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China Eastern Airlines ex-official under investigation

A China Eastern Airlines Corp former general manager is under investigation for misappropriation of company funds, the 21st Century Business Herald reported today, citing an unidentified person. Luo Zhuping, a spokesman for China Eastern, said he was "unaware of the matter" when ...

Most listed firms expect gains in first half

Among the 648 listed firms that disclosed their estimates of their first half performance, 525, or over 70 percent, said they expected to report profits, the China Securities Journal reported Tuesday. These profitable companies were concentrated in mechanical equipment, ...

China top competitor for how long?

BEIJING - Despite the many challenges facing China's manufacturing industry, the country will remain king of manufacturing competitiveness over the next five years, consulting firm Deloitte said in a recent report. Backed by a relatively abundant pool of unskilled and skilled ...

Baosteel targets 66m-ton capacity by 2015

Baosteel Group Corp, the nation's second-biggest steelmaker, said Monday in its five-year plan that it targeted annual crude steel capacity of 50 million tons by 2012 and 66 million tons by 2015, the China Securities Journal reported Tuesday. In 2007 the company said it wanted to ...

Ruyi to finalize Renown stake in late July

Textile firm to leverage Japan firm's brands, network and management JINING, Shandong - Chinese textile manufacturer, Shandong Ruyi Group, said it expected to finish its 41 percent purchase of Japanese clothing maker Renown Inc on July 28, with the deal already approved by the ...

Foxconn mulls move northward

BEIJING/TIANJIN - Scandal-plagued Foxconn is planning to increase its investment in Tianjin, amid latest reports that the electronics manufacturing giant is shifting some of its operations to the municipality and transfer staff from its Shenzhen plants. The Taiwan-based company ...

Foxconn plans plant with 300,000 workers in C China's Henan province

Foxconn Technology Group, the contract maker of Apple Inc iPhones and Hewlett-Packard Co computers, plans to establish a factory with 300,000 workers in central China's Henan province, the local government said. The company is looking to hire 100,000 workers in the near- term ...

Hopewell Highway to issue yuan-denominated bonds

Hopewell Highway Infrastructure Ltd, controlled by Hong Kong billionaire Gordon Wu, will issue two- year yuan-denominated bonds as soon as July, according to two people with knowledge of the matter. The bonds will be issued to institutional investors in Hong Kong and Bank of ...

Lenovo targets 1m Lephone China sales this year

SHANGHAI - Lenovo Group is targetting sales of 1 million units of its self-developed smartphone in the China market this year, an executive said on Monday. The phone, called Lephone, is based on Google's Android operating system. It was showcased at a mobile fair in January this ...

Hu visits Bombardier plane maker

Toronto - Chinese President Hu Jintao squeezed time out his busy schedule in Toronto to tour the Bombardier plane maker, a sign expected to further enhance the cooperation between Chinese aerospace industry and the European giant. The event also marks the last item of Hu's three...

China Metal Recycling eyes Shanghai listing by 2013-15

HONG KONG: China Metal Recycling, the largest scrap-metal recycler in China, plans to list on the Shanghai stock exchange by as early as 2013, the South China Morning Post said on Monday. The company's plans were still at an initial stage, Chairman and Chief Executive Jacky Chun ...

PICC underwriting should be profitable

PICC Property & Casualty Co's underwriting operations should be profitable this year, said Wu Yan, chairman of China's biggest non-life insurer. The operation "should be able to achieve" the goal of making a profit even amid flooding in some parts of China, he told a forum in ...

UFIDA Software announces $72m takeover plan

UFIDA Software Co, a major provider of management software solutions, announced a 491 million-yuan ($72 million) takeover plan Thursday in the hope of jumping on the bandwagon of China's fast-growing automotive industry. UFIDA said in a statement that it will pay 486.09 million ...

China Shipping Container to add surcharges on cargo-box shortage

China Shipping Container Lines Co, the nation's second-biggest cargo-box carrier, plans to impose additional surcharges on transpacific shipments next month because of a global shortage of containers. The shipping line will levy an "emergency equipment surcharge" of $400 per ...

Foreign giant eyes Chinese grain market

A recent wheat-processing project by Singaporean agribusiness group Wilmar International Limited in Henan province has stirred fears that foreign giants are threatening China s grain and oil enterprises, a report by China Economic Weekly said. This project, which includes wheat ...

China wind turbine maker plans $500m US listing

Mingyang Electric, one of the five biggest wind power turbine suppliers in China, plans to raise $500 million in a share sale in the United States in September, in what could be the largest such listing by a Chinese company this year, the International Financing Review reported. ...

New joint venture for Beijing Vantone and TCL

Beijing Vantone Industrial has signed a framework agreement with the country's leading appliance and television maker TCL Corp to explore the industrial property sector in a joint venture. The partnership, named Vantone Innovation Industrial Resource Investment, is specialized in ...

TCL raises $664m in private placement

Chinese appliance and television maker TCL Corp raised 4.5 billion yuan ($664 million) in a private placement of shares last month, the firm said in a stock exchange filing on Monday. The firm issued 1.3 billion shares to 10 select investors at 3.46 yuan per share late last month ...

Airbus to expand production of A320 family

TIANJIN - Airbus will increase its monthly manufacturing capacity of the A320 family of commercial aircraft from 34 to 40 by early 2012 amid increasing demand, the aircraft manufacturer said Friday. "Increased demand for the aircraft and a healthy backlog has led us to decide to ...

Air China subsidiary to buy 10 Airbus planes for $814m

HONG KONG - Air China, the country's leading carrier, said late Friday that one of its subsidiary airlines would pay $814 million to buy 10 Airbus 320-series passenger planes. In a statement filed to the HK stock exchange, the Beijing-based carrier said its subsidiary, Shenzhen ...
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