 Biz scene
(China Daily)
Updated: 2008-07-02 07:47 MARKET Weichai Power expands Major Chinese engine maker Weichai Power Co said in a statement yesterday it has agreed to take a stake in Beiqi Foton Motor Co under a deal to expand its business ties with the truck maker. Under a legally binding framework agreement, Weichai will become a strategic investor in Foton by participating in a share placement, according to the statement. It gave no details on the amount of shares it would buy. Weichai will also gradually increase its supply of engines and other parts to Foton, which has in turn promised not to develop diesel engines for heavy trucks in competition with Weichai. Insurer sells stake CITIC Securities Co, China's largest listed brokerage, said yesterday that China Life Insurance (Group) Co had cut its stake in the brokerage to 4.97 percent from 5.32 percent. The brokerage in a statement to the stock exchange gave no reason for the sale of the 22.8 million shares, but the Shanghai Securities News quoted industry sources as saying the sale may have been intended to bolster China Life's first-half results. The paper also estimated that, at CITIC Securities' closing price of 23.92 yuan on Monday, China Life had gained 5.87 billion yuan on its initial purchase of 150 million shares in the brokerage, via a rise in the share price and after-tax dividends. GRAPEVINE JV appoints CEO A proposed fund management joint venture between Ping An, China's No 2 life insurer, and Singapore's United Overseas Bank (UOB) has tapped a veteran fund manager as its chief executive, Bloomberg reported yesterday citing unnamed sources. Li Kenan, former general manager of First State Cinda Fund Management Co Ltd, has agreed to join the Ping An-UOB fund venture after resigning from First State Cinda in late April. Both Li's appointment and the launch of the Ping An-UOB fund venture are subject to approval by Chinese regulators, said the sources. BIZ UNUSUAL Long-life veg
Feicheng, a city in Shandong province rich in organic vegetables, is opting to sell half-cooked vegetables over fresh ones. Organic vegetables here are all put into hot water to be washed before they are further processed in factories. The hot water ensures that all germs on the leaves are killed. The process does minimal damage to nutritional contents and color. Vegetables are guaranteed for 18 to 24 months, making them ideal for storage. The price of half-cooked organic vegetables is usually double of usual ones. About 95 percent of the products are exported overseas to countries such as Japan and the United States. Sweet potatoes Farmers in Yanqing county of Beijing are selling the whole planting process of colorful sweet potatoes. The so-called "colorful sweet potatoes" are named as their flesh can be purple, red, pink, yellow and white. This special breed was invented by agricultural experts and verified more nutritious. For instance, the purple ones contain anthocyanin, which can prevent the human body from the harm of free radical. Paying 100 yuan, then the consumers can plant the colorful sweet potatoes in 10-m ridge in a field and expect about 50 kg output. In this way, the citizens can enjoy the process of farming, while the farmers can get the money before harvest. Submarine houses
Sea cucumbers in Laoshan of Shandong province are now living in submarine "houses" made from artificial reefs. The reefs are usually made up of stones and abandoned boats which provide a good environment for bog algae growth, which sea cucumbers eat. "The sea cucumbers cultivated in ecological environments sell well all over the country and can cost 30 percent more than ones fed in ponds," says a head of local sea cucumbers machining factory. BIZ MOVES EUCCC appointment The European Union Chamber of Commerce in China (EUCCC) has announced the appointment of Marianne Friese to the position of Secretary General. Friese will succeed Michael O'Sullivan and will officially take up the position of secretary general from Aug 25. Friese managed several global client accounts in Beijing since 2001. She also established her own China strategy consulting and communications team in Beijing, Car firm's new managers FAW-Volkswagen Automotive Corp has appointed Shi Tao as general manager of the brand management department. Shi has been deputy general manager of the sales unit of the Changchun-based joint venture and worked in the Audi brand management department. Shi will report to Hu Yong, who has been recently appointed deputy general manager of the company and general manager of the sales unit. LOCAL Horsemanship center A horsemanship base, which will occupy 26.67 hectares, will be built in Kanas in the Xinjiang Uygur autonomous region at the beginning of July. A Hong Kong-based company invested 30 million yuan to build the base and the total project is expected to be finished by 2010. The Hong Kong-invested project plans to be of an international standard. "Some well-bred British horses will be introduced," said Wei Zhiwen, head of local tourist bureau. Auto parts export base The Shanghai National Automobile & Parts Export Base was established in the city recently. The base was approved by the government as one of the eight national export bases for automobile and parts. The Shanghai international automobile industrial zone was established in 1998. So far, over 280 enterprises have settled down in the zone. It has 14 of the Top 500 enterprises in the world. Culture development The government of Zhejiang province announced recently that the province is determined to develop its culture-related industries, making them one of the pillars' for the area's economy. Zhejiang is dubbed as one of the fastest growing provinces in culture-related industries, such as software, animation, advertisement and media industries. During China's 10th Five-Year Plan period (2001-05), the province revenue from the creative culture sector was about 200 billion yuan. In 2006, the software, animation and advertising industry were all ranked top five over the country. (China Daily 07/02/2008 page15) |
