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Delivery Networks Lack Cold Storage 2007-09-06 09:54:27 It’s a scene that James Rice, head of the China operations of poultry giant Tyson Foods Inc., has seen numerous times: tons of featherless, frozen chickens loaded on flatbed trucks under thick blankets in the summer heat, awaiting a long-haul journey across China. "It’s my Achilles’ heel," says Mr. Rice. Read Original Post Here ...

New Rules May Scuttle GE, Shenzhen Bank Deal 2007-09-06 09:54:26 Shenzhen Development Bank Co.’s chairman said new regulations on private placements and an increase in the bank’s share price have put in doubt the lender’s planned sale of a 7% stake to General Electric Co. The two companies struck a deal in September 2005 for GE Capital to pay 5.247 yuan (70 U.S. cents) a share for the 7% stake and cooperate on developing the bank’s consumer-finance business. Read Original Post Here ...

Subprime Fallout: Which Lender is the Most Vulnerable? 2007-09-06 09:54:25 The global credit squeeze is raising questions about exposure to potentially risky U.S. mortgage debt at some of Asia’s most sophisticated banks. Because Bank of China Ltd. Read Original Post Here ...

Goldman Bid for Midea Electric Rejected 2007-09-06 09:54:24 Guangdong Midea Electric Appliances Co. said its plan to sell a minority stake to a unit of Goldman Sachs Group Inc. has been rejected by the China Securities Regulatory Commission. Analysts pointed to the wide disparity between the price originally agreed to and the current market price of Midea’s shares as a possible reason for the rejction. Read Original Post Here ...

Dongfeng Motor Reports Profit Up 75% 2007-09-06 09:54:24 Dongfeng Motor Group Co., the listed unit of China’s third-largest auto maker by sales volume, said its first-half net profit rose 75% from a year earlier, boosted by strong auto demand and an income-tax write-back. Net profit jumped to 1.95 billion yuan ($258 million) from 1.11 billion yuan in the same period last year. Revenue rose to 28.81 billion yuan. Read Original Post Here ...

Shanghai Airlines Buys New Airbus Planes 2007-09-06 09:54:23 Shanghai Airlines Co. said its board has approved a plan to buy five A321 planes from European Aeronautic Defence & Space Co.’s Airbus and sell four Boeing Co. B757 craft to jet-leasing company Aircastle Ltd. and lease them back. Read Original Post Here ...

Shanghai Electric Plans Merger With Listed Unit 2007-09-06 09:54:22 Shanghai Electric Group Co., China’s biggest power-equipment maker by capacity, unveiled a plan to merge with its Shanghai-listed unit Shanghai Power Transmission & Distribution Co. through a share swap. The merger, if approved by shareholders and Chinese regulators, will provide Hong Kong-traded Shanghai Electric with a listing on the Shanghai stock market. Read Original Post Here ...

Merchants Bank Gets Nod to Acquire Fund Manager 2007-09-06 09:54:21 China Merchants Bank Co. has been approved by the country’s state-owned asset management agency to acquire a 33.4% stake in China Merchants Fund Management Co. for 174 million yuan ($23 million), the companies said. Read Original Post Here ...

Central Bank Official: CPI May Exceed 3% 2007-09-06 09:54:21 Su Ning, a deputy governor of the People’s Bank of China, conceded that the consumer-price index may exceed 3% growth this year, saying that the central bank is watching inflation closely and is ready to take further tightening measures if necessary. Read Original Post Here ...

Flat-Panel Maker Plans Share Issue 2007-09-06 09:54:20 Flat-panel maker BOE Technology Group Co. said it plans to raise up to six billion yuan ($795 million) in a private placement of up to 850 million A shares. BOE said the shares would be priced at a minimum of 5.47 yuan each. Read Original Post Here ...

Carlyle Continues to Deal 2007-09-06 09:54:19 Carlyle Group LP is still finding ways to do private-equity deals in China even as changing regulations and political attitudes have created extra challenges for investors. In its latest deal, Carlyle plans to invest $20 million in privately owned NeWorld Education Group, which runs a chain of 65 foreign-language schools. Read Original Post Here ...

Alibaba Opens Access To Foreign Goods 2007-09-06 09:54:19 Alibaba Group’s online-payment unit, Alipay, has started allowing Chinese customers to buy goods priced in 12 foreign currencies-including yen, euros, Hong Kong dollars and U.S. dollars-and pay in yuan. Alipay offers the service in partnership with Bank of China Ltd. and Industrial & Commercial Bank of China Ltd. Read Original Post Here ...

China Telecom’s Net Profit Declines 2007-09-06 09:54:18 Fixed-line operator China Telecom Corp. said its first-half net profit fell 5% from a year earlier on a drop in connection-fee income. Hong Kong-listed China Telecom said its net profit in the six months ended June 30 was 13.48 billion yuan ($1.79 billion), down from 14.16 billion yuan in the same period last year. Revenue rose 1.5% to 88.62 billion yuan from 87.34 billion yuan a year earlier. Read Original Post Here ...

Profit Rises 63% at China Oilfield Services 2007-09-06 09:54:17 China Oilfield Services Ltd. said its first-half net profit rose 63% from a year earlier on higher fees and 100% utilization of its drilling rigs. The drilling unit of China’s largest offshore integrated oil company, China National Offshore Oil Corp. Read Original Post Here ...

Lessons from the Front Line: Danone vs. Wahaha 2007-09-05 06:22:11 China Law Blog’s Steve Dickinson did an excellent article on the long-running Danone-Wahaha joint venture and trade mark case in the China Economic Review (and details can also be found at the China Law Blog. The headline lessons are below, but the whole article is well worth a read. • Do not use technical legal techniques to assert or gain control in a JV • Do not expect a 51% ownership interest in a JV to provide effective control • Do not proceed with a JV formed on a weak or uncertain legal basis • The foreign party must actively supervise or participate in the day-to-day management of the JV Additional comment on the IP angle of the case is provided at China Hearsay by Stan Abrams. No doubt there will be more on this case (which I have covered before: “Another MNC in Hot Water” ; “Wahaha(ha!)” ) to come. In the meantime, here is a quote (from Unilever China boss, Alan Brown, in “China CEO”) that I often repeat on the subject of joint venture ...