Many things have changed quite a lot in China since my first visit to the country in 1987, but one of the most subtle and yet also quite profound is the vast transformation of Chinese eating habits. The China I first encountered in the 1980s was one where local flavors dominated the eating scene everywhere, from major cities like Beijing down to the smallest villages in Guizhou province.
Today that picture has changed dramatically, with cities like Shanghai boasting a wide range of domestic and foreign cuisines that can rival any other top city in Asia. Even mid-sized cities often host a wide range of non-native regional Chinese cuisines, as well as the occasional restaurant cooking up famous foreign cuisines like Italian or Japanese. Read Full Post…
Anyone who believes in a bright future for security software maker Qihoo 360 (NYSE: QIHU) will probably say that buyers of $600 million worth of newly issued company convertible bonds got a great deal based on the conversion price. The bonds may indeed be a good bargain if Qihoo can come even close to realizing some of the hopes that many investors are holding for the company following its rapid gains into the lucrative online search space formerly dominated by Baidu (Nasdaq: BIDU). The closing of this bond sale looks equally interesting to me, as it could indicate that Qihoo may finally sign a deal to buy Sohu’s (Nasdaq: SOHU) Sogou search engine, significantly boosting its search presence after months of protracted negotiations. Read Full Post…
The following press releases and media reports about Chinese companies were carried on September 7-9. To view a full article or story, click on the link next to the headline.
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US Clears Smithfield’s (NYSE: SFD) Acquisition By China’s Shuanghui (English article)
China Telecom (HKEx: 782) Kicks Off 4G Equipment Tender – Source (English article)
US Prosecutors Add China Bribe Allegations To GSK (London: GSK) Probe (English article)
China Factory Fire Sends Memory Chip Prices To 3-Year High (English article)
PetroChina (HKEx: 857) Receives Notice Of US Class Action Lawsuit (HKEx announcement)
After several months of silence as they were targeted for a series of anti-graft investigations, I’m happy to see that western firms are finally speaking out about the biased nature of this Chinese campaign against them. The firms are voicing their grievance through an industry organization, the European Union Chamber of Commerce, which is complaining that western drug makers have been unfairly targeted in the campaign that began around 2 months ago and has netted such big names as Britain’s GlaxoSmithKline (GSK) (London: GSK), Switzerland’s Novartis (Switzerland: NOVN) and French drug maker Sanofi (SAN). At the same time, the United Nations is adding its voice to the debate, saying this kind of anti-corruption campaign should be a welcome step to cleaning up the country’s business environment. Read Full Post…
I’d like to finish out this week by taking a look at 2 business personalities in the news these last few days, namely tech guru Lee Kai-Fu and tech financier and industry pundit Charles Xue, more commonly known by his self-given moniker Xue Manzi. Lee has just disclosed over his microblog that he has been diagnosed with cancer, while Xue’s arrest for soliciting prostitutes stems from own personal fondness for beautiful women. Read Full Post…
There are some interesting news bits at opposite ends of the listing spectrum today, with word that e-commerce giant Alibaba has received a setback in its plans for a Hong Kong IPO, while chipmaker Spreadtrum (Nasdaq: SPRD) is on the cusp of de-listing from the Nasdaq. In the middle of the spectrum is newly listed e-commerce firm LightInTheBox (NYSE: LITB), whose honeymoon after its June IPO has abruptly ended with a rapid tumble in its share price which has resulted in a newly filed shareholder lawsuit. Read Full Post…
The following press releases and media reports about Chinese companies were carried on September 6. To view a full article or story, click on the link next to the headline.
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China Probes Against Foreign Pharma Unfair: EU Business Lobby (English article)
Xiaomi Launches New Mi3 Smartphone, To Sell For 1,999 Yuan (Chinese article)
Alibaba to Invest in Sina (Nasdaq: SINA) Video Business – Source (English article)
US Unlikely To Block Shuanghui Purchase of Smithfield (NYSE: SFD) (English article)
Qihoo 360 (NYSE: QIHU) Closes Offering of $600 Mln of Convertible Notes (PRNewswire)
I’m giving kudos today to China Telecom (HKEx: 728; NYSE: CHA) for finally doing what no other company has ever done before: getting China included in the upcoming global launch for Apple’s (Nasdaq: AAPL) newest iPhone. Meantime, China’s homegrown Apple wannabe Xiaomi is taking another page from its role model, with media reporting the fast-rising smartphone maker is preparing to launch its first tablet PC right around the same time of the global iPhone debut. Read Full Post…
In a somewhat ironic development, the latest application for a New York IPO by a Chinese firm is coming from one of the biggest US theater chains, AMC Entertainment, which was purchased by Chinese real estate giant Wanda Group last year for $2.6 billion. I’m calling the move ironic because most China watchers have been waiting for more than a year for the resumption of IPOs by Chinese firms in New York, following a 2 year winter that saw only a handful of companies list due to frigid investor sentiment. This latest development by Wanda and AMC may show that it’s still too early to say the recent IPO winter has finally ended, since AMC is really a US-based asset despite its Chinese ownership. Read Full Post…
A chapter in the courtship of China’s top 4 banks by western rivals is finally about to close, with word that Bank of America (NYSE: BAC) is looking to sell its remaining stake in China Construction Bank (HKEx: 939; Shanghai: 601939), China’s second largest lender. This looming divorce shouldn’t come as a surprise to anyone, as it’s really just the final break-up between big western banks that once held out big hopes of entering China’s banking market through tie-ups with major state-run lenders. In an interesting twist to the story, we’re actually seeing some of the big Chinese banks make their own recent international tie-ups as they look to perhaps someday challenge the big western lenders on the global stage. Read Full Post…
The following press releases and media reports about Chinese companies were carried on September 5. To view a full article or story, click on the link next to the headline.
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