A Japanese controlled metal parts trader has become the first foreign-owned company allowed to make an initial public offering in China, reported Bloomberg. Ningbo Tongmuo New Materials is 60 per cent owned by Mitsumi Special Alloy Industry and it hopes to raise about Yn400m from the sale. Other foreign companies such as Unilever have expressed […]
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Regulator closes brokerage
The China Securities Regulatory Commission has revoked the licence and ordered the closure of Dalian Securities, a small brokerage in Liaoning province, South China Morning Post said. Analysts believed that the decision to proceed to closure was based on the brokerage's issue last year of debt instruments that guaranteed higher interest rates to retail investors. […]
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Subsidies for CDMA handsets
China Unicom said it had spent Yn5.55bn on handset subsidies to help it meet its target of 4.49m CDMA subscribers. However it still had about Yn2.36bn-worth of mobile handsets in stock, which are likely to affect the company's future earnings. The carrier launched its code division multiple access operation in January 2002 and has offered […]
Finnish telecoms manufacturer Nokia is to merge its four joint ventures in China and start local production of CDMA handsets, the Financial Times said. Nokia will own more than 60 per cent of the new company, with Chinese partners holding the balance. The handsets will use Nokia's own chipsets, rather than those supplied by Qualcomm […]
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Changhong profit doubles
Sichuan Changhong Electric reported profits of Yn176m for 2002, more than double the amount for the previous year. Revenues climbed 32 per cent to Yn12.59bn. The company attributed the rise to an increase in export sales. These totalled Yn5.54bn, 44 per cent higher than in 2001. The company has denied reports in Shenzhen Economic Daily […]