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CIC buys 20% stake in HK clean energy firm

CIC buys 20% stake in HK clean energy firm China Investment Corporation (CIC), the nation\'s sovereign wealth fund, would spend 5.5 billion HK dollars (US$709.69 million) to buy about 20 percent stake in a Hong Kong-based new energy company, said a report posted on CIC\'s website Thursday. The company said it had entered into a binding framework agreement with GCL-Poly Energy Holdings Ltd (GCL-Poly), and would subscribe for 3.108 billion new shares at a price of HK$1.79 per share. The two sides...

Mattel cuts sales target for Shanghai Barbie store

Mattel cuts sales target for Shanghai Barbie store Mattle has revised the sales targets three times. [China Daily] Mattel Inc, the world\'s biggest toymaker, lowered the sales target for its Barbie store in Shanghai by at least 30 percent after deciding the original marketing concept didn\'t work. "The initial sales targets were astronomical," said Dann Murphy, who took over as general manager as his predecessor left eight months after the store opened. Targets for the six-story...

Merck to set up R&D unit in Beijing

Merck to set up R&D unit in Beijing Merck Serono, a division of pharmaceutical and chemical giant Merck KgaA, plans to establish a global research and development (R&D) center in Beijing, to strengthen its global R&D capabilities and expand business in China, said company executives yesterday. The Geneva-based company will invest more than 150 million euros and create more than 200 new jobs over the next four years to set up the new center and conduct R&D activities in...

Surging Skoda: Spectacular 3 years

Surging Skoda: Spectacular 3 years ? Superb Haorui, Skoda\'s flagship model. [File photo] Skoda, the Czech subsidiary of German automaker Volkswagen Group, more than doubled its sales to 123,000 units in China last year, a staggering achievement for such a newcomer. Though a century-old brand, Skoda entered China\'s market just three years ago as a part of Shanghai Volkswagen\'s dual-brand strategy. Skoda now makes three models at the Sino-German joint venture - the compact Octavia...

China State Construction nets $100m US subway deal

China State Construction nets $100m US subway deal The company has signed more than $2 billion worth of contracts in the US this year. [China Daily] China State Construction Engineering Corp, the largest contractor in China, has bagged a subway ventilation project worth about $100 million in New York\'s Manhattan area, marking the construction giant\'s third order in the United States\' infrastructure space this year. The contract was given to China Construction American Co, a subsidiary,...

BYD wins backing to make e6

BYD wins backing to make e6    New-energy vehicle and battery manufacturer BYD Automobile Co said?Monday that it has won approval to produce the e6, its first pure electric car, in the country. A BYD official said the e6 accelerated the auto maker\'s new-energy vehicle strategy and will help domestic car makers compete against international rivals. BYD Auto\'s e6 is presented during the 2010 North American International Auto Show (NAIAS) at Cobo center in Detroit,...

State-owned restructuring pace quickens

State-owned restructuring pace quickens The local government is seeking to speed up restructuring of Shanghai\'s State-owned enterprises by pushing them to go public, Shanghai Vice-Mayor Ai Baojun said yesterday. The city is targeting a securitization ratio of up to 90 percent for State-owned companies, Ai said on local radio. Ai didn\'t elaborate on when the target would be reached. Securitization is the process by which a company packages its financial assets and then markets them to...

Economic stability boosts CIC

Economic stability boosts CIC China Investment Corporation (CIC), the nation\'s 300 billion U.S. dollars sovereign wealth fund, may gain more than 10 percent from its investments last year on the back of the global financial market and economic stability, a source close to the fund said. "Though the total financial return is not yet fixed, the fund expects to report an annual return better than last year," said the source, speaking on condition of anonymity. It was reported in...

Chinese firms more cautious on foreign buyouts

Chinese firms more cautious on foreign buyouts Chinese companies are planning to take a more cautious approach to foreign acquisitions, avoiding outright buyouts and seeking more partnerships and alliances, a report by the Economist Intelligence Unit said on Tuesday. According to the report, among survey respondents who say they are definitely or likely to make an overseas investment, 47 percent would prefer to strike either joint ventures (29 percent) or alliances (18 percent) while only 27...

Googles loss could be Baidus gain

Google\'s loss could be Baidu\'s gain ? Domestic search firm Baidu Inc could be the biggest beneficiary of a possible pullout from China by Internet major Google, leading industry experts said yesterday. The NASDAQ-listed Baidu already dominates the Chinese search landscape and it has signaled its intentions to spread wings, even before Google hinted at a pullout. The California-based Google could see an exodus of advertisers from the Chinese mainland and see them switching to Baidu,...