BEIJING

New notebooks unveiled

Japanese Fujitsu Ltd, the leading global information technology solutions provider, launched its five latest laptops in China yesterday with a new global slogan: "Built-in Confidence."

LifeBook B5010 - one of the five new products - is designed especially for professionals with a powerful wireless connection. It weighs 1.4 kilograms.

Raymond Foo, Fujitsu PC Asia-Pacific associate director for marketing, said: "We are also considering establishing local manufacturing factories in China."

GUANGZHOU

High speed train programme starts

In the presence of German Chancellor Gerhard Schroder, three German companies from the railway technology sector agreed on Tuesday to establish a "German High-speed Initiative" in the city. Its purpose is to establish centres of competence in China which will provide support and know-how to local and national rail operators.

The three companies are BWG, a turnout-system supplier, Pfleiderer Infrastrukturtechnik, a track systems and equipment supplier, and the Transportation Systems Group of Siemens AG.

SHANGHAI

Container terminal venture

Shanghai International Port Group, the country's largest container port operator, and APM Terminals, the world's largest transportation group, finalized a Sino-Danish joint venture yesterday to operate Shanghai's newest container terminal in the Pudong New District.

The joint venture signing finalizes the process of APM Terminals taking a 49 per cent stake in the facility. Shanghai International Port Group will hold the majority.

Human resources JV founded

Korn/Ferry International, the world's leading provider of recruitment solutions, has been granted the first joint venture (JV) licence for a major executive search form in Shanghai after new Chinese laws governing Sino-foreign JV recruitment came into effect.

Talent Shanghai Co Ltd, an affiliate of the Shanghai Personnel Bureau, will partner Korn/Ferry.

Paul Reilly, chairman and chief executive officer of Korn/Ferry International, said: "This joint venture agreement will position us strategically."

Japanese insurer comes to Shanghai

Nippon Life, the largest life insurer in Japan, yesterday announced the start of its business in China by formally opening its life insurance joint venture in Shanghai.

The Nissay-SVA Life Insurance Life Co Ltd, a 50/50 joint venture between Nippon Life and Shanghai-based SVA Group with an initial investment of 300 million yuan (US$36 million), will provide individual and annuity insurance to the Chinese market.

BEIJING

Alumina producer

Aluminium Corp of China Ltd (Chalco), the world's second-largest alumina producer, has joined a Chinese Government drive to develop an enormous bauxite complex in central Viet Nam, industry officials in Beijing said yesterday.

China's National Development and Reform Commission signed a memorandum of understanding in Beijing at the end of last month with a visiting delegation from the Vietnamese Ministry of Industry. The two sides will update a feasibility report on the estimated US$1.35 billion project.

Under the umbrella of the commission, Chalco and the China Nonferrous Metal Industry Engineering and Construction Co Ltd will set up a joint venture with their Vietnamese partner to develop the bauxite complex in Daklak province in Vietnam's Central Highlands.

QFII investment

Swiss bank UBS recently unveiled its QFII investment portfolio, saying that it has invested two thirds of its first US$300 million QFII quota. It has bought 35 stocks, 11 convertible bonds and 10 equity funds in over 10 sectors ranging from power and steel to financial institutions and cars. But it did not disclose the names of the stocks. Market sources said that UBS might consider adding to its QFII quota a second time.

According to the bank's chief China strategist, it is the best time to solve the problem of State-owned shares because the mainland's economy and overseas investors' interest in the A-share market are growing rapidly.

SHANGHAI

Public offering

Shenzhen Kingdom Technology Co Ltd has obtained approval from the China Securities Regulatory Commission to issue 18 million A shares in its initial public offering scheduled for December 19 at 13.11 yuan (US$1.60) per share, which is 19.71 times its earnings per share. All the shares will go to investors through the secondary market.

YANGZHONG

Petrochemical wharf

US giant J.P. Morgan signed a contract recently to spend US$130 million building a wharf to store petrochemicals by the lower Yangtze River.

The project, in Yangzhong in East China's Jiangsu Province, will be wholly owned by J.P. Morgan, which focuses on the development of storage of petroleum and chemical products. The first phase of the project will cover an area of 100 hectares. Jiangsu is one of China's petrochemical bases and boasts many large petrochemical plants, including Jinling and Yangzte petrochemical companies.

HONG KONG

Vehicle plant

Chinese mainland truck and sport utility vehicle maker Great Wall Automobile Holding said yesterday that demand has been so strong for its initial public offering (IPO) it is increasing the number of subscription forms by four-fold to 1 million.

Great Wall, based in Hebei Province, is selling 114 million shares at HK$10.05-HK$13.40 (US$1.30-US$1.70) each in a Hong Kong IPO to raise up to HK$1.53 billion (US$195.9 million).

(China Daily 12/05/2003 page6)