Insurance companies in China spent Yn119m on television advertisements in the first four months of this year, 92 per cent more than in the same period of 2001, said CVSC-TNS Research. The top spenders were Ping An Insurance, People's Insurance Co of China, China Life, China Pacific Insurance and Germany's Allianz Group. In 2001, the […]
Category: Banking & Finance
Bank of China Hong Kong launched its initial public offering in Hong Kong in July, becoming the first big four bank to sell shares to foreign investors. Bankers said the public sale was oversubscribed by 25 times. The bank priced the issue at HK$8.50 a share for institutional investors with a 5 per cent discount […]
The Shanghai branch of the People's Bank of China reported that foreign banks invested US$240m in Shanghai during the first six months of this year, according to Reuters. "Foreign banks in Shanghai have an almost universally optimistic view of their China operations and of China's prospects for maintaining quick economic growth," said the bank. China […]
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Alcatel aims for top position
Alcatel has formed an integrated group of its Shanghai manufacturing operations and launched it as Alcatel Shanghai Bell at the end of May, South China Morning Post said. The head of Alcatel’s China operations said that it plans to become the mainland’s top telecommunications gear maker. To this end, the company will more than double […]
The Industrial and Commercial Bank of China, one of the country’s four major stateowned banks, announced a pre-tax profit rise of 15.8 per cent in 2001 to Yn5.89bn. A bank spokesman attributed the increase to improved efficiency and asset quality. During 2001, the bank cut staff numbers by 47,000 to 429,000 and closed 3,400 lossmaking […]