Top 5 News From ChinaKnowledge.comChina ranks 4th in wind power capacityUpdated ratings for Chinese industrial parks 2009Chinese stocks open nearly flat on TueHuawei wins US$100-mln 3G contract from Turkey's AveaChina Eastern to issue 1.44 bln new H-sharesMay. 26, 2009 (China Knowledge) - Industrial and Commercial Bank of China (ICBC)<601398><1398>, the world's biggest lender by market value, has begun 65 projects with South Africa's Standard Bank as of the end of March 2009, and that nine projects have been completed.

ICBC said the two banks have carried out cooperation in resource banking, corporate banking and investment banking, as well as investments in funds and in the global financial market since they signed a strategic cooperation agreement in 2008. The collaboration has improved ICBC's products and experience in overseas banking businesses.

Last year, ICBC acquired a 20% stake in Standard Bank and became the South African bank's biggest shareholder. ICBC earned cash dividends of 1.21 billion Rand and stock dividends worth 589 million Rand. The effective return rate for ICBC's investments in Standard Bank was 7.7%.

Earlier this month, the coalition of ICBC and Standard Bank received approval from the government of Botswana to provide US$825 million to finance the Morupule B Power Station, the largest one in Africa, which will cost US$1.6 billion.


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Top 5 News From ChinaKnowledge.comChina Zhongwang's net profit jumps 71.7% in H1Country Garden July contracted sales revenue hits RMB 1.25 blnJPMorgan Chase raises stake in Huaneng Power InternationalJPMorgan cuts stake in ICBC to 4.98%T. Rowe Price cuts stake in Hutchison Telecom to 4.93%

Aug. 27, 2009 (China Knowledge) - Country Garden Holdings Co Ltd<2007>, which is principally engaged in property businesses in Guangzhou and Foshan, Guangdong Province, has posted RMB 1.25 billion in contracted sales revenue in July, representing a year-on-year decline of 30%, according to the company's president Cui Jianbao at a press briefing.

The Hong Kong-listed real estate company reaped RMB 10.05 billion in contracted sales revenue in the first seven months of this year, said Cui, adding that he is optimistic in achieving sales revenue of RMB 19 billion for the whole year.

The Guangzhou-based developer is estimated to pay around RMB 1.7 billion for land acquisition by the end of this year, and it will focus on acquiring land in the second- and third-tier cities in the future.

Shares of Country Garden fell 5.52% to close at HK$3.25 on Wednesday.



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"The government should continue to make headway in reforming its policies to meet the new needs of industrial development." —LIU SHIJIN (CFP)

The Chinese Government raised an 8-percent economic growth goal for this year amid the daunting challenges of the global economic crisis. Given the dissatisfactory performance of the first quarter, the Chinese economy has since switched into full gear for the second quarter,leaving many to believe the target is still attainable. Liu Shijin, Deputy Director of the Development Research Center of the State Council, shared this view in the Guangming Daily. Edited excerpts follow:

After first-quarter economic figures came out, people worried that the Chinese economy would nosedive again. But judging by the current performance of the economy, that worry has subsided.

The government has committed a considerable amount of money to bringing the economy back to life, generating a better-than-expected 7.9-percent GDP growth in the second quarter. Without the government's efforts, however, the quarterly GDP growth might fall to 1 percent at the lowest.

There are a few features that play an important part in the economic recovery. First, the government plays a vital role in achieving the goal. Second, social investment follows suit with an increasing contribution to economic recovery. Third, consumption grows steadily. Fourth, the export freefall slows down.

It is encouraging that the social investment is catching up in the wake of the massive government spending, and that domestic consumption is replacing exports to become the new growth force of the economy. The two transformations are much-needed factors as they will become the real engine to drive the economy when government interaction begins to pull back.

Challenging factors

The economy currently sits at a critical point of recovery and revival, but the foundations for the improvement are neither stable nor balanced, as uncertainties still remain.

External influence cannot be underestimated. Even if developed countries can secure a positive growth at the end of this year or sometime next year, as many have expected, their rejuvenation shall also be painstaking and prolonged.

The recovery of major economic powers will be accompanied by massive structural readjustment and the reform of economic policies. For instance, with changes in the saving and spending habits of Americans as a result of the credit crunch, the savings rate in the United States will rise while consumption may decrease accordingly. In the long run, this major facelift will diminish its demand for Chinese products, which will in turn dampen Chinese exports.

The recovery still remains unbalanced. The enterprises in export-oriented southeastern coastal areas are taking an arduous journey to restore their past glory, while infrastructure-related industries in the less developed central and western regions are bustling and growing in full swing. Meanwhile, large enterprises and big projects that receive direct investment from the government are deep pocketed, while small and medium-sized enterprises are still suffering from a lack of funding.

The current massive government stimuli will not be a long-term practice, and companies must strive to find ways to survive on their own in anticipation of the pullout of government funding.

Apr. 14, 2009 (China Knowledge) - U.S. fast food giant McDonald's this year will hire over 10,000 people and open more outlets in China in accordance with its global business expansion plan, China Daily reported on Tuesday, citing Kenneth Chan, the newly-appointed chief executive officer of McDonald's China, as saying.

About 80% of the new employees will be college graduates, said Chan, adding that the company this year also plans to increase salaries for existing staff nationwide by at least 6.3% and set up training and development programs for them.

In addition, Chan expressed his confidence in the long-term potential of the Chinese market, saying that this year will mark the beginning of the company's most rapid expansion in the country.

Last year, the number of McDonald's outlets in China grew 8.9% to hit 2,012. The growth rate exceeded those in the U.S. and the EU, making China its fastest growing market worldwide. It plans to add 175 new outlets in the country in 2009.

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Dec. 21, 2009 (China Knowledge) - Taiwan’s B2C e-commerce market has generated NT$200 billion in sales revenue this year, and the number of internet users in Taiwan who shop online has exceeded 10 million, according to statistics recently released by Taiwan’s Ministry of Economic Affairs.

Reportedly, private consumption in Taiwan has been in a slump since the financial crisis started, but the home shopping sector of the local economy is flourishing, and revenue from virtual stores has shown steady growth.

Taiwan now has more than 25,000 web shops, and more are opening, said an official from the ministry. Internet users who shop online are the basis of e-commerce development; e-commerce has become an important marketing channel and platform.


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TCL Corporation, a major Chinese TV and mobile phone manufacturer, has made inroads into the medical electronics industry for the first time by purchasing a majority stake in Beijing Sinopharm Hundric Medline Information Technology Co Ltd, a medical equipment firm, according to a Caijing report Thursday.

TCL, a previous shareholder, acquired the firm through purchasing shares held by previous shareholders of the medical firm. In this deal, TCL spent 31.09 million yuan to buy its original shares of the medical firm and invested another 21.22 million yuan to increase its shareholding.

After the purchase, TCL will hold a 51.8 percent stake in the medical firm to become the majority owner.

This is the first time that TCL has invested in the medical electronics industry, a new growth area that TCL aims to foster with its extensive experience in the TV and mobile phone market.

According to a report released by TCL Wednesday, the company’s revenue in the first three quarters reached 30.68 billion yuan, of which the sales revenue was 29.85 billion yuan, up 5.35 percent year-on-year. The net profit for the first nine months was 153 million yuan, slumping 67.39 percent year-on-year due to high profits last year from its low-voltage apparatus business that makes mainly electric circuits and the acquisition of the medical firm this year. Thus after the low-voltage apparatus business profits were deducted, the company’s net profit in the first three quarters increased 36.07 percent year-on-year.

TCL's TV and mobile phone businesses performed especially well in the first three quarters and LCD TVs is the spot of the TV market. According to the report, TCL's sales of LCD TVs soared 105.2 percent to 5.53 million. Its sales of mobile phones and accessories reached 4.24 million, up 20 percent.

Bi Yan, analyst from China Merchant Securities said TCL's overall situation is going in a solid direction, but whether diversifying its market with the acquisition of the medical firm fits the company still needs to be seen in the future.

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Dec. 17, 2009 (China Knowledge) - Retail sales in Shanghai surged 13.8% year on year in November, reaching RMB 43.42 billion, according to statistics from the municipal bureau of statistics.

The catering industry in the city also saw retail sales increase by 10.2% to RMB 6.54 billion last month, while retail sales in retail and wholesale businesses amounted to RMB 36.76 billion, up 14.5% from a year ago.

In the first 11 months of this year, retail sales in the country's largest city amounted to RMB 471.13 billion, up 14% from a year ago.


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Top 5 News From ChinaKnowledge.comHang Seng Index opens 180 points higher on FriThe Link REIT's distributable income rose 13.5% in FY 2009China's coal imports hit 9.43 mln tons in MayUBS cuts shareholding in Maanshan Iron & SteelSuning may buy into Japan's LaoxJun. 19, 2009 (China Knowledge) - China Southern Airlines Ltd<600029><1055><ZNH>, the country's largest airline by fleet size, on Wednesday announced that it has signed a US$590-million contract with Pratt & Whitney to use the latter's PW4170 Advantage70 engine to power 10 Airbus A330 aircraft.

China Southern said in a statement that the contract also includes a 10-year Fleet Management Plan for engine maintenance.

These will be the first Pratt & Whitney-powered A300s to enter service in China. The use of the PW4170 Advantage 70 engine will benefit the carrier's customers and cut its carbon dioxide output, according to the statement.

China Southern Airlines currently operates a fleet of 368 aircraft, including two Boeing B747Fs, powered by PW4062A-3 engines and 100 Airbus A320s powered by V2500 engines. The airline also has 26 V2500-powered A320s on order.


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Top 5 News From ChinaKnowledge.comBDA recognizes top 23 returned professionalsChina's power consumption down 4.03% in Jan-AprSuntech raised US$277 mln through ADS offeringWuhan's real estate transaction volume 8,107 units in MayGM planning to sell Hummer unit to Chinese firmJun. 3, 2009 (China Knowledge) - Huaxia Bank Co Ltd<600015> announced on Tuesday that 1.58 billion of its shares, held by 26 companies, will become tradable on Jun. 8.

About 126.6 million restricted shares became tradable in 2007 and about 513.9 million became tradable in 2008.

In addition, 678 million shares held by three of the lender's top five shareholders will also become tradable on Jun. 8. Those shares belong to the State Grid Corp of China (SGCC), the nation's largest power supplier, Hongta Tobacco (Group) Co Ltd and Runhua Group Co Ltd.

Beijing-based Huaxia Bank posted RMB 702 million of net profit attributable to shareholders in the first quarter of this year, down 14.54% year on year, according to an earlier report from China Knowledge.

Shares of Huaxia Bank slightly edged down 1.08% to close at RMB 10.08 on Tuesday.


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Forbes magazine releases its annual China rich list Thursday. The net worth of the country's 400 richest people rose to a record $314 billion in the year to November from $173 billion a year ago. Photo: CFP

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Dec. 26, 2008 (China Knowledge) - Chinese stocks ended slightly lower in the morning trading session on Friday, dragged by market heavy weights.

The Shanghai Composite Index, which covers both A shares and B shares on the Shanghai Stock Exchange, lost 0.29% or 5.31 points to close at 1,847.11 points in the morning session.

The Shenzhen Component Index on the smaller Shenzhen Stock Exchange shrank 1.41% or 95.94 points to stand at 6689.10 points.

Market heavy weight PetroChina<601857><857><PTR>, the nation's top oil producer, ended flat to close at RMB 10.14, while Asia's largest oil refiner Sinopec<600028><386><SNP> lost 1.13% to RMB 7.01.

The Industrial and Commercial Bank of China (ICBC)<601398><1398>, the largest of China's Big Four state-owned banks by market value, gained 0.55% to close at RMB 3.65. While another Big Four bank, China Construction Bank (CCB) <601939><939> fell 1.26% to RMB 3.91.

China Life Insurance Co. Ltd.<601628><2628><LFC>, the country's largest life insurance company, went up 0.05% to RMB 19.20, while Ping An Insurance (Group) Co<601318><2318>, China's second-largest insurer, added 1.09% to RMB 27.00.

Haitong Securities Co Ltd<600837> expanded 3.08% to close at RMB 7.70. CITIC Securities Co. Ltd<600030>, the country's most profitable brokerage, decreased 0.37% to RMB 18.81. Changjiang Securities Co Ltd<000783> shrank 0.81% to close at RMB 8.55. Guoyuan Securities Co Ltd<000728> dropped 1.90% to close at RMB 11.38.

* Magna to inject more equity to assume greater risk

* Move could placate remaining German government critics

* Still offers 500 mln eur, but 350 mln to come in cash

* GM's Opel negotiator sees closure by end of September

* RHJ does not feel pressure to sweeten its bid -source (Adds comments from GM's Opel negotiator John Smith)

BERLIN/FRANKFURT, July 28 - Canadian auto parts maker Magna offered to increase the amount of upfront capital it would invest in Opel as part of a bid for the General Motors' European unit, several sources said on Tuesday.

The revised bid leaves the total proposed amount at some 500 million euros ($714 million), but tilts the financing mix towards an immediate equity injection instead of using convertible debt for the bulk of the funding.

In a blog entry posted on the company's website on Tuesday, GM's chief negotiator said he still expected the deal to close by the end of September, although no preference as yet has been made for a specific bidder and key points had yet to be resolved.

"The bid from RHJ International is completed, and would represent a much simpler structure and would be easier to implement...This represents a reasonable and viable option to be considered as the very difficult issues around the Magna negotiations continue to be worked (on)," GM's John Smith wrote.

Magna's new offer is expected to silence some of the critics in the German government that have admonished it for effectively shifting all of the risk onto German taxpayers, who will largely finance the deal through billions in loan guarantees.

Germany's economics minister, Karl-Theodor zu Guttenberg, has said that European cartel authorities would look at Opel's ratio of equity to debt as a key criteria for whether a new owner just served as a fig leaf for a state-sponsored bailout.

"Magna is now offering 350 million euros of its own capital immediately," said the government source, who is familiar with talks to find an investor for Opel. "Furthermore, there should be a 150 million euro convertible bond."

The Canadian company and its consortium partner Sberbank SBER.RTS are competing with RHJ International for Opel. GM can no longer afford to finance its European carmaker and is being forced to give up majority control in exchange for substantial government aid for Opel.

Magna originally wanted to invest just 100 million euros ($142.8 million) of equity capital in Opel in two tranches of 50 million euros along with another 400 million in convertible debt, banking on overwhelming political support from the four regional states home to Opel for its bid.

MAGNA THROWS CURVEBALL

"The world is a different place with 350 million. This proves it was a correct decision to negotiate with two parties -- otherwise Magna never would have improved its offer," one source close to the talks said, adding that the only remaining hurdle for Magna now was reaching an agreement with GM.

Magna's founder and chairman, Frank Stronach, met with GM Chief Executive Fritz Henderson on Monday in Detroit to discuss some of the last issues of contention between the two.

The Canadian group's improved offer comes after a government-sponsored evaluation of the bids by investment boutique Lazard suggested RHJ had a slight advantage, since it offered more equity and required substantially fewer loan guarantees.

Germany has expressed a preference for Magna's bid, while sources involved in the negotiations say GM favours RHJ's offer.

A person familiar with RHJ's thinking said the Belgian-based financial investor did not feel Magna's sudden move now put it under pressure to follow up with a sweetened bid.

Managers at GM have pushed for RHJ's offer since it 门禁 lithium polymer 乳化机 競馬 搅拌机 工业除湿机 カード 現金化 口コミ 过滤机

Top 5 News From ChinaKnowledge.comMirae Asset to set up fund management JV in ChinaZhejiang Transfar to raise RMB 505 mln through private placementGanzi Atlantic Silicon starts EUR 820-mln silicon project in KangdingChina's coal imports fall to 11.77 mln tons in AugT. Rowe Price Associates cuts stake in Guangshen Railway

Sep. 24, 2009 (China Knowledge) - A state-owned shareholder is selling 170 million shares of China Merchants Bank<600036><3968>, the nation's fifth-largest bank by market value, sources close to the matter said yesterday.

The sources said that the shareholder has assigned a Shenzhen-based brokerage to handle the deal, but did not specify the seller.

Many foreign shareholders, including UBS AG, JPMorgan Chase and South Korea's Mirae Asset, have reduced their stakes in the Chinese bank within the past three months.

CMB recorded a net profit of RMB 8.26 billion in the first half of this year, reflecting a decline of RMB 4.98 billion or 37.62% year on year, due to a drop in net interest income and an increase in asset impairment losses, according to an earlier report from China Knowledge.


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Mar. 25, 2009 (China Knowledge) - Shanghai Airlines Co Ltd<600591>, the city's second-largest carrier, Wednesday posted a total loss of RMB 1.25 billion for 2008 as compared to RMB 435.12 million in 2007, mainly dragged by the weak air travel demand amid the global financial crisis and the high oil prices.

The carrier said in the statement that its passenger and cargo operating income increased 8.85% and 10.05% to RMB 8.22 billion and RMB 2.14 billion, respectively. The operating costs grew 21.61% year on year to RMB 10.33 billion, far above the operating income. The operating profit margin declined 10.27% to 0.24%.

In addition, its cargo subsidiary, Shanghai Airlines Cargo International Co Ltd, contributed RMB 263 million to the significant loss due to the high fuel prices.

As Shanghai Airlines posted losses for two consecutive years, its A-shares will be capped with "special treatment" from Thursday, the Shanghai Securities Journal reported.

Top 5 News From ChinaKnowledge.comBYD to raise RMB 2.85 bln via A share placementPBOC to issue RMB 45 bln in 1-year bills to BOCBeijing Capital Land's H1 contracted sales revenue skyrocketsCarrefour reopens Urumqi storeAsus unveils motherboards with USB 3.0 ports

Jul. 27, 2009 (China Knowledge) - The China Securities Regulatory Commission, the country's top securities regulator, on Jul. 23 announced that today it will review an application by China Shipbuilding Industry Co Ltd for a domestic listing.

CSIC, the flagship firm of China Shipbuilding Industry Corp, one of the country's largest shipbuilding and ship-repairing groups, plans to issue up to 2 billion shares on the Shanghai Stock Exchange to raise RMB 6.5 billion, according to the company's draft prospectus published on the regulator's website.

The company will use some RMB 4.43 billion of the proceeds to fund the production of spare parts and engines for ships, while RMB 1.45 billion will go into the supplementary shipbuilding business. The remaining amount will be used to improve equipment supplies and finance other businesses.

CSIC has hired China International Capital Corp as the lead underwriter for the new share offering.

CSIC, which is currently 97.21% held by China Shipbuilding Industry Corp, 2.15% by Anshan Iron and Steel Group and 0.64% by China Aerospace Science and Technology Corp, made RMB 1.23 billion in net profit in 2008.


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Top 5 News From ChinaKnowledge.comFar Eastern Bank to acquire AIG's Taiwan credit card businessLottemart set to expand in ChinaPetroChina to acquire 45% stake in Singapore PetroleumChina Minsheng to issue 15 mln credit cards in next 3 yearsHenderson Land starts selling 1st 20 flats at 8 Royal Green

May 25, 2009 (China Knowledge) - Shandong Jiufa Edible Fungus Co Ltd<600180>, a China-based company primarily engaged in production and distribution of edible fungus products, announced on May 25 that it will purchase Nanshan Group's property branch by means of an asset swap and bond issuance, sources reported.

In exchange for the property branch, the Shanghai-listed company will transfer a 100% stake in its investing firm, which is headquartered in Yantai, Shandong Province and is worth RMB 330 million.

The company will also offer less than 600 million shares at an average price of RMB 2.21 apiece to the property branch.

The net book value of the total capital from Shandong Jiufa Edible Fungus is about RMB 618.73 million, and the value-added ratio is around 140%.

After the move, Song Zuowen, holder of a 49% stake in Nanshan Group and a 56% stake holder in the property branch, will be the biggest shareholder in Shandong Jiufa Edible Fungus.


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By Du Guodong and Ben Wei

"Behind every great man there is a great woman." The popular saying from the 1940s is representative of South Korean president Lee Myung-bak's book Mother, recently released in Chinese.

Published by China Youth Press earlier this month in the wake of its launch in South Korea in 2007, the book is a crystallization of the author's personal growth from a poor countryside boy to a leader, all under the influence of his mother.

In the book, Lee for the first time retells many buried stories about his childhood struggles and how he grew into the person he is today. He attributes his success to his mother, who was a housewife and died when Lee was in his 20s.

"My mother was not a learned woman, she had not even finished primary school, but her upright character and high morals and her wisdom from life serve as a beacon for me," Lee writes in the preface of his book.

The author depicts his life in detail and illustrates the traits he leant from his mother.

"Myung-bak, you have grown up to help others and the daughter of our neighbor is getting married today, go for help and do not eat anything, even a glass of water," Lee recalls being told by his mother. He explains the lesson learnt of earning respect and confidence.

"Poverty kept us hungry in our stomach, but my mother filled our hearts," Lee recalls. "Though suffering from malnutrition, we brothers and sisters never parted from confidence, which is the most precious legacy we have inherited from our mother."

President of South Korea and author, Lee Myung-bak.

One of the highlights of the book is Lee's recollections of his encounter with his mother when he was in prison as a college student arrested for "plotting insurrection" against the then government. During his third year at Korea University, Lee was elected president of the student council. He participated in student demonstrations against President Park Chung-hee's Seoul-Tokyo Talks. He was sentenced to five years probation and three years of imprisonment by the Supreme Court of Korea.

"Are you keeping up your study, are you praying, are you still reading the Bible?" he recalls his mother asking, adding, "I believe in you and stick to what you think is right."

Lee said he was greatly taken aback by these words and they have helped him greatly.

In another episode, Lee recollects his days as a popcorn seller at the gates of a girl's school. Feeling embarrassed and afraid of being spotted by the girls, Lee bought a big straw hat and pulled it down over his face in case any of the girls would recognize him. His actions met with harsh criticism from his mother.

"What are you doing, you have to have contact with your customers," his mother told him. "Why are you feeling so humble, you are living by your own work and you should be proud of that, there is nothing shameless in it.

While these words were not accepted by Lee instantly, he said that as time went by, he came to realize that the best way to win trust from others is to have personal contact with them. "Pulling up your hat, you also lighten your soul," Lee comments in his book.

Lee said that throughout his life he has never forgotten his mother's words. He rose from a poor farmer's son to the chairman of Hyundai Construction and after the book's launch, became the president of South Korea in 2008. Taking a hard-line policy stance, Lee has earned the nickname "bulldozer" for his ability to overcome obstacles and major problems. He is considered as a shining example of attaining success from scratch and embodies a "common he混合机 冷热冲击试验机 淋雨试验箱 被リンク ツーショットダイヤル 滤油机 surge arrester ペニーオークション 实验室家具

Top 5 News From ChinaKnowledge.comBYD aims to sell 700,000 vehicles in 2010Chinese stocks open 0.53% lower on WedHang Seng Index opens 220 points lower on WedPing An Trust, AXA Real Estate to invest in China propertyIKEA to set up Asian flagship store in Beijing

Jul. 29, 2009 (China Knowledge) - Hong Kong stocks fell on Wednesday. The Hang Seng Index, the benchmark, opened 220 points lower at 20,405. After touching the intraday low of 19,787.48 points, the blue-chip Hang Seng Index fell 489.04 points or 2.37% to close at 20,135.50.

Mainboard turnover rose to HK$101.79 billion.

The Hang Seng China Enterprise Index, which tracks the overall performance of 43 Chinese mainland state-owned enterprises on the Hong Kong Stock Exchange, slid 433.21 points or 3.49% to 11,911.37 points.

Market heavyweight HSBC Holdings Plc<0005><HBC>, which accounts for the largest weighting for the Hang Seng Index, decreased 1.22% to HK$72.8.

BBMG<2009> soared 56.27% to HK$9.97 on its first trading day. i-CABLE Communications Ltd<1097> soared 61.04% to HK$1.24.

Property stocks were decliners. SOHO China Ltd<0410> fell 3.4% to HK$4.83. Sun Hung Kai Properties<0016> went down 2.72% and closed at HK$111.1. Cheung Kong (Holdings) Ltd<0001> slid 4.23% to HK$98.75. Hutchison Whampoa Ltd<0013> declined 2.04% to HK$55.25. Hopson Development Holdings Ltd<0754> slipped 8.12% to HK$12.68. Henderson Land Development Co Ltd<0012> fell 2.73% to HK$48.15. Agile Property Holdings Ltd<3383> fell 4.31% to HK$10.66. Castor Pang Wai-sun, a strategist at Sun Hung Kai Financial, has said that real estate stocks are likely to increase between 10% and 20% in a month.

Gold stocks ended lower. Zijin Mining Group Co Ltd<601899><2899> decreased 5.73% to HK$7.24. Zhaojin Mining Industry Company Ltd<1818> slipped 6.83% to HK$12.82. Lingbao Gold Company Ltd<3330> fell 6.15% to HK$2.9. Sino Gold Mining Ltd<1862> slid 4.2% to HK$33.1.


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