Briefly

China issues new Company Law rules

Premier Li Qiang signed a decree of the State Council, unveiling a set of regulations on implementing the registered capital management system of the Company Law on Monday. Effective Monday, the regulations clarify relevant arrangements during the transitional period of adjusting the time limit for shareholders to pay in their subscribed capital at existing companies. For companies registered before June 30, the remaining period for their shareholders to pay registered capital contributions shall be adjusted to shorter than five years if the existing time limit exceeds five years from July 1, 2027, according to the regulations.

Geely reports 56%revenue growth in Q1

Chinese automaker Geely Automobile Holdings Ltd reported year-on-year revenue growth of 56 percent in the first quarter, with net profit soaring 119 percent during the period, according to its first quarter financial report. The company recorded a total revenue of 52.3 billion yuan ($7.34 billion) during the period, with net profit topping 1.56 billion yuan. During the first five months, the company's cumulative vehicle sales volume reached 789,645 units, up over 45 percent.

Xinhua - China Daily