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What's news [China Daily: Hong Kong Edition]
[July 21, 2014]

What's news [China Daily: Hong Kong Edition]

(China Daily: Hong Kong Edition Via Acquire Media NewsEdge) Tsinghua unit completes $907m merger with RDA Tsinghua Unigroup Ltd, an operating subsidiary of Tsinghua Holdings Co Ltd, a State-owned limited liability corporation funded by Tsinghua University in China, and RDA Microelectronics Inc, a fabless semiconductor company, jointly announced on Friday the closing of the approximately $907 million merger, or $18.50 per American depositary share, of RDA Microelectronics with an affiliate of Tsinghua Unigroup.

Beijing regional integration plan heads for NDRC review A plan aiming to integrate Beijing's development with two adjacent provincial-level areas will be submitted to the country's top economic planning body, the National Development and Reform Commission, this week. The plan includes the Beijing government's potential cooperation with Hebei province and the municipality of Tianjin, reported on Monday. The report said that Beijing and Hebei province have agreed on at least one deal that could involve an investment of 5 billion yuan ($805 million).

CDB to launch unit for shantytown renovation China Development Bank will launch a housing finance department to support the renovation of shantytowns at the end of July, according to Zheng Zhijie, president of CDB, was appointed as the president of the department. CDB Chairman Hu Huaibang said in April that the bank would accelerate loans to renovate shantytown communities, and it expected to offer more than 400 billion yuan ($64.8 billion) to renovation projects by the end of this year.

Record financing for luxury goods e-commerce firm Secoo Co Ltd, a luxury goods retailer and professional service provider, completed its latest round of financing that raised more than $100 million to become the largest financing for China's luxury goods e-commerce sector, Chinese media reported on Monday. CMC Capital Partners was the lead investor, together with IDG Capital Partners, Ventech China, Crehol China Investments and Vangoo Capital Partners among the other investors.

Report: State Grid overseas assets exceed 100b yuan The overseas assets of State Grid Corp of China exceeded 100 billion yuan ($16.11 billion) by the end of last month, according to China Business News. The State-owned company's overseas projects are in Brazil, Portugal, Australia, the Philippines and Hong Kong, The Belo Monte Dam project in Brazil is State Grid's first ultra-high voltage technology project abroad. The starting point and builders of the project are to be determined and Chinese enterprises are expected to be involved in construction.

PBOC, Swiss central bank agree on $24b swap line The Swiss National Bank and the People's Bank of China agreed to establish a currency swap line, bolstering access to trade finance in the Swiss franc and strengthening the international use of the yuan. The agreement allows the two central banks to purchase and repurchase as much as 150 billion yuan ($24 billion) over the next three years, the Zurich-based central bank said on Monday.

Nation's net diesel exports rise to 4-year high in June China's net diesel exports hit the highest level in four years last month as domestic demand trailed output growth amid a slowing economy. Overseas sales exceeded imports by about 440,200 metric tons in June, according to data provided by the General Administration of Customs in Beijing on Monday. That's the highest since May 2010.

Stocks drop amid earnings concerns, IPO liquidity fears Equities fell for the third time in four days on Monday on concerns corporate earnings will disappoint and new share sales may drain liquidity. The Shanghai Composite Index lost 0.2 percent to 2,054.48 points. Chinese companies are required to release first-half earnings before the end of August. Eleven companies will start to sell new shares this week.

Alibaba unit purchases Shanghai site for warehouse Alibaba Group Holding Ltd has once again increased its stake in Internet real estate with the 105 million yuan ($16.9 million) purchase of a 141,000 square meter site in Shanghai, domestic media reported on Monday. The allotment was bought by Alibaba's subsidiary, Alibaba (Shanghai) IOT Technology Co Ltd, in Shanghai's Jiading district and will be used for warehouses.

Securities firm hires former executive from JPMorgan China Renaissance Securities has hired former JPMorgan executive Yang Diao as co-head of investment banking, according to an internal memo, adding another China technology-focused banker amid a boom in such deals this year. Diao will work alongside Jason Lam, who joined the firm last year, according to an internal memo seen by Reuters on Monday. A spokesman for China Renaissance confirmed the contents of the memo.

Corporate borrowing costs rise by most in eight months Borrowing costs for Chinese companies have leaped by the most in eight months amid concern Huatong Road & Bridge Group Co may become the second onshore corporate to default on its bonds. One-year top-rated commercial paper yields jumped 26 basis points last week, the steepest such period increase since mid-November, to 4.957 percent, the highest since April 16, according to Chinabond.

Money market rate declines along with liquidity concerns The benchmark money market rate declined for a second day on Monday amid speculation that the central bank will ensure adequate liquidity in the financial system to support economic growth. The yield on 10-year government bonds slid the most since 2008 on the belief that overseas funds will invest as economic data improves and the yuan stabilizes, according to Andy Ji, a China economist at Commonwealth Bank of Australia.

MMG shareholders approve Peru copper project buyout Chinese mining company MMG Ltd won unanimous approval from its shareholders on Monday to buy the Las Bambas copper project in Peru from Glencore Plc for $5.85 billion and sell more than half the output to MMG's majority owner. The sale to a consortium led by MMG is expected to be completed by September pending final consents, boosting MMG's growth prospects and putting Glencore in a strong position to return capital to its shareholders.

China Daily-Bloomberg-Reuters (China Daily 07/22/2014 page14) (c) 2014 China Daily Information Company. All Rights Reserved. Provided by SyndiGate Media Inc. (

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