09/12/17

Permalink 03:40:15 pm, by dacare, 283 words, 74 views   English (US)
Categories: News of China

China National Nuclear Power plans to establish Hebei company


A China National Nuclear Corp stand at an industrial expo in Beijing.

China National Nuclear Power Co Ltd (CNNP), a unit of one of the country's three largest State-owned nuclear operators, has announced plans to establish a Hebei-based company to promote the development of traveling-wave reactor, or TWR, technology.

The move will be carried out in partnership with Huadian Fuxin Energy Limited Company, Zhejiang Zheneng Electric Power Co Ltd, Shenhua Group and Jointo Energy Investment Co Ltd Hebei, the CNNP said in a statement with the Shanghai Stock Exchange.

The new company, located in Cangzhou city, Hebei province, has a registered capital of 1 billion yuan ($153.23 million). CNNP will own 35 percent of the company; Shenhua Group, 30 percent; Huadian Fuxin Energy, 15 percent; Zhejiang Zheneng Electric Power, 10 percent, and Jointo Energy Investment, 10 percent.

CNNP said, in the statement, the establishment of the new company will be in accordance with the strategy for the coordinated development of the Beijing-Tianjin-Hebei (Jing-Jin-Ji) region, and added it would also help support the development of the advanced TWR technology.

In addition, CNNP Technology Investment, a wholly-owned subsidiary of CNNP, also plans to establish CNNP TWR Technology Investment (Tianjin) Co Ltd together with the four investors, sporting the same investment proportion. The new company, located in Tianjin, has a registered capital of 750 million yuan.

TWR, a new nuclear design using fourth-generation technology, could reduce the need for the enrichment and reprocessing of uranium. CNNP stated the establishment of the TWR demonstration project will be in accordance with, and respond to, the national energy plan arrangement.

Bellevue, Washington-based Terra Power, co-founded by Bill Gates in 2006, is working closely with China National Nuclear Corp to conduct research into the use of the new technology.

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09/08/17

Permalink 05:19:57 pm, by dacare, 379 words, 150 views   English (US)
Categories: News of China

Li: Make way for new growth drivers


Technical workers assemble engines at a plant in Yiwu, Zhejiang province.

Companies should consider outside investment, mergers, premier says

Premier Li Keqiang promised more incentives to boost high-end manufacturing in China during a visit to Huaxiang Group, a private steel-casting company in Linfen, Shanxi province?part of a two-day visit to the area on Monday and Tuesday.

The company's moves to retain top-level professional engineers have brought success, turning it into a major supplier for a number of overseas automobile companies. Huaxiang provides an annual salary of 3 million yuan ($456,000) to some of its top craftsmen, four times that of the company's CEO.

Li spoke warmly about the approach as he talked with some of the craftsmen from whom young workers have learned, noting that providing better incentives to lure talent in high-end manufacturing is also a key strategy for the country as it seeks to shift from old economic drivers to new ones.

"We should pass on the spirit of craftsmanship from one generation to another, so that the idea of Made in China will be competitive not only in terms of prices but also in quality," Li said.

Also on Tuesday, Li visited Linfen Iron and Steel Co to learn about the region's efforts in cutting outdated capacity. The company, which is affiliated with Taiyuan Iron and Steel (Group) Corp, stopped most of its outdated operations in 2016, and 10,000 workers have been relocated with new jobs. Among them, more than 2,500 have started their own businesses.

"These workers may be seen as a burden for a company with outdated capacity, but their talent may be in demand when they find new and more suitable jobs," Li said, calling on companies to focus on developing high-end products.

Companies that rely on traditional models should be open to private investment, mergers and reorganization, Li said, adding that China is determined to phase out outdated and excess industrial capacity as a key part of its structural reform, especially as coal prices have been rising again in recent months. The idea is to truly make room for new economic growth drivers, he said.

Li also visited the Shigejie Coal Mine, which ceased production of low-quality coal in 2016, and poverty-stricken Chengzhuang village in the Taihang Mountains to learn about local poverty alleviation and medical services.

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08/31/17

Permalink 06:15:09 pm, by dacare, 244 words, 238 views   English (US)
Categories: News of China

Ctrip reports strong financial results in Q2

China's biggest online travel agency, Ctrip.com International Ltd (Ctrip), announced that its net revenue surged 45 percent year-on-year to 6.4 billion yuan ($946 million) in the second quarter (Q2) ended June 30.

The company gained a gross margin of 82 percent in Q2, compared to 72 percent for the same period last year and 80 percent for the previous quarter, according to its unaudited financial results.

Net income attributable to Ctrip's shareholders for Q2 was 327 million yuan, compared to net loss of 521 million yuan for the same period last year and net income of 82 million yuan for Q1, the company reported.

"Ctrip maintained healthy revenue growth and achieved continual improvement in operating efficiency," Ctrip CEO Sun Jie said. "We are confident that Ctrip will generate long-term value for shareholders in the years to come."

The company expected its net revenue for the next quarter to grow by approximately 35-40 percent year-on-year.

Strengthening its position in lower-tier cities has been Ctrip's focus of action. The company said both its new customer acquisitions and user engagement in lower-tier cities improved significantly in Q2.

Ctrip and Qunar, a domestic rival acquired by Ctrip last year, had opened over 400 offline retail stores by the end of the quarter, with approximately 200 more in the pipeline, the company reported.

Liang Jianzhang, chairman of Ctrip, said the company will continue to expand into lower-tier cities and invest in international markets.

The company said both its accommodation reservation business and transportation ticketing business delivered healthy growth in Q2.

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08/29/17

Permalink 04:37:37 pm, by dacare, 265 words, 115 views   English (US)
Categories: News of China

China Guodian merges with Shenhua Group to create new energy giant

China's State Council has approved a merger between China's major power generator China Guodian Corporation and coal producer Shenhua Group, an official statement said Monday.

The two companies will be restructured to form a new energy investment company, the State-owned Assets Supervision and Administration Commission (SASAC) said on its website.

The move came with little surprise, as the listed arms of the firms had suspended trading of their stocks on the Shanghai Stock Exchange since early June, a move widely considered to signal a merger.

Following the announcement Monday, the listed arm of Shenhua Group on the Hong Kong Stock Exchange surged more than 4 percent before falling back slightly.

As the world's largest coal supplier, Shenhua Group had total assets of over a trillion yuan (150.7 billion U.S. dollars) by the end of April this year. It ranked 276th among the global Fortune 500 in 2017.

In the first half of 2017, China Shenhua Energy Company, the listed arm of the group, reported revenue of 120.5 billion yuan, an increase of 53.1 percent year on year.

With total assets of more than 800 billion yuan, China Guodian Corporation is one of the country's largest power generators with installed capacity of over 143 GW. It ranked 397th among the global Fortune 500 in 2017.

The merger between the two power giants was in line with the country's aim to cut overcapacity in the coal and power sectors through restructuring state-owned enterprises (SOEs), analysts said.

SASAC has been actively restructuring SOEs this year in a bid to improve their efficiency, with the number of central SOEs falling to 98 after Monday's announced merger, down sharply from 196 in 2003.

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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, 168 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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