Biz scene

MARKET

New shares

Chinese truck maker Beiqi Foton Motor Co said yesterday it has won regulatory approval for an issue of new shares.

It said the approval by the China Securities Regulatory Commission was subject to certain conditions but gave no further details.

In December, the company said it would place as many as 111.2 million new shares, equal to about 12 percent of its expanded share capital, with up to 10 institutional investors at 9.88 yuan per share.

Lower profit

Huludao Zinc Industry Co said yesterday it had made a net profit of 116.9 million yuan, equivalent to 49 percent of its 2006 net profit, by selling most of its shares in Ping An Insurance.

The major Chinese zinc producer said it had sold off nearly 1.8 million of Ping An's A shares, representing about 0.02 percent of the insurer's current share capital, in the market between March 3 and 11.

That left Huludao Zinc holding 191,000 Ping An shares, it said.

It was the only major listed corporate shareholder to announce publicly that it would sell its Ping An shares in response to the insurer's announcement in mid-January of a controversial plan for an equity issue that could raise some $17 billion.

GRAPEVINE

Bank shortlist

Bank of China Ltd is on a shortlist to buy Temasek Holdings Pte's stake in Indonesia's sixth largest bank for more than $800 million, Wall Street Journal reported yesterday.

Temasek and its advisors narrowed down the likely buyers of its stake in PT Bank Internasional Indonesia to three after receiving non-binding bids by the March 6 deadline, the report said, quoting unidentified source.

The sale could result in a tender offer for the entire bank, the report said. Temasek owns a 75 percent stake in Sorak Financial Holding Ltd, which in turn holds 55.9 percent of Bank Internasional Indonesia, the report said.

LOCAL

Wind power

Wind power exploration and the construction of power plants in Gansu province will be further regulated to ensure the industry is sustainable and efficient.

The provincial reform and development commission will plan and implement wind power exploration in stages, according to a local government circular.

Wind power plant construction must be put out to public tender and city or county governments aren't allowed to sign contracts with companies or individuals under the new regulations.

Housing boost

The housing system will be improved in Changsha, capital of Hunan province, a local official said.

About 3.5 million sq m of affordable housing and 1.3 million sq m of low-rent housing will be built in the next five years with a target of 15 sq m of per-capita housing by 2012.

Changsha's housing system was introduced in 2002 to accelerate reconstruction in the old city area and improve low-income residents' living conditions.

BIZ UNUSUAL

Rice necklaces

Rice engravers are doing a roaring trade carving customers' wishes onto 1-cm grains in Yunnan province.

Craftsmen in the province can carve 80 characters on one grain of rice. They use a special type of rice grown in Xishuangbanna.

The engraved rice grains are then made into necklaces.

One local craftsmen said he makes about 200 yuan a day from his rice necklaces.

Dumpling rules

Sweet dumpling production guidelines are expected to be released by the end of the year.

The guidelines stipulate that the filling should account for over 20 percent of the product and sugar content should be kept below 30 percent.

Sweet dumpling packaging must also reflect traditional culture and over-packaging is prohibited.

Bread business

An innovative chef in Zhejiang province is bringing in 1 million yuan in annual profit with steamed corn bread.

But unlike traditional corn bread, Xu Jianfeng fills the dough with pickles, dried bamboo shoots and pork cubes.

The flavor-filled bread is being bought by restaurants across the country.

BIZ MOVES

Citrix appointment

Citrix Systems, the global leader in application delivery infrastructure, recently named Victor Tsao as company vice-president and managing director of its business in greater China.

Before joining Citrix Systems, Tsao was director of American Power Conversion China. Before that, he worked for IBM, Dell and other leading companies. Tsao has more than 20 years' experience in the IT industry in fields including software, hardware and consulting.

Suzhou hire

Achim Bruckner has been named general manager of the Kempinski Hotel Suzhou.

Bruckner is an experienced general manager with more than seven years with Le Meridien Hotels in the Middle East, Seychelles and Thailand. He spent the last two years at the Sheraton Chengdu Lido Hotel.

Kempinski Hotel Suzhou, a five-star luxury hotel, is scheduled to open in the middle of 2008.

Managing director

EDS, a leading global technology services company delivering business solutions, recently appointed Simon Yim as managing director of EDS Greater China and South Korea.

Yim will continue to develop the China Best Shore and expand the company's business in China and South Korea.

Yim was president of Atos Origin China from 2005. Before that, he was with Hewlett Packard China as senior vice-president for 10 years. Previously, he worked as a sales manager for Digital Equipment Corp's China operation.

(China Daily 03/13/2008 page15)