Biz Scene

MARKET

Bank reorganization

China Minsheng Banking Corp, the nation's first privately owned bank, said it is reorganizing its operations to become more customer-oriented and efficient as industry competition intensifies.

Minsheng Bank will split corporate banking into five units specializing in real estate, energy, transportation, metallurgy and institutions, the Beijing-based company said in a statement yesterday.

Energy profit

China's Shenzhen Energy Investment Co said yesterday it expected its net profit for 2007 to rise 100 to 110 percent from last year, reflecting a purchase of assets from its parent company.

Last year, the power plant operator in southern China reported net profit of 800.1 million yuan and earnings per share of 0.67 yuan. It said earnings per share this year were forecast to be 0.75 yuan, influenced by an issue of new shares.

GRAPEVINE

Suzhou Trust purchase

Royal Bank of Scotland Group Plc is planning to buy a 19.9 percent stake in Suzhou Trust Co, the Asian Wall Street Journal reported yesterday.

Citing a source familiar with the situation, the Journal said Suzhou Trust plans to increase its capital from 300 million yuan and is aiming to introduce international and local strategic investors.

The British bank and Suzhou Trust are finalizing details and awaiting approval from the China Banking Regulatory Commission, the report said.

Listings boost

Hong Kong Exchanges & Clearing Ltd may consider cutting the minimum public float requirement for large companies to boost new listings, the Wall Street Journal said, citing unidentified people familiar with the situation.

The bourse operator may allow companies with a market capitalization of between HK$10 billion and HK$40 billion to float as little as 15 percent of their enlarged share capital, the newspaper said. The minimum float can be as low as 10 percent for companies with a market capitalization of more than HK$40 billion, the Journal said.

BIZ UNUSUAL

Vegetable pioneer

Chenggong County, an agricultural base in Yunnan Province that counts vegetable planting as its pillar industry, used to worry about its vegetable sales during the harvest season. Thanks to Luo Songnan, a vendor with only a middle school education, the county has built its vegetables into a famous green food brand at home and abroad.

Ten years ago, Luo, from Guangdong Province, found that Shenzhen is always short of vegetables in the winter, as consumers needed more diversified and pesticide-free green vegetables. So he began to transport the Chenggong vegetables to Shenzhen by plane every day. Luo, now the president of a big green food trade company, is running a farm with high-end vegetables and exporting them to foreign markets.

Li Xiang e-zine

Li Xiang, a well-known Chinese TV anchorwoman, recently raised eyebrows again by extending her career beyond the TV industry. The celebrity plans to set up a digital magazine, under the name Xiangxin (which in Chinese means "believe"). She held a press conference to launch her new brainchild this October. Now she is seeking a senior chief editor, offering an annual salary of 300,000 yuan to help her operate the magazine.

Record jade sale

In an auction held in Beijing over the weekend, a jade artwork was sold at the sky-high price of 13.44 million yuan, setting a new record. The artwork is made of a type of rare jade called "Changhua chicken blood stone", from Changhua town of Lin'an in Zhejiang Province. The artwork is sculptured in the shape of a delicate Chinese traditional pavilion.

(China Daily 12/20/2007 page15)