Category: News of China

08/28/17

Permalink 03:38:15 pm, by dacare, 200 words, 88 views   English (US)
Categories: News of China

Xiamen sees surge in fitness equipment exports to Russia

Eastern China's port city Xiamen, the country's largest exporter of fitness equipment, witnessed surge in trade to Russia in the first seven months.

Data from Xiamen Entry-Exit Inspection and Quarantine Bureau showed the city exported $5.35 million worth of fitness equipment to Russia in the first seven months of the year, up 45.7 percent year-on-year.

The city's fitness equipment exports to Brazil rose 32.1 percent year-on-year. Exports to South Africa increased 4.6 percent while exports to India picked up 3.4 percent.

In total, Xiamen's fitness equipment exports to these countries reached $17.5 million, up 15.9 percent from the same period last year.

The trade and economic relations among the BRICS countries - Brazil, Russia, India, China and South Africa - are getting increasingly closer as the leaders are expected to meet in Xiamen on Sept 3-5 for the group's 9th summit.

Xiamen is the country's largest fitness equipment and message apparatus producer and exporter. Globally it accounts for 60 percent of the treadmill output. Its exports of message devices represent more than 70 percent of the country's total.

There are more than 90 enterprises engaged in fitness equipment and related industries, with more than 10,000 employees.

Of these companies, 60 are exporting companies and 10 boast output value of more than 100 million yuan.

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08/24/17

Permalink 04:54:51 pm, by dacare, 421 words, 169 views   English (US)
Categories: News of China

Big retail should be enhanced by social media opportunities

Social media is set to become a major gateway to shopping rather than a mere communication portal, as the younger generation of buyers are inclined to make purchases while watching livestreaming shows, according to a latest survey.

Around 70 percent of those aged between 19 and 22 in China said they would place an order online via social networking sites, global consultancy Accenture revealed in research based on 10,000 consumers in 13 countries including China.

Calling them "Generation Z", Accenture found that 31 percent cited social media as a popular source for product inspiration, while 58 percent have increased their use of social media for purchase decision-making in the past year.

One-third of the respondents in China claimed they prefer video and livestreaming sites as avenues for bargain hunting. This contrasts with just 12 percent among those between 23 to 28 years old and 8 percent among those in their 30s.

"Social media has emerged as a real disrupter in targeting true digital natives," said Koh Yew Hong, managing director and retail lead for Accenture Asia Pacific. "Internet celebrities are gaining traction because they grasp what customers want."

This is reflective in the daily operations of e-tailor sites such as Taobao and Mogujie, both of which introduce online hosts or influencers for product endorsement that are broadcast live in a bid to improve traffic and boost sales.

Social media magnet Tencent Holdings Ltd is also empowering e-commerce players through a Mini Program function that incentivizes users to share their beloved goodies with online contacts.

Meanwhile, Generation Z are seeking a sophisticated shopping experience. Over 40 percent said they would search information directly from the brands' indigenous websites rather than third-party platforms, a percentage significantly higher than the millennials who are mostly 30 and older.

It also came as a surprise that young consumers are equally embracing in-store shopping. Compared with virtual shopping, 31 percent reported they prefer brick-and-mortar stores but heavily rely on digital means, such as chat tools and social media reviews, to facilitate the purchase.

Koh said physical stores are projected to enjoy remarkable renaissance as long as they are digital-ready. "It's because Generation Z values the shopping experience over the utilities of merchandise per se. Omni-channel sales are therefore critical to harness that trend."

China's internet giants including Alibaba Group Holding Ltd and JD.com Inc have ramped up efforts to deploy offline channels as pure-play e-commerce growth starts to stagnate. Alibaba has completed a series of buyouts including retail chain Intime Retail Group Co, while JD backed Yonghui Superstores and announced plans to open 1 million namesake convenience stores in five years.

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08/22/17

Permalink 05:40:42 pm, by dacare, 174 words, 115 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, 88 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, 127 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, 88 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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