Biz Scene

MARKET

Index up 2%

Shares surged more than 2 percent in Shanghai yesterday, boosted by gains in oil refiners PetroChina and Sinopec, as the market continued a rebound from support levels on the charts.

The Shanghai Composite Index, which had climbed 2.18 percent on Wednesday, gained 2.06 percent to 5043.535 points yesterday. It has been rebounding since it neared support at its late November low of 4778.727 this week.

Rising stocks in Shanghai outnumbered losers by 693 to 162, while turnover was a moderate 87.3 billion yuan, in line with Wednesday's 86 billion yuan.

More subscribers

China Mobile Ltd extended its lead as the world's biggest wireless operator by subscribers as price cuts helped it lure users from traditional phone companies such as China Telecom Corp.

The wireless carrier gained 6.5 million customers last month after adding a record 6.6 million users in October, raising its total to 362.8 million, the company said yesterday.

China Mobile and smaller rival China Unicom Ltd attracted customers by scrapping charges for incoming calls and expanding in smaller towns and villages, where fewer people have mobile phones.

GRAPEVINE

No backing

China Eastern Airlines Corp failed to win support from Air China Ltd's parent for a stake sale to Singapore Airlines Ltd during Tuesday's meeting of company executives, the Shanghai Securities News reported, citing unidentified people.

China Eastern Chairman Li Fenghua and President Cao Jianxiong held a three-hour meeting with Li Jiaxiang, chairman of Air China and its parent, China National Aviation Holding Co, and Cai Jianjiang, president of Air China, in Beijing, the newspaper said. The meeting didn't "bear fruit", the report said.

Air China's parent holds about 10 percent of China Eastern's minority shares, and opposition by one-third of minority shareholders would block the Singapore Air deal in a vote set for January 8.

Listing plan

China Post Logistics may raise more than $2 billion by selling shares for the first time in Hong Kong and Shanghai next year, Reuters reported, without saying how it got the information.

The State-owned logistics company was formed in 2003 with capital of 370 million yuan, Reuters said. The parent plans to merge the unit with its nationwide express mail service, the report said.

BIZ UNUSUAL

Fish fat camp

The owner of a fish farm in the city of Shunde in Guangdong Province believes lean is best.

Lin De buys "overweight" fish and slims them down before he sells them for consumption.

"I sell lean fish rather than fat fish," said Lin. Although Lin's fish are priced higher than the going rate, they're popular among local restaurateurs.

"Lin's lean fish don't have that fishy smell, there's less fat on them and the flesh is tender," said He Weichang, a local chef.

But it's been a process of trial and error for Lin. At first, many fish died before he could resell them. Today, he buys and re-sells more than 80 types of fish.

Haibao hits shelves

Licensed products for the 2010 Shanghai World Expo have been selling well since they hit the shelves on Wednesday.

More than 10,000 of its Haibao mascot products have been sold in Shanghai, generating total revenue of 400,000 yuan.

A total of 128 products are available in licensed outlets. Low-end products like cellphone accessories and key rings are the best sellers. A 20-cm Haibao stuffed toy retails for 45 yuan.

Off the menu

With wholesale pork prices still rising, seafood is the new flavor of the month on dining tables in Dalian.

Scallops and fish are selling well in the city. "I have cooked scallops four times this week," said Zhang, as she bought seafood for her family at a market. "It is nutritious, but much cheaper than pork."

Many restaurants are adding more fish dishes to their menus. "We will lose customers if we raise the price. So it's better to change the menu," said one restaurateur.

Mini Christmas trees

Miniature potted Christmas trees are selling well at a wholesale market in Shanghai. The 30-cm trees grow in flowerpots and are adorned with Christmas decorations.

"The miniature Christmas trees are selling well and we haven't got enough to meet demand," said a retailer at the Fuyoumen market, where the trees are being sold for about 50 yuan - more than twice the price a fortnight ago.

The retailer said the size of the trees appealed to people without much space wanting to get into the festive spirit.

BIZ MOVES

New general manager

AEGON-CNOOC Life Insurance Corp, a Sino-Dutch joint venture, announced on Tuesday that its board of directors had approved the appointment of Peter Brudnak.

Brudnak will replace Marc Van Weede as the company's general manager, effective January 15. He will also be a director of the board. The appointment was approved by the China Insurance Regulatory Commission.

Brudnak was previously general manager of the Czech and Slovak divisions of AEGON Group.

TCL appointment

Yu Enjun, current chief executive officer of TCL Communication Technology Holdings Corp, was assigned to replace Yan Yong as the company's executive director.

The company also appointed Huang Xubin as a non-executive director.

The appointments were effective as of Tuesday.

TCL said Yu has the option to purchase 26.3 million of the company's shares and Huang 4.2 million.

(China Daily 12/21/2007 page15)