ChinaRealNews

Chinese automaker Chery to tap into commercial vehicle market

2009-01-27 Beijing

 

China International Marine Containers (Group) Co., Ltd recently announced that one of its subsidiaries has signed an agreement with an affiliate of Chery, a Chinese automaker, and a third party for establishment of a joint venture called C&C Truck Co., Ltd. The joint venture’s registered capital will be RMB550 million (approximately US$80.3 million). Chery is expected to tap into the commercial vehicle market through the joint venture, said industry insiders.

China's Gome rumored to sell 20% stake to international private equity investment company

2009-01-27 Beijing

 

Rumors said that Gome, China's No.1 home appliance retailer, is likely to sell 20 percent of its stake to an international private equity investment company to maintain Gome’s liquidity. The retailer’s liquidity worsened after Huang Guangyu, founder of Gome, was suspected of committing crimes. Gome’s spokesperson, however, declined to comment on the rumors.

 

 

 

“Huanghelou” Cigarettes Available in Changtai, Fujian province

2009－01－24 Fuzhou

A new cigarette brand “Huanghelou”，with wholesale and retail prices of RMB135 and RMB 150 per carton respectively, has recently been available in Changtai, Fujian province. With rose packaging, the light cigarette tastes mild.

Taiwan’s Smoking Ban Having Effect on Mainland City

2009－01－24 Taibei

Referring to the indoor smoking ban which took effect in Taiwan on 11 January 2009, several government officials in Shanghai showed their full support and suggested that a smoking ban should also be enacted in Shanghai a year prior to the start of the World Expo Shanghai 2010, in a move to let people all around the world experience a successful “green World Expo”.

IBM acquires a stake in China’s Sichuan Changhong

2009-01-23 Chengdu

Sichuan Changhong said in announcement on 17 January that IBM has bought a stake in Sichuan Changhong for approx. RMB108 million (US$15.8 million). IBM bought a 1.56 percent stake from Changhong Group, Sichuan Changhong's biggest shareholder, which saw its shareholding reduced to 29.08 percent from previous 30.64 percent.

Net profit of Agricultural Bank of China up 19.1% in 2008

2009-01-23 Beijing

Agricultural Bank of China announced on 18 January that the bank's net income rose 19.1 percent to RMB51.1 billion (approx. US$7.5 billion) in 2008. The bank's return on assets (ROA) reached 0.79 percent in 2008, while its return on equity (ROE) stood at 19.9 percent.

The Export-Import Bank of China reports balance of loans of more than RMB600 billion in 2008

2009-01-23 Beijing

The Export-Import Bank of China (China Eximbank) announced on 18 January that the bank recorded balance of loans of more than RMB600 billion (approx. US$87.7 billion) in 2008. China Eximbank's assets exceeded RMB700 billion (approx. US$102.2 billion) for the first time at the end of last year. Up to RMB402.4 billion (approx. US$58.8 billion) in loans was approved by the bank during 2008.

Baogang Group reports strong performance during 2008

2009-01-23 Shanghai

Baogang Group reported strong performance during 2008, despite negative factors such as soaring raw materials prices and declining steel prices. The steel maker recorded iron production of 9.5 million tons and steel output of 9.8 million tons during 2008, representing a year over year growth of 6.1 percent and 11.3 percent, respectively.

China's Industrial Bank profit rises 32 pct in 2008

2009-01-23 Beijing

China's Industrial Bank said its net profit grew 32.34 percent to RMB11.36 billion (approx. US$1.66 billion) in 2008. Revenues for 2008 reached RMB29.8 billion, a year over year growth of 35.3 percent. Earnings per share rose to RMB2.27, up 29.7 percent from a year prior.

Henan province’s exports top US$10 billion in 2008

2009-01-23 Zhengzhou
 
Statistics released by Zhengzhou Customs show Henan province delivered accumulated exports of US$17.5 billion in 2008, a year-on-year increase of 37.1%, 19.3 percentage points higher than China’s average level. Of the total, US$10.7 billion were exports, increasing 27.9% year-on-year, and US$6.8 billion were imports, increasing 54.5% over 2007. Fourteen cities in the province fulfilled their exports targets in 2008, of which, Zhengzhou imported and exported products worth US$3.4 billion.