08/24/15

Permalink 10:38:59 am, by dacare, 142 words, 83 views   English (US)
Categories: News of China

GM China JV builds 200,000 new energy vehicle plant

SAIC-GM-Wuling Automobile Co. on Friday started construction of a new energy vehicle plant with the intention of turning out 200,000 vehicles each year.

Investing 3 billion yuan (470 million U.S. dollars), SAIC-GM-Wuling joined many rivals in the new energy vehicle sector betting on huge market potential.

China pays high subsidies on new energy vehicles to reduce pollution.

In the first seven months of this year, sales of new energy vehicles increased by 2.6 times year on year to nearly 90,000 despite weak auto sales in general.

On Friday, the automaker also started operations of an assembly plant with an annual production capacity of 400,000 conventional vehicles.

The company sold 217,000 Baojun cars in the first seven months of the year, up 424 percent.

Established in 2002, the automaker is a joint venture between General Motors, Shanghai Automotive Industry Corp. and Liuzhou Wuling Motors Co. Its sales in 2014 exceeded 1.8 million vehicles.

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08/21/15

Permalink 11:10:29 am, by dacare, 181 words, 144 views   English (US)
Categories: News of China

China increases tax breaks for small businesses

The State Council, China's cabinet, on Wednesday decided to extend tax breaks to more small businesses, recognition of their roles in generating jobs and growth.

From Oct. 1, 2015 to the end of 2017, companies with annual taxable income under 300,000 yuan (46,900 U.S. dollars) will have their corporate tax halved, said a statement released after a meeting chaired by Premier Li Keqiang. Previously, the threshold was 200,000 yuan.

The meeting also promised tax breaks for companies with a monthly revenue under 30,000 yuan. They will be exempted from value-added tax and business tax until the end of 2017.

The move is the latest attempt to help small businesses, as they provide nearly 80 percent of urban jobs.

In the first six months, about 2.39 million small and micro enterprises in China paid reduced taxes, saving them about 8.6 billion yuan.

Wednesday's meeting also decided promote big data processors, promising to make government data on transport, medical care, employment and social security available to the public.

The meeting also agreed to free controls on foreign investment in the logistics sector to allow them to establish purchase and distribution centers in China.

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08/20/15

Permalink 11:40:22 am, by dacare, 153 words, 96 views   English (US)
Categories: News of China

Didi Kuaidi and partners invest U.S.$350 million in GrabTaxi

China's largest ride-hailing application Didi Kuaidi said it has invested in Malaysia-based taxi-booking application GrabTaxi Holdings along with venture capital firms and China's sovereign wealth fund China Investment Corporation.

The total amount of this funding reached U.S.$350 million, and other investors including GGV Capital, Coatue Management, and existing shareholders, according to an email statement today.

CIC is also an investor of Didi Kuaidi.

Didi Kuaidi President Liu Qing said it would share data mining experience and data technology with GrabTaxi, whose main business is in Southeast Asia, and that the latter's experience in Southeast Asia would also help Didi Kuaidi's overseas expansion.

GrabTaxi's vice president of marketing Cheryl Goh said it currently has no plan to be acquired by Didi Kuaidi, as she was quoted by tech news website Techcrunch.com.

Malaysia-based GrabTaxi currently operates in 26 cities in six countries and has successfully diversified its offering to include private cars and motorbikes.

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Permalink 11:40:21 am, by dacare, 153 words, 83 views   English (US)
Categories: News of China

Didi Kuaidi and partners invest U.S.$350 million in GrabTaxi

China's largest ride-hailing application Didi Kuaidi said it has invested in Malaysia-based taxi-booking application GrabTaxi Holdings along with venture capital firms and China's sovereign wealth fund China Investment Corporation.

The total amount of this funding reached U.S.$350 million, and other investors including GGV Capital, Coatue Management, and existing shareholders, according to an email statement today.

CIC is also an investor of Didi Kuaidi.

Didi Kuaidi President Liu Qing said it would share data mining experience and data technology with GrabTaxi, whose main business is in Southeast Asia, and that the latter's experience in Southeast Asia would also help Didi Kuaidi's overseas expansion.

GrabTaxi's vice president of marketing Cheryl Goh said it currently has no plan to be acquired by Didi Kuaidi, as she was quoted by tech news website Techcrunch.com.

Malaysia-based GrabTaxi currently operates in 26 cities in six countries and has successfully diversified its offering to include private cars and motorbikes.

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08/19/15

Permalink 11:05:26 am, by dacare, 411 words, 90 views   English (US)
Categories: News of China, Investing in China

Equities slump on economic concerns


Retail investors check share prices at a brokerage in Qingdao, Shandong province, on Aug 18. The benchmark Shanghai Composite Index plunged by 6.15 percent to close at 3,748.16 points.

Share prices plunged on Tuesday as jittery investors resorted to huge sell-offs on concerns that the government has halted its plan to buy equities to stabilize the market.

The benchmark Shanghai Composite Index sank by 6.15 percent, or 245.5 points, to close at 3,748.16. It was the biggest loss in three weeks since an 8.5 percent dip on July 27.

State-owned enterprises, which are expected to undergo major ownership reforms, led the decline with more than 1,600 stocks on both the Shanghai and Shenzhen bourses tumbling by the 10 percent daily limit.

The market slump came after the country's securities regulator said on Friday that the State-owned margin lender China Securities Finance Corp will not step into the market unless there are abnormal market fluctuations.

The regulator's announcement has been widely interpreted as a signal that the government is ending its direct intervention and letting the market mechanism play a bigger role after the benchmark rebounded by about 15 percent from a bottom on July 8.

But Tuesday's decline underscored that investors' sentiment remained fragile as a slowing economy and the depreciation of the yuan continued to weigh on the market.

Jiang Chao, an analyst with Haitong Securities Co, said that the monetary authorities appear to be in a dilemma over the easing policies and the monetary uncertainty may continue to destabilize the market.

"There is need to inject more liquidity as the depreciation of the yuan is likely to trigger capital outflows. But the market rescue efforts have led to a surge in the broad monetary supply which created a policy dilemma," he said in a research note.

The recovery of the country's home prices has also dimmed investors' expectation for further monetary easing, some analysts said.

Li Daxiao, chief economist at Yingda Securities Co, urged investors not to overreact to Tuesday's decline, but warned about the risk of excess valuations of companies in the military industry.

Share prices of listed military-related companies have ballooned substantially ahead of the country's military parade commemorating the end of World War II and on expectations of major reforms.

The average valuation of the industry has been ranked the top among all industries with the price-to-earnings ratio of most companies exceeding 100 times, according to estimates.

"There is a big risk of the bubble bursting in military-related stocks, which is even worse than the startup board," Li said.

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08/18/15

Permalink 11:09:27 am, by dacare, 681 words, 101 views   English (US)
Categories: News of China

PepsiCo enters China dairy industry via JD.com

PepsiCo announced during a press conference in Beijing on August 14 that it has signed an agreement with leading online direct sales company JD.com Inc (JD) to sell Quaker High Fiber Oats Dairy Drink, its first premium dairy product in China, on JD's e-commerce platform.

It is PepsiCo's first launch of a new product exclusively through e-commerce outside of the US, and it showcases both the significance of PepsiCo's entrance into China's popular dairy beverage market and the strength of JD's e-commerce platform. Through this strategic partnership, both parties will provide Chinese consumers with the latest healthy product choices as well as convenient and fast-paced shopping experiences.

PepsiCo is introducing this product to take advantage of China's fast-growing, value-added dairy market and to satisfy consumers' demand for a healthy and fast-paced lifestyle. It is made from the finest Australian Quaker oats and high quality milk from New Zealand.

The Quaker High Fiber Oats Dairy Drink is produced through its patented "Solu-Oats" unique technology, completely blending the grinded oats with milk. The unique drink keeps not only the nutritional ingredients of natural whole grains, but also boasts a very smooth and silky texture with plentiful dietary fiber.

PepsiCo's launch of its first dairy drink on JD is a combination of mutual strengths of both companies. JD has over 100 million annual active users, a mature e-commerce operating platform and a self-owned logistics system covering all of China. The consumer goods sector, in which foods reside, has always been the strategic priority of JD. Launching its brand new products through JD, PepsiCo can quickly promote and popularize its brands and boost its product sales by leveraging JD's platform and premium services.

PepsiCo has rich experience in the oats-based dairy sector around the world, with proprietary patents and technologies in grain research and development, as well as branded products that are popular among consumers, including Quaker Oats, with over 100 years of history, quality and a fine reputation.

The new Quaker High Fiber Oats Dairy Drink will be sold exclusively on JD for two months. The characteristics of the e-commerce platform, coupled with the marketing of digital media, can directly reach consumers in first-tier, second-tire and third-tier cities and even lower, breaking the geographic divisions challenging traditional sales. By marketing a new product exclusively on an e-commerce platform, PepsiCo hopes to understand consumers' varying needs faster and more deeply.

Online and offline interactions will also help PepsiCo conduct product innovation in a faster and better way so as to provide more products to satisfy consumers' changing tastes.

E-commerce has become an important engine in driving domestic consumption, boosting the upgrade of traditional sectors and developing modern services across China. Survey results indicate that Chinese online consumers are ranked among the most advanced in the world. China has over 500 million social networking sites users who are pioneering the world's e-commerce development.

As a global leader within the food and beverage industry, PepsiCo is seizing the opportunity in choosing China as the first international market in the world to launch and promote a premium new product exclusively through e-commerce. Such a campaign demonstrates PepsiCo's long-term commitment to the Chinese market and its confidence in the development of e-commence in China.

Prior to this launch, PepsiCo had invested incrementally in e-commerce business by actively cooperating with major e-commerce platforms in various areas.

"Adhering to the principle of our 'customer-first' mission, JD is committed to providing products with high cost-performance and superior shopping experiences, hence achieving a win-win with our partners," said Shen Haoyu, CEO of JD Mall, "We are very happy to be the platform to launch and sell PepsiCo's first dairy drink product in China."

Mike Spanos, CEO and President of PepsiCo Greater China, also has a confidence in this partnership.

"With the continued development of the Chinese economy, consumers have ever-more demand for healthy and nutritious dairy drink products," he said. "Entering China's dairy beverage market is a crucial piece of our growth strategy, as it opens new opportunities for PepsiCo in China and will allow more Chinese consumers to enjoy the latest and delicious PepsiCo products."

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