I don’t know if I’m the only one who noticed this, but the flurry of attacks on foreign companies that began quite suddenly during the summer has ended just as quickly, replaced by what looks like a longer-term series of investigations against high-level officials at major state-owned firms. This second wave of attacks is obviously much more politically sensitive since it targets well-connected local Chinese officials, many of them high-ranking executives at some of the country’s leading state-run firms. Sensing that this anti-foreign campaign has now officially passed, visiting UK Prime Minister David Cameron has become a vocal supporter of GlaxoSmithKline (GSK) (London: GSK), the British drugmaker that was at the center of one of the biggest attacks against a multinational during the summertime campaign. Read Full Post…
The following press releases and media reports about Chinese companies were carried on November 29. To view a full article or story, click on the link next to the headline.
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Exxon To Sign Over Part Of Iraq Oilfield Stake To PetroChina (HKEx: 857) (English article)
China To Push Chaotic Petitioning System Online (English article)
Qihoo 360 (NYSE: QIHU) Restructures, Zhou Yongyi To Head Wireless Security (Chinese article)
An interesting trend is emerging these last few weeks as a growing number of investors and governments use offshore venues to probe the business practices of domestic and international firms doing business in China. The latest headlines have global banking giant Morgan Stanley (NYSE: MS) and leading domestic oil producer PetroChina (HKEx: 857; Shanghai: 601857; NYSE: PTR) coming under investigation in the US for such potentially illegal practices. The 2 cases highlight the fact that many foreigners believe they can’t find justice in China in cases of corporate wrongdoing, and thus may increasingly take their cases to other countries where justice systems are more independent and mature. Read Full Post…
The following press releases and media reports about Chinese companies were carried on November 27. To view a full article or story, click on the link next to the headline.
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US Expands China Hiring Probe To Morgan Stanley (NYSE: MS) (English article)
Huawei Founder Ren Zhengfei Vows Counteroffensive Against US (Chinese article)
PetroChina (HKEx: 857) Receives US Court Notice On Probe Into Executives (English article)
LDK Solar (NYSE: LDK) Reports Financial Q3 Results (PRNewswire)
Microsoft (Nasdaq: MSFT) Picks Guangming Daily As New China Partner (Chinese article)
The ongoing crackdown against corrupt officials at major state-owned enterprises continues to pick up momentum, with word that a top official at aluminum giant Chalco (HKEx: 2600) has resigned after being targeted in a probe. News of this latest probe comes at the same time another former high-level executive from leading telco China Mobile (HKEx: 941; NYSE: CHL) has just been formally sentenced to life in prison after his own trial for corruption. Other major state-owned enterprises whose top executives have become targets of recent corruption probes include that oil giant PetroChina (HKEx: 857; Shanghai: 601857; NYSE: PTR) and shipping leader Cosco (HKEx: 1919; Shanghai: 601919). Read Full Post…
The following press releases and media reports about Chinese companies were carried on November 14. To view a full article or story, click on the link next to the headline.
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Sina Announces $600 Mln Convertible Note Offer, Share Repurchase (PRNewswire)
Chinese Internet Firms Sue Baidu (Nasdaq: BIDU) For Online Piracy (English article)
The following press releases and media reports about Chinese companies were carried on October 30. To view a full article or story, click on the link next to the headline.
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Apple’s (Nasdaq: AAPL) iPhone Sales Face Test in China In Quarterly Results (English article)
Snapchat Could Get Funding From Tencent (HKEx: 700) This Week (English article)
I had to smile when I read a new report that levels harsh criticism at Chinese firms for their lack of transparency, since anyone who lives and works in China knows that this kind of opaqueness is rampant in China’s secretive corporate culture. It’s interesting to note that the report takes aim at China’s state-run corporate sector, where transparency is almost a dirty word and publicly traded giants like China Mobile (HKEx: 941; NYSE: CHL) and PetroChina (HKEx: 857; Shanghai: 601857; NYSE: PTR) justify their stance by hiding behind their powerful and well-connected state-owned parents. But China’s publicly listed companies that come from the private sector are also often guilty of similar sins, with company founders often using their firms as personal fiefdoms. Read Full Post…
The following press releases and media reports about Chinese companies were carried on October 17. To view a full article or story, click on the link next to the headline.
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PetroChina’s (HKEx: 857) Former Indonesia Chief Under Investigation – Sources (English article)
Yahoo (Nasdaq: YHOO) Reduces Planned Stake Sales To Alibaba On Strong Outlook (English article)
Baidu (Nasdaq: BIDU) In Talks To Acquire Ku6 (Nasdaq: KUTV), 56.com – Source (English article)
NQ Mobile (NYSE: NQ) Completes $172.5 Mln Convertible Senior Notes Offer (PRNewswire)
ZTE (HKEx: 763) Wins Highest EPC Share of China Telecom LTE Tender (Businesswire)
The following press releases and media reports about Chinese companies were carried on September 21-23. To view a full article or story, click on the link next to the headline.
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China To Limit Construction Of New Solar Panel Factories (English article)
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)
