Geely Group, the privately owned Chinese carmaker, launches today its self-developed Meirenbao, the first sports car made in China. The Meirenbao will be equipped with Toyota's 8A-FE 16-valve, 1.34-litre engine, said the company.The car will sell for about 150,000 yuan (US$18,100).

The Meirenbao enters the market after 18 months of designs and development. Geely will produce the 1.5- and 1.7-litre Meirenbao later this year, said Xu Gang, Geely's president.

Geely also produces the Merrie, Haoqing and Jmstar cars. The company last year sold nearly 50,000 units.

HONG KONG

Sinotrans secures investors

Chinese logistics giant Sinotrans Ltd has secured three strategic investors for its US$400-million to US$500-million initial public offering in Hong Kong, sources familiar with the deal said last week.

Courier firm United Parcel Service (UPS), listed in New York, will invest US$35 million, while freight forwarding company Exel Plc will invest US$10 million. Both UPS and Exel have co-operative partnerships with Sinotrans. Japan's Tokyo-listed Nissin Corp will also buy US$1 million worth of shares, sources said.

BEIJING

Air China aims higher

Flagship carrier Air China said last week it made a profit of 112 million yuan (US$13.5 million) in 2002, and that it aimed to elevate its profits this year.

The company did not say if the profit was before or after taxes.

The company's revenues hit 23.2 billion yuan (US$2.8 billion) last year, when it carried 18.2 million passengers and 577,000 tons of cargo, the company said in a statement on its website.

It aimed to make a profit of 360 million yuan (US$43.3 million) on sales of 25.8 billion yuan (US$3.1 billion) this year, Air China President Li Jiaxiang was quoted as saying.

Toshiba plans China investment

Japanese electronics giant Toshiba Corp, listed on the Tokyo stock market, said last Wednesday it will invest US$1 billion in China over the next few years to boost production of computer chips, screens and mobile telephones.

Nobumasa Hirata, the firm's chief China representative, said on the sidelines of an investment forum that Toshiba aimed to take advantage of one of the world's largest consumer markets.

"This is a mid-term investment plan," he said. "Usually we plan for the next three to five years."

Marriott opens new hotel

Renaissance Beijing Hotel was opened last week by Marriott International, the world's leading hotel management group.

The hotel is located in the Air China Mansion. Air China invested in the property. The hotel has 212 luxury rooms including 40 suites.

Internet accession and other business service facilities are equipped in the hotel rooms, which are designed mainly to accommodate business travellers.

Renaissance Beijing is the second hotel Marriott has opened in Beijing within three months, and it is the fifth Renaissance hotel in China. The hotel is Marriott's 26th in the Chinese mainland.

PRINCETON, the United States

ETS cancels GRE writing scores

Educational Testing Service (ETS) announced recently 64 GRE general test analytical writing scores have been cancelled for students from the November 23, 2002 paper test administration in the Chinese mainland, South Korea, Taiwan and Hong Kong.

The affected scores were cancelled because the essays did not contain sufficient original material to provide a valid indication of the students' analytical writing skills.

With estimated consolidated revenues of US$700 million for the fiscal year, ETS is the world's largest private educational testing and measurement organization and a leader in education research.