Hi-tech boost

China Development Bank, one of the country's three policy banks, will lend 80 billion yuan in the next five years to help develop China's hi-tech industry, the National Development and Reform Commission said yesterday. The economic planning agency said it had signed memorandums of understanding with the bank and with the Shenzhen Stock Exchange to "widen financing channels for the hi-tech industry". The government has been rolling out a raft of measures to support hi-tech firms, which have long found it tough to raise funds for research and development.

Listing plan

Excellence Group, a property developer based in Shenzhen, is planning a Hong Kong IPO in the second quarter of 2008 to raise $1.5 billion, joining a spate of mainland developers tapping capital markets to fund growth, sources familiar with the deal said, according to a Reuters report. The company has hired investment banks Morgan Stanley and UBS to underwrite its share sale, the sources said. Both banks declined to comment.

Singapore season

The month-long Singapore Season in China 2007 was launched on Friday. It aims to improve business connections between the two countries and encourage more Chinese firms to do business in Singapore. Over 2,500 Chinese firms have set up operations in Singapore and over 130 Chinese companies are listed on the Singapore Exchange, said Wong Kan Seng, deputy prime minister of Singapore.

Mall launched

CapitaLand Retail Limited, the retail property unit of Singapore-based CapitaLand, yesterday launched Xizhimen Mall, a component of Xihuan Plaza at Xizhimen, one of Beijing's transport hubs.

Xizhimen Mall is the fourth retail mall managed by CapitaLand Retail in Beijing and part of CapitaLand's portfolio of over 72 retail malls across the country.

Games cover

PICC, the country's largest non-life insurer and one of the partners of the Olympic Games, yesterday unveiled its insurance package for the Games. According to Wang Yi, president of PICC, the company will set up 12 claim centers, with six in Beijing. It will establish a 10 million yuan fund for Olympic Games services such as pre-claims for some policies and a quick-claims channel. PICC will also donate 530 million yuan in insurance cover for 10,000 children of construction workers at Olympic Games venues.

Research lab

China's largest instant message provider Tencent recently established its first research lab in China focusing on Internet technology. The lab will cost over 100 million yuan and will have branches in Beijing, Shanghai and Guangzhou, according to the company. Zheng Quanzhan, Tencent's chief software architect, will head the lab.

New plant

The world's leading laboratory and process technology provider Sartorius recently opened its new plant in Beijing with a total investment of over 100 million yuan. The company is trying to build its presence in China as its clients expand quickly in the country. The company had sales revenue of 521 million euros in 2006 and is the Chinese market leader in making laboratory balancing instruments, with a share of over 10 percent.

Stock soars

Shares in China Shipping Container Lines Co surged 17 percent to a record high yesterday after the firm said it plans to list in Shanghai before the end of 2007 to buy container assets and to fund a 44-percent fleet expansion by early 2012. The stock hit a high of HK$8.19 before retreating slightly to HK$8.05, up 15 percent in late trade.

Agencies-China Daily

(China Daily 10/16/2007 page14)