Media Focus on Multinational Corporations[2021.05.17]






Swiss engineering giant ABB ramps up robotics business in China: chairman

ST. GALLEN, Switzerland -- The chairman of Swiss technology and engineering firm ABB told Xinhua he was bullish about his company's performance outlook for 2021 driven by its China business and strong push into robotics and e-mobility.

'The first quarter (Q1) of this year was better than expected, both in revenue terms but also in profit terms,' Peter Voser told Xinhua on the sidelines of the 50th St. Gallen Symposium, a conference and student initiative taking place at the University of St. Gallen in Switzerland in May every year.


Shanghai Fosun Pharmaceutical (Group) Co Ltd&BioNTech SE

JV targets production of mRNA COVID vaccines

China's leading healthcare group Shanghai Fosun Pharmaceutical (Group) Co Ltd has taken a significant step in the production of mRNA-based COVID-19 vaccines by forming a joint venture with German biotechnology firm BioNTech SE.



Smart tech boosts 'most beautiful rail'

China Tiesiju Civil Engineering Group (CTCE), a State-owned construction behemoth, used the country's first intelligent track-laying facilities to lay a pair of 500-meterlong ballast-free track segments on Saturday for a 38.24 billion yuan ($5.92 billion), 246.6-kilometer high-speed railway line.



Bosch China sets new record high sales in 2020

Robert Bosch GmbH, the German industrial and technology giant, announced on Tuesday that its sales in China reached 117.3 billion yuan ($18.25 billion) in 2020, registering a growth of 9.1 percent compared to the previous year.

The company said sales of Bosch China set a new record high despite a challenging market environment, thanks to the steady economic recovery and the uptick in the auto industry, consumer products, industrial technology and other sectors in the local market.

'China was the first major economy to recover from the pandemic. The country's growth was one of the deciding factors that ensured the group to perform far better globally than expected at the beginning of last year,' said Volkmar Denner, chairman of the board of management of Robert Bosch GmbH.



Meituan shares drop as woes continue

The share price of Chinese food delivery company Meituan fell 5.25 percent on Tuesday to HK$249,($32.07), after the company was summoned by authorities for harming the rights of deliverymen and consumers.

The company's stock price has fallen nearly 45 percent from a peak of HK$460 per share in February this year, which means that the $206 billion company has lost nearly half of its market value.

The plunge came as Meituan faced fresh scrutiny after a Meituan employee said during a conversation with authorities in Beijing that nearly 10 million registered deliverymen on the company's take-away platform are not regulars, but outsourced personnel.


Nestle expands presence with fresh investments

Global food and beverage giant Nestle's recent new investments to boost its high-end portfolio including baby food, coffee and dairy products signal the Swiss firm's confidence and commitment to further tap the rapidly growing China market.

Nestle has added production facilities in Laixi, a city in Qingdao, Shandong province, including a new product innovation center and the launch of production of Gerber puree, in a bid to expand production.

'Despite challenges brought by the COVID-19, Nestle has continued to increase its investment in the Chinese market, which demonstrates our commitment to China and its consumers,' the company said.



Konka makes moves in high-end TV segment

Chinese television manufacturer Konka Group Co Ltd is moving to strengthen its presence in the high-end TV segment, as it strives to grab new opportunities emerging from upgraded consumer demand.

Zhu Zhongqing, general manager of domestic marketing for Shenzhen Konka Electronic Technology Co Ltd, one of the group's subsidiaries, said the company is committed to promoting technological innovation and pushing forward with internal reform to gain a strong foothold in the market amid intensifying rivalry from competitors.

The company on Tuesday unveiled its new OLED TV product, APHAEA OLED V5. Priced at 15,999 yuan ($2,486) and 9,999 yuan for 65-inch and 55-inch screen versions respectively, the new models carry a series of intelligent functions including AI fitness, AR interactive gaming and video calling, and can be linked remotely to other smart devices in the home.

While upgrading products with new display technologies will bring fresh business opportunities to market players, inclusion of intelligent features such as artificial intelligence and social interaction into the traditional industry is also crucial for their development, Zhu said.

Sinopec&Great Wall Motors

Sinopec, Great Wall Motors team up over hydrogen energy

China's oil giant China Petrochemical Corp, better known as Sinopec, has signed a framework agreement on hydrogen energy strategic cooperation with China's automaker Great Wall Motors (GWM) to carry out in-depth cooperation in the fields of hydrogen energy technology research and development.

The two sides will speed up independent development of core technology and equipment of the hydrogen sector, promoting the value creation of upstream and downstream assets of the industrial chain to jointly push forward the country’s high-quality hydrogen development.


MYMRO completes new round of financing

MYMRO, a supplier of industrial maintenance, repair and operational products, announced it has raised several hundred million yuan in a B round of financing led by FountainVest Partners.

The fresh round, with other investors including GDD Industry Fund Investment Group Hongtai Aplus, came not long after the company was acquired in a management buyout led by Zhou Yanhua, the former general manager of Grainger China.

With the move, the company has transformed from a foreign-funded unit to a Chinese-owned company, which can help it better base itself in China and provide customers with more localized products and services.

State Grid Corp of China&China Southern Power Grid

Two major grids' profits see high-voltage rebound

Profits at China's two major power grid operators have witnessed a sharp rebound during the first quarter, thanks to the domestic economic recovery, and the trend is expected to continue throughout this year, said analysts.

The country's two major power grids-State Grid Corp of China, the world's largest utility, and China Southern Power Grid, whose business covers China's Guangdong province, the Guangxi Zhuang autonomous region, Yunnan province, Guizhou province and Hainan provinceeach saw their total net profit exceed 15 billion yuan ($2.33 billion) during the first three months, up 153.05 percent year-on-year.

While State Grid's first-quarter revenue rose 19.04 percent year-on-year to 677.75 billion yuan and net profit surged 14 times to 12.07 billion yuan, China Southern Power Grid's top line was 28.52 percent higher at 139.12 billion yuan and net profit jumped 2.6 times to 2.98 billion yuan.

Xiaomi sees bright overseas future after US blacklist removal


Chinese smartphone maker Xiaomi Corp's removal from a United States Defense Department blacklist is further indication that the US government sanctions on Chinese companies are unwarranted, experts said.

'The removal indicates that restrictions imposed by the US government on Chinese companies do not hold any ground or support,' said Wang Peng, an associate professor at the Hillhouse Research Institute of the Renmin University of China in Beijing.

'In the global market, fair market order cannot be disrupted for biased political reasons. Cooperation and win-win results always outweigh differences on the global stage,' Wang said.

The comments came as a joint status report filed on Tuesday with a US court said that Xiaomi and the US Department of Defense had agreed to resolve the litigation for listing the enterprise as a 'Communist Chinese Military Company'. The two parties are negotiating over specific terms before filing a separate joint proposal before May 20.hanges and removal from global benchmark indexes. Xiaomi sued the US Department of Defense and the Department of Treasury in January.


Danone finalizes sale of Mengniu stake, will expand presence

Food and beverage conglomerate Danone SA has finalized the sale of its approximate 9.8 percent stake in China Mengniu Dairy Co Ltd on Thursday as the French company concentrates its efforts on health-focused and fast-growth categories in the Chinese market.

The transaction is valued at HK$15.4 billion ($1.98 billion) and settlement of the transaction will take place on Monday. The majority of the proceeds will be returned to shareholders through a share buyback program, according to Danone.


Record fine weighs on Alibaba Q1 earnings

China's top e-commerce platform Alibaba Group has posted its first quarterly operating loss since going public in 2014, as a record antimonopoly fine levied by the authorities weighed on its earnings.

But both the company and analysts remain cautiously optimistic about revenue for 2022, betting on the resilience of online shopping and the digital economy as the mainstay.

The company reported a loss of 7.66 billion yuan ($1.19 billion) for the first quarter, after accounting for 18.2 billion yuan in fines to the State Administration for Market Regulation. The government agency penalized the internet giant for abusing its market dominance and crowding out competitors.



China's Tsingshan completes two big Zimbabwe projects

Chinese nickel and steel producer Tsingshan Holding Group wrapped up the building of two high carbon ferrochrome furnaces in Selous in Mashonaland West province last month, a Zimbabwe minister said on Tuesday.



Galanz makes offer for Whirlpool's shares

After over eight months of antitrust clearance by regulators in the United States, Brazil, Germany, Turkey, Austria, Colombia and other countries, Guangdong Galanz Household Appliances Manufacturing Co Ltd, announced it had made a partial tender offer for unlimited circulating shares held by all shareholders of Whirlpool (China) Co during the term of the offer.

A pre-ordered offer, of which the term is from March 31 to April 29, has been made for 467,527,790 shares at a price of 5.23 yuan per share, accounting for 61 percent of the total share capital.

Whirlpool's (China) Board of Directors released an announcement on the delivery completion of the tender offer for shares of the company on May 8.