China Education Resources Appoints Danny Chi Tak Hon As CFO
October 20th, 200710/17/2007 2:46:40 PM China Education Resources Inc. (CHN.V, CHNUF.PK ) announced that it has appointed Danny Chi Tak Hon as Chief Financial Officer.
Hon joined CER from his current position as Partner of Hon & Wong, Certified General Accountants.
Hon was Chief Financial Officer of Silvercorp Metals from October 2004 to August 2006 and Chief Financial Officer of Jinshan Gold Mines Inc. from March 2003 to October 2003.
Big American Names Join Chinese Company
October 20th, 2007NEW YORK (AP) — The Chinese news and broadcast company Xinhua Finance Media Ltd. added two big names in American media to its board, appointed two other new directors and named a new internal auditor Thursday.
Larry Kramer, founder and former CEO of MarketWatch, a financial news Web site now owned by Dow Jones & Co., and Steve Richards, chief operating officer of Silver Pictures, which has produced such movies as "V for Vendetta" and the "Matrix" series, are the two newest Americans on the publicly held company's board.
The announcement came a day after Beijing-based Xinhua said The Yucaipa Cos., the southern California investment firm controlled by billionaire Ron Burkle, had taken a stake of undisclosed size in Xinhua. David Olson, a partner in Yucaipa, which counts former President Bill Clinton among its advisers, also will join Xinhua's board, the company said Wednesday.
The two other directors appointed Thursday are Li Shantong, former director general of the Department of Development Strategy and Regional Economy at the Development Research Center of China's State Council, and Teddy Liu Weidong, head of Xinhua Finance Media's advertising group.
Xinhua Finance Media said the changes were intended to "enhance ... corporate governance."
Its chief finance officer resigned in May at the same time Barron's reported that it had failed to disclose information in its initial public offering documents about disciplinary action taken against a brokerage firm that the former CFO ran.
Independent directors now hold a 7 to 5 majority on Xinhua Finance Media's 12-person board. The company's new internal auditor is Henry Heung-Ming Wong.
Xinhua Finance Media, a business publisher and broadcaster, is a subsidiary of Xinhua Finance Ltd., a Chinese financial information and media company led by American-born Fredy Bush.
Xinhua Finance Media's shares soared Wednesday following news of the Yucaipa investment but slipped back 23 cents, or 2.6 percent to close at $8.55 on Thursday. They are still well below their $13 price at their initial public offering in March.
China 3C Group Appoints New Chief Financial Officer
October 20th, 2007ZHEJIANG PROVINCE, China, Oct. 8 /PRNewswire-FirstCall/ -- China 3C Group , a retailer and distributor of consumer and business products in China, announced today the appointment of Weidong Huang as chief financial officer.
Huang, the newly appointed CFO commented, "I am extremely pleased to have been appointed to this role. I understand the importance of good communication to investors and giving investors the information they need to evaluate our company. I look forward to meeting with more investors."
China 3C CEO Zhenggang Wang said, "We are extremely pleased to appoint Weidong Huang as our new CFO. He understands the nuances of our industry as well the importance of communicating effectively with investors. With his previous experience as a General Manager of an investment consulting company, he understands the importance of good communication with investors and he is prepared him to work with the financial community. He will be a major asset for us as we continue to grow our company."
China 3C expects the appointment of the new CFO to have no effect on previously issued guidance and to have no effect on the ability of the company to report third quarter results on time.
About China 3C
China 3C Group is a leading retail chain operating retail outlets in Eastern China. The company specializes in selling 3C products (communication, information technology and digital) in China. Among China 3C's primary attributes is its efficient distribution network and rapid logistics system. The company's goal is to become the number one retailer of 3C products in China. For more information, visit http://www.china3cgroup.com.
A profile for investors can be accessed at http://www.hawkassociates.com/chcgprofile.aspx. For investor relations information regarding China 3C, contact Frank Hawkins or Ken AuYeung, Hawk Associates, at (305) 451-1888, e-mail: info@hawkassociates.com. An online investor kit including press releases, current price quotes, stock charts and other valuable information for investors may be found at http://www.hawkassociates.com and http://www.americanmicrocaps.com. To receive free e-mail notification of future releases for China 3C, sign up at http://www.hawkassociates.com/email.aspx.
Forward-looking Statements:
Certain of the statements set forth in this press release constitute "Forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. We have included and from time to time may make in our public filings, press releases or other public statements, certain forward-looking statements, including, without limitation, those under "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7. In some cases these statements are identifiable through the use of words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "target," "can," "could," "may," "should," "will," "would" or words or expressions of similar meaning. You are cautioned not to place undue reliance on these forward- looking statements. In addition, our management may make forward-looking statements to analysts, investors, representatives of the media and others. These forward- looking statements are not historical facts and represent only our beliefs regarding future events, many of which, by their nature, are inherently uncertain and beyond our control. There can be no assurance that such forward- looking statements will prove to be accurate and China 3C Group undertakes no obligation to update any forward-looking statements or to announce revisions to any of the forward-looking statements.
Chinese Bank Searches Abroad for New Talent
October 20th, 2007In an unusual move, a major Chinese investment bank is starting an aggressive recruitment campaign in the U.S.
Traditionally, Chinese financial institutions had no trouble staffing up at home. Now, however -- amid a spate of major Chinese-company IPOs both at home and abroad, and increased cross-border deal-making -- the banks are looking to bring in more international experience.
Earlier this month, China International Capital Corp. kicked off its U.S. headhunting trip in New York at a Ritz-Carlton hotel near Wall Street. More than 100 professionals, mostly overseas Chinese, were invited. Senior CICC executives touted opportunities represented by China's booming capital markets.
Ding Wei, head of the investment-banking division, said the firm is looking to hire about 200 people by year end, expanding the team to 1,000. "We are looking for all kinds of talent" in risk management, product design, structured finance and even administrative posts, he said.
The CICC recruiting team next plans to head to the Wharton School of the University of Pennsylvania and other business schools in the U.S.
In the past, CICC has been famously low key. Set up in 1995 as a joint venture between China Construction Bank Corp. and Morgan Stanley's Morgan Stanley International Inc., it was China's first foreign-funded investment bank. The purpose was to set up a government-backed firm that could learn from the top-tier Wall Street firms and provide a template for future Chinese investment banks.
Mr. Ding said CICC estimates this year's revenue to be $600 million to $700 million, growing from 2006's $450 million.
Five Practical Strategies for Building a Chinese Workforce
October 20th, 2007There is a severe shortage of senior managers in China.
By Jorge Perez Izquierdo
China is characterized by rapid change and economic growth. Yet, this massive country with a population of 1.3 billion has a perplexing shortage of talented people that threatens the future growth of foreign and domestic companies.
According to the latest Manpower Employment Outlook Survey released in September 2007, hiring intentions in China fell to the lowest level in more than a year. Shortages are the most severe among senior managers. The 2006 Manpower Talent Shortage Survey indicates a greater need for managers and executives in China than in other countries.
Multinational corporations have a distinct advantage in competing for talent in China, as nearly 75% of Chinese employees would prefer to work for wholly owned foreign companies rather than joint venture companies or wholly owned Chinese companies, according to Manpower research.
Successfully working in China requires using special human resources techniques and practices, which stem from understanding the unique Chinese culture and values as well as the country's working practices.
Based on our experience in China, Manpower has developed a Workforce Optimization Model, which consists of five practical strategies for successful employee attraction and retention.
Create a learning organization. Quite simply, teach employees something new every day. This may include giving employees projects that go beyond their current job responsibilities. Learning is a priority for Chinese employees because they are acutely aware of the limitations of their educational system and anxious to acquire marketable skills.
Appoint competent leaders. Key skills for managers are coaching and communication. This is because managers in China are highly respected authority figures that must be able to clearly explain company strategies while linking employees' personal goals to business objectives. Chinese employees also respond best to hands-on leadership and appreciate having a role model to demonstrate what is expected of them.
Build an appropriate organization and culture. It is critical for companies to appreciate and respect cultural norms and practices. These include encouraging a simple management structure and articulating the company's values. To provide credibility, managers must live and breathe the company's values.
Provide competitive compensation and benefits packages. The tight supply of managers in China means frequent salary reviews may be needed to keep up with the market rate. But while salary is important, it's not the only factor. Companies may want to consider offering other benefits such as tuition reimbursement, housing allowances, insurance and long-term incentive plans.
Select the right people. Employers need to anticipate what they'll require of employees in the future to ensure that job descriptions are realistic. Employers that are open, honest and patient with candidates during interviews are more likely to find employees that share their values. Given the rapid change in China, skills such as adaptability are just as important as experience for most roles.
The potential rewards are tremendous for foreign-owned companies that develop an employment strategy that fits the culture and values. This is because the preference of Chinese workers to join a foreign company may also spill over into preferences for products and services made by those companies. Companies that can turn cultural differences into a help rather than a hindrance have the potential to enjoy boundless growth.
Executive hiring in Asia to accelerate in Q4 -Hudson
October 20th, 2007HONG KONG: Hiring by multinationals in major Asian markets is likely to accelerate in the fourth quarter, notably in Japan, a survey by executive recruitment firm Hudson shows.
Sixty-five per cent of managers at multinationals in Japan said they expected to increase recruitment in the fourth quarter, according to the survey released on Thursday, up from 60 per cent in a survey taken three months earlier.
In China, 64 per cent of respondents plan to increase headcount this quarter, up from 60 per cent in the previous quarter; in Hong Kong 54 per cent of managers expect to add staff, compared with 49 per cent in the last survey.
The survey by Chicago-based Hudson Highland Group Inc covered responses from 2,500 managers at multinational companies across industry sectors in China, Hong Kong, Japan and Singapore.
Expectations in Singapore remained unchanged from the previous survey, with 54 percent of managers seeing a need to hire more staff.
Fast economic growth has led to a shortage of executive talent in Asia. More than a third of employees in Hong Kong and Singapore leave a company within two years, according to the Hudson report.
In China, 52 per cent of staff leaves within two years, and 30 per cent of job candidates there are demanding salaries of more than 20 per cent above what employers are willing to pay, the survey shows.