The global aspirations of top Chinese lender ICBC (HKEx: 1398; Shanghai: 601398) got a big boost last week when China announced a major expansion of its yuan exchange agreement with Singapore, naming ICBC as the local agent to execute the deal. The Central Bank’s award of such major new business to a private lender underscores the close ties that remain between Beijing and China’s top banks, undermining their credibility as they seek to compete globally with big western names like HSBC and Citibank. If Beijing really wants ICBC and China’s other major banks to win global respect, it needs to halt this kind of special treatment. Otherwise it risks keeping these financial institutions dependent on State support for their success, forever stigmatizing them as policy lenders.
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Media Regulator Merger: Less Oversight? 新闻出版总署和广电总局整合 或令媒体监管放松
Despite previous denials, China announced over the weekend that its 2 main media regulators will merge as part of a drive to streamline government — a move that could ultimately benefit both new and traditional media. I have to start off by pointing out how meaningless official denials are in China, as a top official at the General Administration of Press and Publication (GAPP) just last week denied that his ministry would merge with the State Administration of Radio Film and Television (SARFT). (English article)
Shanghai Street View: Muffling Merrymakers 沪经动向：消除噪音
Shanghai has a strong reputation for accomplishing difficult tasks, but I really think the city could find it hard to implement its latest new law targeting bothersome outdoor noise. The law, which came into effect at the end of February, takes aim at one of the city’s most common pastimes: the outdoor dancing squad. The term “dancing squad” is really just my own creation, as these kinds of outdoor performances aren’t really limited to dancing. They run the range from groups of women doing calisthenic-like dances in the morning, to people ballroom dancing and singing karaoke music outside parks.
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Mobile: Easou, UC Talk Merger, Xiaomi Grows 宜搜与UC据传洽谈合并 小米手机目标翻番
The mobile Internet is buzzing today with a couple of interesting news bits, including one that could see an emerging new giant forming with talk of a potential merger between search site operator Easou and UC Mobile, maker of a popular mobile web browser. Meantime, other media reports say up-and-comer Xiaomi aims to double its sales this year, as it looks to move from niche player to a more mainstream maker of lower-cost, high performance smartphones.
Suntech: Shinier Days Ahead? 尚德电力危机初现曙光？
With only a week before a key deadline for a big debt repayment, solar panel maker Suntech (NYSE: STP) appears to have cleared a major hurdle for a rescue plan by settling a big dispute with one of its major partners. I suspect that settlement with GSF, a builder of solar plants in Europe, was a major condition by Suntech’s bondholders for a deal that could see the company avoid both bankruptcy or a takeover by Chinese government entities. In the meantime, Suntech’s colorful founder Shi Zhengrong is speaking freely to the media about his forceful ouster earlier this week from the chairmanship of his company, in an ongoing series of power plays taking place behind the scene.
Dangdang Results: Investors Losing Patience 当当网业绩：投资者失去耐心
A sharp dip in Dangdang (NYSE: DANG) shares after it announced its latest results shows investors may be losing patience with this company that arrived early to China’s e-commerce space, only to be overtaken by more aggressive rivals in the last 2 years. Dangdang’s stock tumbled 4.8 percent after the announcement of its latest results, which showed the company’s losses were stabilizing as it took cost-cutting moves and competition eased a bit in China’s ultra-competitive e-commerce market.
ZTE Pairs With Intel, Huawei Woos Europe 中兴与英特尔结盟 华为取悦欧洲市场
Leading telecoms equipment makers ZTE (HKEx: 763; Shenzhen: 000063) and Huawei are making new tactical moves on different fronts, with the former announcing a new tie-up with chip giant Intel (Nasdaq: INTC) as the latter defends its position in the lucrative European market. Since I’m writing about telecoms, I should also draw attention to the latest comments from leading mobile carrier China Mobile (HKEx: 941; NYSE: CHL), whose new chairman once again has reaffirmed the company is actively looking for M&A opportunities abroad.
E-Commerce Tax: Slowdown Coming? 加强征税会给电商行业降温吗？
China’s unruly e-commerce sector could be set for some big changes in the year ahead, with executives from both inside and outside the industry calling for moves to bring order to an unruly space that has been plagued by cutthroat competition. Perhaps most significantly, a top executive from the traditional retailing sector is calling for e-commerce firms to pay more taxes, a move that could make online purchasing more expensive and less attractive to cost-conscious consumers. Other executives are calling for tighter regulation of the sector, which has evolved into a free-for-all due too much investment and lack of government oversight.
Google, Beijing Clash Over Android 谷歌与中国政府因安卓而冲突
Global Internet titan Google (Nasdaq: GOOG) just can’t seem to do anything right in China. Or perhaps the company is just a victim of its own success. The latter appears to be the case in Google’s latest China tussle, which has the telecoms regulator in Beijing accusing Google of unfairly dominating the Chinese mobile market with its popular Android operating system (OS). (English article) The regulator, the Ministry of Industry and Information Technology (MIIT) is also accusing Google of discriminating against Chinese OS developers.
Alibaba In New Loan As Bankers Swoon 阿里巴巴或很快启动IPO
A flurry of news on e-commerce leader Alibaba indicates the company continues to grow at a rapid pace, with the spike of activity perhaps hinting that the process for a highly-anticipated IPO could soon start or may have already even begun. Topping the headlines is news that Alibaba is negotiating a massive $8 billion new loan. At the same time, recent new financial data for the company have just come out from struggling US search giant Yahoo (Nasdaq: YHOO), one of the Chinese company’s largest stakeholders. And perhaps most intriguing, an analyst at Barclays has just published his estimated valuation for Alibaba, putting the figure as high as $55 billion.
Suntech’s D-Day Nears, Yingli’s Mixed Results 尚德电力清算日临近 英利绿色能源业绩好坏不一
New developments in the battered solar energy space indicate the day of reckoning is fast approaching for embattled Suntech (NYSE: STP), even as the latest results from rival Yingli (NYSE: YGE) are showing early signs of a rebound for the battered sector. Industry watchers will recall that cash-strapped Suntech has nearly $600 million worth of bonds that will mature on March 15, even though it lacks the money to repay the bondholders.
