IN BRIEF (Page 18)

Auto

Tesla expects robust demand from China

US electric carmaker Tesla Motors is expecting to sell 20,000 electric cars this year and double that amount next year around the world. The company, which recently opened its first showroom in China in Beijing, has already started canvassing orders for the Tesla Model S four-door sports cars.

"We have seen roaring interest since the pre-order started in late August," Ma Li, a product specialist, said. "Prospective buyers can sign a pre-order contract and put down a 250,000 yuan ($40,000) deposit to add their names to the waiting list." According to sources, the vehicles are most likely to hit the market next year.

Information released by the company says that it expects the planned allotment of 100 cars for the China market to quickly sell out.

Internet

Taobao offering online funds

E-commerce giant Alibaba Group has entered Internet finance by starting funds sales on its popular online shopping platform Taobao.

Taobao.com, which gets 100 million daily visits on average, has opened a vertical site named Licai, which means financial management in English, that offers shoppers a convenient way to buy fund products.

At least 17 Chinese fund companies have started to sell money market funds, bonds and stock funds through Taobao.

Alibaba said Taobao has received a no-objection letter from the China Securities Regulatory Commission for the funds business.

Yuan Leiming, an executive of Alibaba's small and micro financial services group, said that selling fund products online is just part of the company's plan for expansion into Internet finance.

Banking

CCB to acquire majority stake in Brazilian lender

China Construction Bank Corp will acquire 72 percent of the shares in Brazilian lender, Banco Industrial e Comercial SA (BicBanco), for 1.62 billion reals ($726 million).

The deal, however, still needs formal approval from regulatory authorities in both countries.

BicBanco, based in Sao Paulo, mainly lends funds to small and medium-sized domestic enterprises. It's also involved in consumer credit and foreign exchange, among other activities.

Technology

BlackBerry ripe for takeover by Lenovo

Lenovo Group Ltd will "actively consider" acquisitions in the mobile consumer electronics industry, said Yang Yuanqing, chairman and chief executive officer of the world's largest personal computer maker.

Yang's remarks came amid reports that the Chinese company is in talks with embattled BlackBerry Ltd on a merger possibly worth $4.7 billion.

"Mergers and acquisitions are always useful tools for us to expand business in new markets, and we are open to deals that can boost our business," the CEO said.

Lenovo has long been rumored to be an active bidder for BlackBerry, which has been losing ground to Apple Inc and Samsung Electronics Co Ltd in the high-end smartphone sector.

"We have to prepare enough fodder for the next move," Yang told reporters. But he refused to confirm the BlackBerry bid.

China Daily Agencies

(China Daily Africa Weekly 11/08/2013 page18)