to par of National III emission standards. Cities in and above prefecture-level standards are required to keep up with the law by June 2015 next year.

  • Wal-Mart to undertake more food-safety measures

    Sep 19, 2014

    Wal-Mart Stores Inc of the United States revealed on 19 September that it will apply new steps to fortify its food-safety methods in China's stores. This after Wal-Mart fired some of its China staff who alleged that the company violated food-safety regulations. The firm's fresh-food delivery system will include all of its stores in mainland China before this year is over -- numbering 11 fresh-delivery hubs centers in the country.
  • Still no license for iPhone 6 in mainland China

    Sep 19, 2014

    According to the Xinhua News Agency, China's regulatory agencies granted the iPhone 6 approval for use on local frequencies in mainland China. In Xinhua's 19 September report, Apple Inc's latest smartphone model does not yet have a release date in mainland China. This led to speculations that the US-based company is having a hard time getting the proper licenses from China's Ministry of Industry and Information Technology.

  • China-based construction companies to do business in Venezuela

    Sep 19, 2014

    Venezuela's President Nicolas Maduro announced on 19 September that three Chinese companies will export construction materials in the South American nation. These firms will bring in the products from China short term and plan to manufacture these supplies in-country Venezuela, Maduro said, He did not identify these firms though.
  • Juneyao Airlines applies for IPO in China

    Sep 19, 2014

    Juneyao Airlines, China's budget carrier, has filed an application to go public with the China's regulators, following the footsteps of Spring Airlines, the country's first low-cost airline.  Details of the planned IPO have not been disclosed yet, including the amount that Juneyao expects to generate from the listing. The airline reported net profit of Rmb191m (USD31.1m) on revenue of Rmb3.2bn (USD518.8m) in H1 of this year. Juneyao is actively pushing flights to Taiwan, Japan, and Southeast Asia, on top of its existing routes from Shanghai to Taipei, Kaohsiung, Thailand, South Korea and Japan.

  • China's growing sex toy market lures 25-30 bracket

    Sep 19, 2014

    A survey conducted by one of China's leading sex toy producers said people aged between 25 and 30 account for over 40% of the growing sex toy market in the country. The study shows that people belonging to this age group have more open attitudes toward sex. The 31-35 age bracket accounts for 24% of the market while the 18-25 makes up 21%. The survey covered 3,000 individuals.

  • China to establish two industrial parks in India

    Sep 19, 2014

    Chinese President Xi Jinping announced in New Delhi that China will set up two industrial parts in the western Indian state of Gujarat and the central state of Maharashtra. The announcement was made after China committed USD20bn investment in India in the next five years. Chinese and Indian leaders also signed a dozen agreements worth billions of dollars and pledged to solve border disputes.

  • US retail sites popular among Chinese e-shoppers

    Sep 19, 2014

    A recent report released by Visa Inc and Economic Information Daily showed that American retailers' websites are the most popular among Chinese online shoppers. The report also said that Chinese shoppers spent Rmb3.1tr (USD505bn) through online shopping last year. While Chinese online buyers prefer US sites the most, they consider South Korean websites as below average.

  • Chinese insurers may soon be allowed to issue preference shares

    Sep 19, 2014

    To provide a much-needed new fundraising channel, the China Insurance Regulatory Commission has issued a circular asking for feedback on its plan to allow insurers in the country to issue preference shares through public and private channels. The regulator seeks responses by 24 September, Reuters reported. Based on the circular, the amount of preferred shares that the country's insurers can issue will be limited to 50% of common stock and 50% of net assets. The banking sector has already been allowed to issue preference shares at the end of last year.

  • Four Chinese cities are Asia's best

    Sep 18, 2014

    Four Chinese cities have topped the Best Performing Cities Asia Index released by Milken Institute, while two more cities in China make it to the top 10. The Best Performing Cities Asia Index, which ranks cities based on economies that best fuel job and income growth, named the Chinese cities of Shenzhen, Guangzhou, Chengdu and Tianjin in the top four while the Chinese capital Beijing landed on the seventh place. New Delhi in India ranked 5th while Malaysia's Kuala Lumpur settled in the 6th position. Singapore took the 8th spot while Vietnam's Ho Chi Minh City and Shanghai ranked 9th and 10th, respectively. The index is based on actual economic performance assessing job and income growth, and the strength of industries on the extent economic value they add.

  • Outbound investment to exceed FDI in 2015

    Sep 18, 2014
    Ministry of Commerce (MOC) spokesman Shen Danyang said the country's outbound investment could soon overtake foreign direct investment. Shen made the announcement after the MOC released the investment figures for the January-August period. He said China's outbound direct investment by non-financial firms surged 15.3% to USD65.17bn in the first eight months of this year while FDI dropped 1.8% to USD78.34bn. Shen said China's outbound investment would continue growing rapidly and that it could exceed FDI as early as next year.

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