The insurance joint venture established by New York Life and Haier, China's leading domestic appliance manufacturer, sold its first policy in December. The two partners own equal shares of the venture, Haier New York Life, in which they have invested a combined US$24m. New York Life is providing financial and insurance expertise to the venture, […]
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International accounting group Ernst & Young has moved several of its top tax advisors from its Hong Kong office to head its tax offices in Beijing and Shanghai, South China Morning Post reported. The company said that it would also bring in experts from Europe and the US to lead an expansion of its China […]
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Herbal medicine investment
Japan's largest producer of herbal medicines, Tsumura & Co, intends to break into the Chinese market from 2006. It will start with the sale of four medicines, similar products of which are difficult to find in China, according to Nikkei. They include drugs used to control convulsions and to activate liver functions. Its joint venture […]
Japanese textile and chemical companies are expanding output of high-performance resin compounds in China in response to rising demand from customers in the home appliance, office equipment and auto sectors. Toray Industries is building facilities in Shanghai and Shenzhen, Guangdong province. It will produce materials used in making auto parts and other products. Teijin Chemicals […]
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Milk giant takes foreign funds
US-based investment bank Morgan Stanley contributed US$18m of the US$26m paid by three outside investors for a 33 per cent stake in China's leading producer of dairy products, Mengniu Dairy Co, China Daily said.The other partners in the deal concluded in late December, were CGU-CDC China Capital Partners and Dinghui Investment. Niu Gensheng, chairman of […]