Biz scene

BIZ MOVES

New CEO

Xinhua Finance Ltd, a financial information and media service provider in China, recently promoted president Jae Lie to be the company's CEO. Former CEO Fredy Bush was appointed as executive vice-chairman, who is also chairman and CEO of Xinhua Finance Media, a subsidy of Xinhua Finance Ltd.

Lie is responsible for developing and executing the company's vision and growth strategies, while Bush will continue to play an active role in the company's strategy and government relations.

Biotech VP

Wuxi PharmaTech, a leading pharmaceutical and biotechnology R&D outsourcing company, recently appointed Wang Peng as vice-president of discovery biology.

Prior to joining the company, Wang worked for Schering-Plough Research Institute in New Jersey, US, for 18 years. He has extensive experience in discovery biology, including target validation research, assay development, screening and biomarker research.

LOCAL

Toys inspected

Toy quality inspections have been carried out in Tianjin municipality's Hongqiao district, as toy sales are expected to spike around Sunday's Children's Day celebrations.

In the campaign, which focused on large supermarkets and shopping malls, authorities searched shelves for toys without authenticity tags. They later said most toys had the tags.

BIZ UNUSUAL

Boot camp business

Upon retiring from the army, Fan Qingxue started an unofficial boot camp for young people in Beijing.

The veteran believed many young people have been spoiled since childhood and are indifferent to others' feelings.

Fan runs tough training courses to cultivate discipline and teamwork among participants. Hundreds of local companies have contracted Fan to train their staff, and in 2007, the entrepreneur earned 600,000 yuan in profit.

MARKET

New stocks

Home appliance maker Hisense Kelon Electrical Holdings Co plans to issue as much as 1.6 billion yuan in new stocks to its controlling shareholder in return for stakes in four companies.

The company plans to issue as many as 280.2 million shares for 5.71 yuan each to Qingdao Hisense Air Conditioner Co, it said in a statement to the Shenzhen Stock Exchange yesterday.

Bond sale

China Southern Airlines Co plans to sell as much as 1.5 billion yuan in three-year bonds to fund capital projects and daily requirements.

The interest rate for the notes has not yet been decided, the company said in a Hong Kong stock exchange statement. The plan still needs approval from shareholders.

Development site

SOHO China announced a 5.5 billion yuan deal for the acquisition of a large-scale development site in Beijing's Dongcheng district.

The project, with a planned floor area of 485,000 sq m, will be renamed Chaoyangmen SOHO and become SOHO China's second largest property development after Jianwai SOHO. The site has 500 m of frontage along the 2nd Ring Road and is located at the junction of two subway lines, making it conveniently accessible.

(China Daily 05/30/2008 page15)