China Economic ReviewTrading company Li & Fung (0494.HK) is pursuing five acquisitions that will extend its reach into Europe and begin boosting profits as early as the second half of this year, the South China Morning Post reported, quoting company executives. The news countered market rumors that Li & Fung, Walmart’s (WMT.NYSE) biggest supplier, had slowed its […]
China’s drug regulator ordered a recall over the weekend of an antibiotic manufactured by UK-based pharmaceutical company GlaxoSmithKline (GSK.LON) that had been shown to contain traces of a banned plasticizer, state media reported. Tests showed that amoxicillin and clavulante potassium produced by GSK contained traces of Di-isodecyl phthalate, used to make plastics more flexible, according […]
An IPO prospectus for the Italian luxury goods maker Prada SpA suggests the firm will target a US$2.6 billion IPO on the Hong Kong Stock Exchange later this month, Bloomberg reports. The pricing could see Prada’s share sale raise twice as much as Chinese shoe maker Belle International (1880.HK), which is currently the largest consumer-goods […]
Consumer goods giant Unilever (UL.NYSE, ULVR.LSE) is seeking to increase its operations in China to about five times its current level, Bloomberg reported. Harish Manwani, the firm’s Asia head, said that Unilever has been growing at 18-19% annually in China in recent years, and that about 40% of the company’s revenue came from Africa and […]
In mid-June, Beijing authorities ordered real estate developer Sinobo Group to cease selling apartment units in its No. 7 Diaoyutai complex, which it advertised as “the most expensive home in China.” Apartment units at No 7 cost up to US$46,000 per square meter, 10 times the Beijing average. Trying to attract customers by advertising how […]