08/22/17

Permalink 05:40:42 pm, by dacare, 174 words, 19 views   English (US)
Categories: News of China

Shares end up on pension fund investment in market

Shanghai shares closed higher yesterday as market sentiment rose on news that pension funds have started to flow into the stock market and also on progress in the on-going mixed-ownership reform in state-owned enterprises.

The Shanghai Composite Index rose 0.56 percent to 3,286.91 points.

Investor sentiment soared on news that eight provinces and cities have invested the first tranche of 172.15 billion yuan ($25.8 billion) of pension funds in the stock market, Securities Daily said yesterday.

Joyoung, China's biggest maker of soybean-milk machines, and Yantai Zhenghai Magnetic Material both soared 10 percent. The two companies' interim results showed China's pension fund was their major shareholders in the second quarter.

"The pension funds which flow into the A-share market are going to stabilize the market,"said Li Chao, chief analyst at Huatai Securities.

Investors were also buoyed by progress in mixed-ownership reform in state-owned enterprises.

China Unicom, the country's second-biggest telecom firm, surged by the daily limit of 10 percent to 8.22 yuan ($1.23) after saying yesterday it planned to draw investors such as Alibaba Group, Tencent Holdings and Baidu under its reform.

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08/21/17

Permalink 04:46:21 pm, by dacare, 336 words, 47 views   English (US)
Categories: News of China

Regulator OKs China Unicom's non-public offering of shares


China Securities Regulatory Commission (CSRC) said on Sunday night it approved the non-public offering of shares in China Unicom's mixed-ownership reform plan and would handle it as a special case, according to a report by China Securities Journal.

China Unicom can formulate its own non-public offering of shares plan in accordance with the old rules of the refinancing system that were not revised until Feb 17 this year, CSRC said.

On the same day earlier, China Unicom disclosed its mixed-ownership reform plan, announcing it will transfer old stocks, grant employee incentive shares as well as sell shares to strategic investors.

The company will issue 9 billion private shares to strategic investors to raise no more than 62 billion yuan ($9.29 billion), transfer 1.9 billion old shares priced at 13 billion yuan to the structural reform fund and grant no more than 848 million restricted stocks to core employees to raise 3 billion yuan.

The total consideration of the above transaction will not exceed 78 billion yuan, according to the report.

Shares of China Unicom rose by 10 percent, the daily trading limit, to 8.22 yuan per share right after trading resumed Monday morning after months of suspension.

On August 16, China Unicom once published two filings of mixed-ownership reform on the website of the Shanghai Stock Exchange and withdrew them that night.

Analysts said it was because the company's non-public offering of shares plan, the pricing of the new shares and investors' shareholdings might have contradicted February's newly-revised regulations, according to reports by China Securities Journal and caixin.com.

The revised rules require the number of shares issued shall not exceed 20 percent of the total equity base before the issue. However, in China Unicom's plan, the proportion reaches 42.63 percent, China Securities Journal reported.

CSRC said on its announcement Sunday it has recognized that China Unicom's mixed-ownership reform is significant for laying a foundation for and deepening the reform of State-owned enterprises.

The company's strategic investors include domestic tech titan Tencent Holdings Ltd, Alibaba Group Holding Ltd, Baidu Inc and JD.com Inc and Suning Commerce Group Co Ltd.

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08/18/17

Permalink 04:27:52 pm, by dacare, 242 words, 97 views   English (US)
Categories: News of China

Madcap monikers! Odd company names to be banned in China

"Beijing Afraid of Wife Technology" and "What You Looking at Technology" are just two examples of the kind of company name that will soon be a thing of the past.

After launching a campaign to eliminate public signs with poor English translations, the State Administration for Industry and Commerce (SAIC) is targeting firms attempting to register names that are excessively long or strange.

The Legal Daily paper cited names of existing firms that would not be allowed under the new rules, including "Shanghai Wife Biggest Electronic Commerce" and "Hangzhou No Trouble Looking for Trouble Internet Technology".

The newspaper also gave the example of a condom company called "There is a Group of Young People with Dreams, Who Believe They Can Create Wonders of Life Under Uncle Niu's Leadership Internet Technology".

The restrictions were introduced by the SAIC this month, while also banning company names deemed offensive or racist or having religious or political connotations.

Outside China, other countries have also made moves to regulate "inappropriate" company names.

According to China National Radio (CNR), companies in Russia can use only Russian words when registering businesses. Untranslated foreign words are banned by the administration.

Although the UK has few rules governing what name a company may trade under, firms are forbidden from using any words related to royalty, such as king, queen or prince.

Government-related words like Government, British and Britain are also taboo for local companies to use in their names, said CNR.

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08/17/17

Permalink 05:16:18 pm, by dacare, 213 words, 59 views   English (US)
Categories: News of China

Lenovo drives big data take up in car making industry


He Zhiqiang, president of Lenovo Capital and Incubator Group, and Sun Zhongchun, general manager of Haima Car Co Ltd, at a news conference in Zhengzhou, Henan province, Aug 16, 2017.

China's biggest personal computer giant Lenovo and domestic auto maker Haima will join forces to promote the use of big data and artificial intelligence technology in the auto manufacturing industry.

Under the deal announced on Wednesday, Lenovo will examine Haima's sales data to come up with solutions to help the car maker target potential customers. In the future, the two companies will collaborate in areas like new car design and development, and smart manufacturing.

The move comes as the hardware veteran is gearing up its expansion in big data to go with its traditional strengths in manufacturing.

In 2016, the company's big data arm began offering services to other companies, before that it was an internal operation. By utilizing its own big data analysis platform, Lenovo has provided solutions to clients from various industries including metallurgy, medicine and tobacco.

Relying on its experience in manufacturing and its big data technologies, Lenovo is making efforts to drive China's manufacturing enterprises to transform and upgrade, He Zhiqiang, president of Lenovo Capital and Incubator Group, said at the strategy cooperation signing ceremony held in Zhengzhou, China's Central Henan province.

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08/16/17

Permalink 05:23:19 pm, by dacare, 432 words, 62 views   English (US)
Categories: News of China

JD Finance spinoff paves way for listing


JD Finance promotes its online financing products to consumers in Nanjing.

JD Finance, the finance unit of China's second biggest e-commerce player JD.com Inc, has been deconsolidated from JD as a result of the reorganization as of June 30, 2017, which is expected to pave the way for the former's eventual listing.

Accordingly, JD Finance's historical financial results for periods prior to July 1 are reflected in JD's consolidated financial statements as discontinued operations, according to the company's second quarter financial results.

Analysts said JD Finance's spinoff is seen as a preparatory move towards it listing on a domestic stock exchange, as well as obtaining more financial licenses.

Yu Baicheng, an expert at wangdaizhijia.com, a web portal that tracks the internet finance industry, said the move will let JD Finance develop its businesses more independently.

"The spinoff will allow JD Finance to move more aggressively, as it could carry out more financial business easily, as well as help JD focus on its core e-commerce business," said Li Zichuan, an analyst at Beijing-based internet consultancy Analysys.

"We don't rule out the possibility that JD Finance will seek an initial public offering on a domestic stock exchange in the next few years," Li added.

JD Finance has sought privatization and a split from JD at the beginning of last year. In January 2016, JD Finance raised 6.65 billion yuan ($992 million) from investors such as Sequoia Capital China, China Harvest Investments and China Taiping Insurance.

Its business scope now covers supply chain finance, consumer finance, wealth management, crowd funding, insurance and security. The company is applying for financial service licenses as the country's middle class surges in size.

In November 2016, JD announced it would reorganize JD Finance, to make it a wholly Chinese-owned entity to facilitate its development in certain licensed financial service businesses and take advantage of the liquidity provided by the Chinese capital market.

In March, JD agreed to sell its 68.6 percent stake in its finance unit, JD Finance, for 14.3 billion yuan in cash by the middle of this year, and post-deal, JD will hold neither legal ownership nor effective control of JD Finance.

The spinoff of JD's financial arm is similar to that of Ant Financial Services Group, the financial affiliate of e-commerce giant Alibaba Group Holding. It was split off from Alibaba and obtained business independence in 2014, making it a powerful financial player.

JD also announced that its net revenue reached 93.2 billion yuan in the second quarter, an increase of 43.6 percent year-on-year. Its gross merchandise volume in the second quarter increased 46 percent to 234.8 billion yuan, from 160.4 billion yuan in the same period last year.

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08/14/17

Permalink 06:01:30 pm, by dacare, 133 words, 86 views   English (US)
Categories: News of China

China sees steady employment in July

China continued to see a stable job market in July, with the unemployment rate at a relatively low level, data showed Monday.

The country's urban surveyed unemployment rate was around 5.1 percent last month, lower than that for July 2016, according to Mao Shengyong, spokesman for the National Bureau of Statistics.

The surveyed rate in major Chinese cities continued to stay at a relatively low level of less than 5 percent, Mao added.

"It was not easy to maintain the low unemployment rate in the month when college students graduate," Mao said. College graduates this year reached 7.95 million, up about 300,000 from 2016.

Some 8.55 million new jobs were created in China's urban regions from January to July, up 200,000 from the same period of last year, he said.

The Chinese government aims to create 11 million new jobs this year.

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