China Economic ReviewOBI, a unit of Europe's Tengelmann Group, pulled out of China, saying it had sold its 13 mainland stores to Kingfisher, parent of B&Q, China's leading home improvement player, the South China Morning Post reported. The pull-out follows a dispute with OBI's joint venture partner and advances B&Q's plans to have a 50-store mainland network […]
Power equipment maker Shanghai Electric ended its Hong Kong debut only HK$0.01 up on its IPO price of HK$1.70, Reuters reported. Indications were the market was turned off both by an overreaching share valuation and suspicions that the equipment market had already peaked. Raising US$647m, it was Hong Kong's biggest IPO of the year, but […]
Zhejiang Geely Holding (Group), the parent of listed Geely Automobile Holdings, China's largest private carmaker, revealed that this year's scheduled massive expansion of Geely Auto's Shanghai and Ningbo operations adding 350,000 units to annual capacity had been delayed. Despite a generally flat market, Geely's economy lines have sold well, the company saying it was targeting […]
The Wall Street Journal reported that the central government had launched an umbrella agency for energy security under Ma Kai, who also heads China's National Development and Reform Commission. Reporting to the State Council, the State Energy Office, as it is reportedly called, is charged with supervising China's state-owned oil companies and the strategic petroleum […]
Wrapping up his Asia tour in Manila, Chinese President Hu Jintao said he looked forward to his meeting today with Lien Chan, the leader of Taiwan's Kuomintang nationalist party, saying he hoped Lien's visit would bring a "win-win" future for cross-strait ties. Hu called KMT leader's visit a "journey of peace".