Media Focus on Multinational Corporations[2021.0726]

日期:

2021-07-26

浏览次数:

6541

Sino-Ocean Group&Sino-Ocean Capital

Sino-Ocean Group, Sino-Ocean Capital acquire 70% of real estate company

Sino-Ocean Group and Sino-Ocean Capital spent 4 billion yuan ($6.16 billion) to acquire 70 percent of Red Star Macalline Real Estate, Sino-Ocean Group said in a statement on Sunday.

This cooperation will help Sino-Ocean Group improve its layout of core business, while the market share of Red Star Macalline Group in real estate also will increase, industry experts said.

According to the agreement, the three parties will effectively hold 35 percent, 35 percent and 30 percent equity of Chongqing Red Star Macalline Corp Ltd to jointly promote the future development and operation of Red Star Macalline Real Estate.

Red Star Macalline Real Estate, established in 2009, is the main real estate platform of Red Star Macalline Group, with sales reaching about 40 billion yuan in 2020. The company's real estate for sale concentrates on eastern, central and western China, accounting for more than 80 percent of its total property.

Sino-Ocean Group, a comprehensive industrial company, has developed more than 500 projects in over 70 cities across the country, with its core business in economically developed regions.

The consistent strategic objectives and compatible main business layout provide a foundation for their cooperation, which is also conducive to promoting the high-quality development of Red Star Macalline Real Estate in the future.


Envision AESC

Envision AESC accelerates its move into Europe amid a boom in sales of EVs

Chinese electric vehicle (EV) battery producer Envision AESC is looking to accelerate its expansion in Europe with an eye on growing its global market share while planning ahead for an anticipated boom in sales of new energy vehicles.

Following plans announced in late June to build a $2.4 billion battery plant to supply French carmaker Renault in northern France, the Shanghai-based company declared in July it would make another investment of 423 million pounds ($576 million) to build a gigafactory at the Sunderland manufacturing site in the United Kingdom.

This would be part of a 1 billion pound flagship EV hub project with carmaker Nissan, a move to further expand its presence in Europe, as the continent ramps up production to achieve battery independence and embrace the EV boom.

Envision AESC, the battery unit of the Shanghai-based Envision Group, said the company aims to produce 9 gigawatt-hours (GWh) of batteries in 2024 and 24 GWh by 2030 in France. It also pledged to create 1,000 local jobs by 2024 and 2,500 by the end of the decade. It said the investment in France will make its battery factory the first 'gigafactory' in the country.

With three battery production bases located in Japan, the United States and the UK, Envision AESC is currently building its fourth production and research and development base in China's Wuxi, Jiangsu province, with an estimated annual production capacity of up to 20 GWh.

The first phase of its China plant has been finished and started mass production. The lithium-ion batteries provided by the company to the global market have served more than 600,000 EVs worldwide without one single major battery accident, it said.

 

Tencent

Tencent fined 500,000 yuan for anti-competitive behavior

China's antitrust watchdog on Saturday ordered internet giant Tencent to give up its exclusive music licensing rights and imposed a fine for the internet giant's anti-competitive behavior.

The State Administration for Market Regulation announced a penalty worth 500,000 yuan ($77,141) on the company for its acquisition of China Music Corp in 2016, according to a statement.

The deal would give Tencent over 80 percent of exclusive music library resources, thus putting the company in an advantageous position in obtaining exclusive rights from copyright owners and crowding out new players, the statement noted.

The market regulator said Tencent and its affiliated companies must not engage in exclusive copyright agreements with upstream owners of such rights, and existing agreements should be relinquished within 30 days of the regulatory notice.

In response, Tencent said it will abide by the decision, comply with all regulatory requirements, fulfill social responsibilities and maintain healthy competition in the market.

This marks the latest example of a string of antimonopoly crackdowns to shore up fair market competition.

 

Atkins

Atkins eyes strong growth from GBA

Atkins Co, a British design, engineering and project-management consultancy, plans to participate in more infrastructure and industrial projects in China's Guangdong-Hong Kong-Macao Greater Bay Area during the country's 14th Five-Year Plan period (2021-25), said its global head.

Philip Hoare, president of Atkins, said the group's growth in China will follow the country's urbanization and industrial stimulus measures to remain competitive, and its project designs in the GBA will be the company's new sample cases during the five-year plan period.

Supported by 20,000 employees in 25 countries and regions globally, the company runs a number of offices in China's GBA,Yangtze River Delta region, Beijing-Tianjin-Hebei area and Chengdu, Sichuan province. Hoare said they will remain the company's priority markets in the country in the coming years.

With many British business leaders stressing that an 'icebreaking' spirit is needed for business communities in the United Kingdom to strengthen further cooperation between China and the UK, Hoare said there is no doubt that good relations between countries promote business relationships. In this regard, companies from both sides benefit from healthy and stable ties between their governments.

 

Santen

Santen set to invest more in China market

Santen Pharmaceutical Co Ltd, a Japanese company that specializes in ophthalmology, said that by leveraging local capabilities in research and development as well as production, it will continue to increase its investment in China, one of its most important markets.

The Osaka-based company said that since April, it started constructing a new factory in Suzhou, Jiangsu province, to complement its existing facility in the city and meet growing demand for eye products in the Chinese market.

The new highly automated factory, which is scheduled to begin operation in 2025, will reinforce Santen's global production and supply in the future.

The new plant is equipped with 20 production lines and will produce at least 840 million units of eye drops annually after entering operations, which will significantly boost its capacity of manufacturing prescription ophthalmic solutions.

 

XCMG

China's construction machinery maker XCMG delivers massive order

Chinese construction machinery manufacturer Xuzhou Construction Machinery Group shipped 972 units of construction machinery equipment via COSCO Shipping to South America on Tuesday, marking China's biggest single order of machinery exports in the past five years, the company said.

'The delivery event in partnership with COSCO Shipping is of great significance for XCMG and our partners. We overcame the huge difficulty of supply chain maintenance during the COVID-19 pandemic situation, and enhanced global customer confidence,' said Lu Chuan, president of XCMG.

XCMG and COSCO Shipping have formed an alliance since XCMG won the bid for a major project in South America in early 2021, but then the manufacturer faced the challenge of delivering all products within a short period of time during the pandemic, due to the restricted global supply chain and sea freight logistics capacity, the company said. COSCO Shipping acted quickly to allocate resources and customized solutions for XCMG to meet the container transportation demand, ensuring timely and orderly shipping.

 

IBM

IBM ramps up digital efforts for bigger presence in nation

United States tech heavyweight IBM Corp is doubling down on its digital sales strategy in China, as digital channels are expected to play a greater role in facilitating business-to-business sales over the next five years.

Alain Benichou, CEO of IBM Greater China Group, said: 'Digital sales experience has become more important amid the COVID-19 pandemic. And China is one of the most digitalized markets in the world. We need to adopt a more digital and agile way to interact with customers.'

His remarks came during the one-year anniversary celebration of IBM's China digital sales center. Amid the pandemic when Chinese companies stepped up efforts to embrace digital transformation, the Beijing-based digital sales center has worked to quickly respond to demands of local small and medium-sized enterprises to help them meet challenges.


China Eastern

Airbus A350 delivery in Tianjin marks aviation milestone in China

China Eastern Airlines became the recipient of the first Airbus A350-900 wide-body aircraft completed at the latter's wide-body aircraft completion and delivery center in Tianjin on Wednesday.

The delivery marks the European plane maker's deepening of its long-term commitment to China, Airbus' largest market.

The wide-body completion and delivery center in Tianjin serves as the only such facility for Airbus outside of Europe. This year, Airbus plans to deliver five A350s from Tianjin to Chinese airlines.

 

sinosure

Chinese export insurer sees business growth in BRI nations

China's only policy-oriented insurer has backed exports and investments for countries involved in the Belt and Road Initiative at $84.2 billion in the first half of 2021, a year-on-year increase of 15.4 percent.

The China Export and Credit Insurance Corporation, or Sinosure, said in its half-year report that the accumulated amount it had insured in those countries had topped $1 trillion.

The company served more than 14,200 clients worldwide in the first six months of this year, increasing 12.7 percent year-on-year, said the report.

During the period, Sinosure underwrote about $398 billion worth of insured businesses, up 22.6 percent.

With strengthening cooperation among BRI countries and a growing awareness of green development, the company has tapped potential for policy-based green financing.

In late June, the company insured $110 million on a project shipping 378 domestically made new energy buses from China to Qatar, providing risk guarantee for the green project under the BRI, the report said.

In the first half of this year, the company also saw a 70 percent rise in support for the financing of micro-sized and small businesses, raising more than $1 trillion.


HOdo

Chinese apparel firm exports carbon-offset clothing

NANJING -- Chinese apparel brand HOdo said it has produced and exported the country's first batch of clothing certified as carbon neutral, contributing to the creation of a sustainable clothing ecosystem.

The carbon emissions related to the production of the clothing, which includes over 11,000 pairs of swimming trunks exported to the United States, were offset by afforestation activities which help absorb carbon dioxide by generating a forest carbon sink, according to HOdo.

HOdo Group, the owner of the brand, said it began to artificially cultivate yew trees in East China's Jiangsu province in 1997 and now has the country's largest yew seedling base, consisting of more than 165 hectares of forest.

'By exporting the batch of carbon-neutral clothing, HOdo hopes to inspire more apparel companies to make efforts to reduce carbon emissions. We will actively integrate resources to build carbon-neutral industrial clusters and contribute to industrial transformation,' said Zhou Haijiang, board chairman of HOdo Group.

 

Temasek

Singapore's Temasek plugs into China's net zero carbon theme

Temasek, Singapore's state-owned global investment company, will continually make long-term investments to support China's sustainable development, and projects under the themes of carbon neutrality and digitalization will receive particular attention, its executives said.

As China is promoting carbon trading in several cities, Temasek is actively exploring setting up not only carbon exchanges but also new financial institutions targeting carbon neutrality and sustainable development, said Wu Yibing, Temasek's China head and joint head of the company's enterprise development group, in an interview.

The proposed carbon exchanges will be the transformed versions of traditional exchanges, he said.

China remains Temasek's largest investment destination country, accounting for 27 percent of the company's exposure by underlying assets.

 

Mercedes-Benz

Mercedes-Benz helps protect Mogao Grottoes

Mercedes-Benz Star Fund announced on Thursday that it will step up cooperation with institutions such as the Dunhuang Academy China to bolster the protection and sustainable development of the Mogao Grottoes in Dunhuang, Northwest China's Gansu province.

A UNESCO World Heritage Site Mogao Grottoes is well-known for its exquisite murals and colorful sculptures. However, located on the edge of the desert, the caves have been eroded by wind and sandstorms over time.

According to Mercedes-Benz, the new cooperation project will last for three years. In addition to existing cultural heritage protection and traditional culture education for young people, efforts will be increased on academic research, personnel training and environmental protection of surrounding areas.

 

SGMW

SAIC-GM-Wuling posts strong auto sales in H1

NANNING - SAIC-GM-Wuling, a major Chinese automobile manufacturer, reported strong vehicle sales in the first six months of 2021, the company said.

SGMW, a joint venture between SAIC Motor, General Motors, and Liuzhou Wuling Motors, sold 884,195 vehicles during the period, up by 39.5 percent year-on-year, maintaining a positive year-on-year growth for 15 consecutive months.

The Wuling brand sold 693,351 units in the first six months, up by 56.84 percent year-on-year, while the sales of Baojun, another vehicle brand of the company, reached 123,057 units.

Its exports gained 91 percent, year on year, to 74,225 units and sets during the period, seeing six successive months of growth.

 

The sales of the company's new energy vehicles also posted strong growth, with the total sales of small NEVs reaching 189,644 units during the January-June period. It exceeded its total NEVs sales throughout last year.

SGMW is based in Liuzhou, South China's Guangxi Zhuang autonomous region.

 

Volvo

Volvo to take full control of its China operations

Volvo Cars is to acquire parent company Geely Holding's stake in their joint ventures in China, which is expected to boost its valuation ahead of a planned listing in Sweden's capital Stockholm.

In an interview with Bloomberg last month, Geely CEO Daniel Donghui Li said he expects Volvo's planned listing on the Nasdaq Stockholm stock exchange to 'move quite fast'.

Volvo said on Wednesday that the acquisition from Geely involves 50 percent stakes in both a car manufacturing company in Northeast China's Heilongjiang province and a research and development company in Shanghai.

The Swedish carmaker, which Geely bought from Ford in 2010, said the two joint ventures are already fully included in its financial statements, its share of their net income and equity will increase following the transaction.

The transactions will be completed in two steps, starting in 2022 when the joint venture requirement for auto manufacturing in China will be lifted, and expected to be formally completed in 2023.

Volvo did not reveal financial details of the transaction, but said this will further strengthen its position in the Chinese market. In 2020, it sold 166,617 cars in China, an increase of 7.5 per cent versus 2019 and its eighth consecutive sales record in the market.

In the first half of 2021, sales increased 44.9 percent compared to the same period in 2020, and by 40.1 per cent compared with the same period in 2019. Volvo said it will continue to invest in the country to maintain the strong growth trend.

 

Oil Search

Oil Search turns down $6.5bn takeover offer from Santos

Oil Search has rejected the $6.5bn takeover proposal from Australias oil and gas producer Santos, which would have created a $16bn (A$22bn) LNG export giant.

The Papua New Guinea-focused oil and gas producer described the offer as too lowand not in the best interest of its shareholders.

Although the offer has been rejected, Santos and Oil Search will pursue further talks to create an entity that would rival Woodside Petroleum.

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