Media Focus on Multinational Corporations[2022.0418]






Didi plans vote in May on delisting from NYSE

China's securities regulator said Didi Global Inc's plan to delist from the New York Stock Exchange is a decision which the Chinese company made on its own and that the move is based on the market and its own assessment of its situation.

Didi's delisting has nothing to do with other US-listed Chinese stocks or ongoing efforts between Chinese regulators and their US counterparts to resolve an audit dispute regarding US-listed Chinese companies, the China Securities Regulatory Commission said in a statement on Saturday on its official WeChat account.

The comments came after Beijing-based Didi, the country's largest ride-hailing company, said it will hold an extraordinary general meeting on May 23 to vote on its delisting plans in the US.

CSRC said it has always insisted that overseas listing activities of enterprises should abide by the laws, regulations and supervisory rules of the places where they are listed and where they operate.

It also requires listed companies to effectively protect the legitimate rights and interests of investors, especially small and medium-sized investors.

Didi said in a statement on Saturday it will not apply to list its shares on any other stock exchange before the delisting of its American Depositary Shares from the New York Stock Exchange is complete.

The move is the latest update on Didi's delisting process. The company said in December it would delist from the NYSE and pursue a listing in Hong Kong.



DHL launches freight route between Shenzhen and Leipzig, Germany

DHL Express said on Thursday that it has launched a new airfreight route that links the southern Chinese city of Shenzhen in Guangdong province with Leipzig, Germany, which will further enhance air cargo capacity from South China to Europe.

With a weekly freight capacity of more than 500 metric tons, airfreight services using the route will be shouldered by cargo airline Aero-Logic, with six weekly round trips made by a Boeing 777 all-cargo aircraft, DHL Express said.

Analysts said the newly launched route will further promote trade between China and Europe.


Legend Holdings

Regulators hand down rectification order for Legend Holdings

China's securities regulator on Thursday ordered Legend Holdings to rectify information disclosure issues.

Legend Holdings failed to file timely, complete and accurate disclosures regarding certain information, the Beijing bureau of the China Securities Regulatory Commission said in a statement on its website.

Legend Holdings said in a filing it attaches great importance to the problems, it will rectify them as soon as possible and submit a report to the bureau.

The company said its operations are normal and stable and all of its bonds have been paid in full and on schedule, and no default has occurred. The above regulatory measures will not affect the company's operation, financial status and its capabilities to pay debts.


Elon Musk offers to buy Twitter for $41 billion

Billionaire Elon Musk has offered to buy Twitter for about $41 billion, just days after rejecting a seat on the social media company's board.

Musk's offer price of $54.20 per share, which was disclosed in a regulatory filing on Thursday, represents a 38 percent premium to Twitter's April 1 close, the last trading day before the Tesla CEO's more than 9 percent stake in the company was made public.

Twitter's shares jumped 12 percent in premarket trading.

'Since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company,' Musk said in a letter to Twitter Chairman Bret Taylor.

'My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder,' Musk said.

Earlier this week, Musk said he had abandoned a plan to join Twitter's board, just as his tenure was about to start. Taking the board seat would have prevented him from a possible takeover of the company.


China State Shipbuilding lands big LNG tanker order from Qatar Energy

Four LNG tankers, each able to hold 174,000 cubic meters of liquefied natural gas, will be constructed by China State Shipbuilding Corp's Hudong-Zhonghua Shipbuilding (Group) Co Ltd, CSSC and Qatar Energy jointly announced on Tuesday.

The LNG tankers are among the first batch of some 100 LNG tankers ordered by Qatar Energy.

The shipbuilding contracts clinched by CSSC are credited to Hudong-Zhonghua Shipbuilding's advanced design concept, excellent shipbuilding capability and complete service system in competing with global peers, and this is also regarded as recognition of China's shipbuilding manufacturing prowess, experts said.


New air freight route links China, Germany

SHENZHEN -- A new air freight route has been launched linking the southern Chinese city of Shenzhen with Leipzig, Germany, the Shenzhen Baoan International Airport said Tuesday.

The route is operated by the cargo airline AeroLogic, with six round trips made by Boeing 777 all-cargo aircraft each week.


CNOOC hits milestone with platform project

Haiji-1, Asia's first 300-meter deepwater jacket designed and built independently by China National Offshore Oil Corp, was successfully installed offshore in the South China Sea, marking a breakthrough in the country's design, construction and installation technology of ultra-large offshore oil and gas platform jackets, said its operator CNOOC on Monday.

The installation will further guarantee the country's energy security by boosting offshore oil and gas production and is expected to create a new mode for the country's medium and deep-sea oil and gas resources development, said CNOOC, the country's top offshore oil and gas producer.

The installation of the jacket is a major breakthrough as it is the first time China has installed a fixed jacket some 300 meters underwater. It is also a milestone in the construction of super large offshore oil and gas platforms in China, the company added.

Yum China

Food companies contribute to fight against Shanghai outbreak

Food companies are sparing no efforts to provide supplies to medical staff and patients amid the current COVID-19 outbreak.

Yum China, which operates brands from KFC, Pizza Hut to Lavazza, is offering a special breakfast combo to over 3,000 medical workers from outside of Shanghai who are helping with mass testing and patient treatment.


ExxonMobil Working to Store CO2 in Depleted Offshore Fields in Australia's Gippsland Basin

U.S. oil major said ExxonMobil said Thursday today was undertaking early front-end engineering design studies (pre-FEED) to determine the potential for carbon capture and storage to reduce greenhouse gas emissions from multiple industries in the Gippsland Basin.

According to the company, the South East Australia carbon capture and storage (SEA CCS) hub would initially use existing infrastructure to store CO2 in the depleted Bream field off the coast of Gippsland, Victoria. The company said it was in active discussions with local industries which may be interested in accessing the SEA CCS hub to reduce emissions from their operations.

The project is designed to capture up to 2 million metric tons of CO2 per year. If technical and business feasibility is confirmed, the SEA CCS hub could be operational by 2025.

Eni SpA

Eni Finds New Oil, Gas in Egypt Desert

Eni SpA said late Wednesday that it has made several discoveries of oil and gas at its wells in Egypt's Western Desert.

The discoveries amount in total to around 8,500 barrels of oil equivalent a day, the Italian oil-and-gas company said.

The discoveries have been connected and tied into production, Eni said, adding that they confirm the potential of the area after other discoveries last year.

 'Other exploration activities in the concession are ongoing with promising indications,' Eni said.


EDF Plans Further Renewables Investment This Year; Targets Hydrogen Projects

Electricite de France SA plans to increase spending on development of renewable energy by nearly 30% this year as it aims to boost its position in green hydrogen, according to two executives.

The French utility spent close to 2 billion euros ($2.17 billion) on renewables last year and aims to significantly increase that figure in 2022, group renewable-energy chief Bruno Bensasson told a press conference Wednesday. Mr. Bensasson is head of EDF Renewables, a unit grouping EDF's solar, wind and energy-storage activities.

EDF meanwhile also plans to become a leader in green hydrogen by 2030, with a plan to develop projects of three gigawatts between now and then, according to innovation chief Alexandre Perra. The projects will entail jointly financed investment amounting to EUR2 billion-EUR3 billion, including industrial partnerships and state support, Mr. Perra told the same press conference. EDF is majority-owned by the French state.

The company, a major player in the production of nuclear energy, aims to be present across the value chain of hydrogen production, but doesn't plan to make electrolyzers, Mr. Perra added.


Airbus and Kawasaki partner for hydrogen-powered ecosystem in Japan

Airbus will supply aircraft characteristics,fleet energy use,hydrogen-powered aircraft information for ground operations

Airbus and Kawasaki Heavy Industries (Kawasaki) have signed a Memorandum of Understanding (MoU) to collaborate on the development of a hydrogen-powered ecosystem. The scope will encompass many components of the hydrogen supply chain, from hydrogen manufacturing through distribution to airports and on-board aircraft.


Shell, Uniper Partner on UK Low-Carbon Hydrogen Facility

German utility Uniper and Shell will team up to jointly produce low-carbon hydrogen at a Uniper power station in Britain in a bid to boost use of the fuel and cut greenhouse gas emissions, the companies said on Tuesday.

The project, located at Uniper's Killingholme power station in the East of England, will include a blue hydrogen production facility with a capacity of up to 720 megawatts enough to heat more than half a million homes a year using gas reformation technology with carbon capture and storage (CCS).


Veolia to launch biorefinery project

Veolia to launch the world's largest biorefinery project producing CO2-neutral biomethanol from a pulp mill, located in Finland. The project will unlock the potential of this alternative source of feedstock for biofuel that is almost completely unexplored to date.

Developed in close cooperation with Mets? Fibre, the largest cooperative forestry association in Europe, the refinery will be based on Veolias innovative industrial-scale concept of commercial bioproduct-derived biomethanol production, which safely integrates the refining of crude sulfate methanol into the pulp production process.

The project will contribute to European energy security while supporting the European Green Deal decarbonisation ambitions for transportation, as the industrial-grade quality CO2-neutral biomethanol represents a new source of sustainable low-carbon fuel, replacing fossil-based fuels.

The refinery, owned and operated by Veolia, will be adjacent and partly built into Mets? Fibres ??nekoski plant in Finland. With a production capacity of 12 000 tpy, the plant, due to come onstream by 2024, will avoid up to 30 000 tpy of CO2 emissions. The 50 million investment is supported by a grant from the Finnish ministry of economy and employment.