IN BRIEF (Page 14)

Retail

Apple opens third store in Shanghai

Apple Inc, the world's top technology company by market value, opened its biggest official Asian outlet in Shanghai on Sept 23. The move underscores Apple's attempts to broaden its distribution channels and the huge market potential in the world's largest mobile phone market.

More than 1,000 people lined up on East Nanjing Road, Shanghai's central business district, for the opening of Apple's third store in Shanghai and it's fifth in China.

Deals

Renren buys 56.com, a video-sharing site

Social networking company Renren Inc is buying 56.com, an online video-sharing site in China, for $80 million.

The takeover of 56.com, a website where users can upload, view and share videos, is the first major acquisition by Renren since it went public on the New York Stock Exchange in May this year. The deal is expected to be completed in the fourth quarter of this year, Renren said in a statement.

Finance

Tencent teams up with Amex

Internet company Tencent Holdings Ltd is joining hands with global payment provider American Express Co to provide cross-border online payments.

Under the agreement, Tencent users will be able to shop on US and British websites and make online payments, sources said.

Technology

Acer aims to pick up where HP left off

Hewlett-Packard (HP) Corp's spin-off of its PC business will benefit Acer Inc's business in China, said Oliver Ahrens, vice-president of Acer and president of Acer China.

The company has surpassed HP to become the second-largest player in China since last quarter. The recent decision by HP, the world's largest PC maker, presents other players in the country an opportunity to increase market share and distribution channels, according to Acer.

Acer recently launched a new strategy and series of products to improve mobility, which was also HP's strategy at the beginning of this year.

GE wants to double China business

US conglomerate General Electric Co (GE) aims to double its revenues in China over the next three years, according to Mark Hutchinson, president and chief executive officer of GE China.

GE's global revenues were $150.2 billion in 2010, to which GE in China contributed $5 billion.

The major businesses of GE China are in aviation, healthcare, energy and transportation industries.

Pharma

AstraZeneca plans more R&D alliances

AstraZeneca Plc, the world's seventh-largest pharmaceutical company by revenue, will continue its cooperation model on research and development (R&D) in China instead of mergers and acquisitions, a top company executive said.

"In China, our collaboration strategy is to forge partnerships with leading academic and medical institutions that already have in-depth expertise in Asia-specific diseases. These partnerships are helping us solidify our presence in China," said Steve Yang, AstraZeneca vice-president and head of R&D for Asia and emerging markets.

The London-based drug-maker has a product portfolio for diseases in areas including cancer, cardiovascular, gastrointestinal, infection, neurological, respiratory and inflammation.

Cardinal Health to continue acquisitions

Pharmaceutical wholesaler Cardinal Health Inc said it is looking for more acquisition opportunities in China after its $470 million purchase of distributor Zuellig Pharm China last year.

Buying out Zuellig, which had $1 billion in sales and distribution to about 49,000 hospitals and clinics, helped the US-based company establish a foothold in China, where Cardinal previously only conducted sourcing.

Cardinal Chief Executive Officer George Barrett said acquisitions will continue to help the company get bigger in China's booming drug distribution market.

Commerce

Alibaba gets funding from Silver Lake, DST

DST Global Solutions and Silver Lake LLP have agreed to invest as much as $1.6 billion in China's Alibaba Group Holding Ltd, a transaction that values China's largest e-commerce company at $32 billion, said two people familiar with the deal.

Silver Lake and DST, the technology fund managed by Russian billionaire Yuri Milner, will buy stock from Alibaba employees, according to a statement on Sept 23.

Temasek Holdings, Singapore's State-owned investment company, and the Chinese private equity firm Yunfeng Capital, will also participate, the statement said.

Food

Alltech to raise Chinese revenue

Alltech Inc, one of the world's largest animal health and nutrition companies, forecasts it will achieve annual revenue of $1 billion in China by 2015 and make a contribution to the nation's production of pork, said Pearse Lyons, company founder and president.

"I would love China to be our single-most important market, because there are 1.3 billion people and their consumption capabilities are strong," Lyons said.

The company's focus is on improving animal performance and growth, digestion and reproduction by offering yeast-based, natural, nutritional products.

An estimated 600 million pigs are consumed annually in China, and most are currently raised on traditional feeds without additives.

China Daily- Agencies