 Biz scene
(China Daily)
Updated: 2008-07-25 07:47 BIZ MOVES Independent director Perfect World Co Ltd has appointed Zhang Han as independent board director. Zhang has substantial experience in the managing of fund management companies. Before the appointment, he held the position of general manager of Great Wall Fund Management Co Ltd. Perfect World is a leading on-line game developer and operator in China and was listed in NASDAQ in 2007. Meanwhile, Yang Dong has resigned as the board director of the group. New vice-president Xilinx Inc, the world's leading supplier of programmable logic solutions, has appointed Yang Fei as vice-president of the sales department in the Asian-Pacific region. Sales in the Asian-Pacific region contribute one third of the group's global sales. Yang is expected to further expand the market in this region based on his rich experience in sales and marketing and close relationships with clients. Swiss Re heads change Swiss Re-insurance Company (Swiss Re) has appointed Lu Qin as general manager of its Beijing branch and Reto Brosi as head of the unforeseen insurance department. Lu started his career in Swiss Re in 1996 and took charge of the Malaysia branch in 2003. Reto was in charge of unforeseen insurance department in Singapore before the appointment. They are expected to expand business and improve service to meet the growing need of Chinese market place. The two appointments are to take effect before Sept 1, when approved by the China Insurance Regulatory Commission. Fund appointment Harvest Fund Management Co Ltd has appointed Dai Jingjiao as deputy general manager, the board decided. Dai has 14 years of experience in securities and funds. He served as assistant to general manager of Harvest Fund since March 2004 and was a member of the Committee of Investment Strategy. The China Securities Regulatory Commission has approved Dai's appointment. BIZ UNUSUAL Clipping service A company in Xiamen, Fujian province has opened a newspaper clipping outlet which combines news of the same topic from different publications for customers to purchase. The clippings, which are also available online, are helping the company to make hundreds of thousands of yuan annually. Clippings are classified into different sections. The collection of industry news trends clippings is also helping businesses to make informed decisions. The clipping company spends more than 50,000 yuan every year to order 300 newspapers and magazines, covering about 30 industries. Subscription fees of the clipping collation are 50 yuan a month. More than 500 companies have registered for the service. LOCAL New branch The first primary branch of China CITIC Bank in Guangxi Zhuang autonomous region has been recently established in Nanning, capital city of Guangxi, realizing a 4.18-billion-yuan deposit on the day of establishment. China CITIC Bank possesses more than 500 branches in major Chinese cities. The newly established Nanning branch has been approved by the China Banking Regulatory Commission. As the political, cultural and financial center of Guangxi, Nanning is playing an increasingly important role in southern China and even in Southeast Asia. The banks entrance into Nanning is expected to activate its financial market. Cultural exhibition The first Cultural and Tourist Products Exhibition of Ningxia Hui autonomous region was recently held in Ningxia exhibition hall. The exhibition consists of a display of paintings, chirography, local snacks and local music performances, dance and operas. Visitors can buy products such as Moslem food, Hui clothes and embroidery from the Hui ethnic group. Jointly organized by the local Publicity Department, the Department of Culture and the Federation of Literary and Art Circles, the exhibition will display the achievements of its cultural and tourist industries and further explore its rich resources in history and culture. MARKET Bank profit doubles China Everbright Bank Co, the state-owned lender that got a capital injection last year in preparation for an initial public offering, said first-half profit more than doubled on higher fee income. Net income climbed to 6.5 billion yuan from a year earlier, Everbright Bank said in a statement on its website yesterday, without providing a year-ago figure. China's government is pumping a combined $70 billion into Everbright Bank and larger rivals Agricultural Bank of China and China Development Bank to prepare them for going public. Everbright Bank has applied to the nation's securities regulator to sell yuan-denominated shares and hired Morgan Stanley and China International Capital Corp as advisers. Zinc income falls Sichuan Hongda Chemical Industry Co, China's third-largest zinc producer by capacity, said first-half income fell by more than 98 percent because of the May 12 earthquake and lower metal prices. The company had a "direct economic loss" of 160.2 million yuan from the Sichuan earthquake, it said in a statement to the Shanghai Stock Exchange yesterday, without giving first-half profit figures. It posted a net income of 353.1 million yuan in the first half of 2007. Hongda had to halt production at its 100,000-metric-ton zinc smelter as the earthquake, China's strongest in more than half a century, damaged the plant. Zinc prices are down 19 percent this year on concerns of oversupply. Weichai rises Weichai Power Co Ltd, a maker of high-speed heavy-duty diesel engines, said first-half profit may have jumped by between 50 and 100 percent as China's economic growth boosted demand for trucks and construction machinery. Net income for the first half of 2007 was an adjusted 851 million yuan, the company said in a statement to the Shenzhen Stock Exchange yesterday, without giving a figure for this year. Weichai, based in east China's Shandong province, sold more than 200,000 engines in the first six months, up 43 percent from a year earlier, the statement said. The numbers are not audited, it said. (China Daily 07/25/2008 page15) |
