Biz scene

BIZ MOVES

Finance chief

BMW Brilliance Automotive has named Lei Xiaoyang as chief financial officer.

Lei has an extensive background in the financial management and auto industry. Before joining BMW Brilliance Automotive, he was a director and chief financial officer in Brilliance China Automotive Holdings Ltd and Shenyang Brilliance Jinbei Automotive Co Ltd.

Lei earned a bachelor's degree in engineering design and finance and did his MBA in the US.

Jingwei appointment

Jingwei International, one of the leading providers of data mining and customer relationship marketing services in China, has announced the appointment of John Bi as chief financial officer.

Bi brings to Jingwei over 10 years of experience in management, accounting and financial planning in Fortune 500 companies, particularly in the manufacturing and IT industries.

Bi holds an MBA degree in MIS, with a minor in finance, from the Sprott School of Business at Carleton University in Ottawa. He also holds a bachelor's degree in economics and financial accounting from Renmin University.

Eaton China president

Diversified industrial manufacturer Eaton Corp has announced that Zhou Tao has been named its president of China.

Zhou will lead corporate development and planning, government relations, financial control and governance, corporate communications and corporate social responsibility initiatives in China. He will also work with Eaton's business operations in identifying, qualifying and executing potential acquisitions, joint ventures, direct investments, licensing and strategic alliance negotiations.

Zhou has experience in mergers and acquisitions, financial leadership and management of multiple-division operations.

MARKET

Auto assets

Shanghai Bashi Industrial (Group) Co, the city-controlled bus company, will receive assets from Shanghai Automotive Industry Corp as the local government continues a reorganization of its auto-related units.

The bus operator, Shanghai's largest, will also exit the public transportation business under the plan, it said in a statement.

Shanghai Auto may inject auto-parts-related businesses into Shanghai Bashi, Caijing Magazine reported yesterday, without citing any source.

The company sold automaking assets, including stakes in ventures with Volkswagen AG and General Motors Corp, to listed unit SAIC Motor Corp in December 2006.

Steel talks

Haixin Iron and Steel Group is in talks to add industrial investment funds as strategic investors, the South China Morning Post reported, citing Chairman Li Zhaohui. The Chinese steelmaker may introduce the investment funds as investors or venture partners, the report said, without identifying the funds. Haixin Steel plans to invest 15 billion yuan in the next three years to more than double the annual production capacity to 15 million tons.

BIZ UNUSUAL

Toilet ads

Qiao Ningyu has struck pay dirt in toilet doors. The Tianjin girl started out drawing and pasting cartoons on toilet doors with slogans urging cleanliness. Seeing the popularity of her cartoons, some companies approached her to create ad material for them. Through patent licensing, Qiao now puts out toilet ads, charging an average of 300 yuan apiece.

Look left

Ma Hanshan, an e-business trader, has opened an online store for left-handed people.

Borrowing the idea from the UK, Ma's items range from scissors, nail-chippers, golf clubs and pens. Prices are much higher than the regular products in the market.

Ma has earned over 20,000 yuan so far this year. He says about 6 to 7 percent of China's population is left-handed, and that he sees a large market waiting to be tapped.

Cash flow

Wu Yuejuan has opened a swimming pool for babies in Shunde, Guangdong province, with an investment of 10,000 yuan.

To ensure babies' health and safety, the room temperature has been set at 28 C and the water temperature at 38 C. The pool offers parents the opportunity to have their kids splash about, aided by professional nurses, for a paltry 60 yuan a dip.

Wu, a mother herself, says swimming is good excise for babies as it improves nervous system and brain growth. She also plans to hold a swimming competition for babies.

LOCAL

Garbage stations

Lanzhou, capital of Gansu province, will invest about 2.7 million yuan in the construction of 15 garbage transport stations this year, covering 12,777 sq m.

According to the local authorities, Lanzhou will build a certain amount of garbage transport stations every year in the future, in an effort to improve the city's garbage collection.

Railways' plan

Liaoning province will build three railways among Shenyang, Fushun, Tieling and Benxi within two years to hasten the construction of cities and enhance the province's transportation network.

Construction would be completed on the Shenyang-Fushun railway and start on the Shenyang-Tieling railway this year, the provincial development and reform commission said. Work on the Shenyang-Benxi railway will begin next year.

Sludge power

A sludge-fired power station has been completed and come onstream in Nanchang, capital of Jiangxi province.

The sludge produced by wastewater treatment plants have become a big source of pollution in the city. But after processing, sludge mixed with coal can be used for electricity generation. Officials involved in the project said sludge is also good construction material after combustion.

GRAPEVINE

Share sale

Beijing Capital International Airport Co and a State shareholder are seeking HK$2.4 billion from selling shares, Bloomberg reported.

The company is offering 284.7 million shares at HK$7.32 to HK$7.68 each, the report said. National Social Security Fund, China's State pension fund and a shareholder in the company, is selling another 28.5 million shares at the same price. UBS AG is managing the sale.

Regulatory nod

Wing Hang Bank Ltd has received regulatory approval to offer yuan-denominated services to mainlanders, the Securities Times reported.

Wing Hang plans to add one branch and four sub-branches on the mainland this year, the report said.

The bank, Hong Kong's eighth largest by market value, operates three branches in Shenzhen, Shanghai and Guangzhou.

(China Daily 06/03/2008 page15)