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FOOD & BEVERAGE
CR Snow Breweries Acquires Moni Brewery
China Resources Snow Breweries (China) (华润雪花啤酒(中国)有限公司), a joint venture between Snow Brewery (雪花啤酒) and China Resources (Holdings) (华润(集团)有限公司), has paid RMB 300 million (USD 49.26 million) for an 80.1% stake in Qinghe Moni Brewery (清河墨尼啤酒公司), a subsidiary of Liaoning-based North Green Food (北方绿色食品股份有限公司). Moni Brewery is a leading beer producer in Liaoning Province, with annual outputs of 190,000 kiloliters. The deal is expected to help CR Snow Breweries expand its market share to 68% in Liaoning Province and boost its production capacity to 2.3 million kiloliters.
COFCO to Acquire Australia’s Tully Sugar
China’s state-owned food giant COFCO (中粮集团公司) has gotten approval from the Foreign Investment Review Board for its offer to pay AUD 136 million (USD 145.37 million) for a 100% stake in Australian sugar mill Tully Sugar, a top sugarcane grower and processor in north Queensland. Tully Sugar produces 260,000 tons of sugar per year. The deal is expected to help the Chinese company secure supplies of sugar, which is an important raw material in food production.
INVESTMENT
Quantum Invests in MediaV
Quantum Strategic Partners, a private investment fund under Soros Fund Management LLC, led a consortium that includes LightSpeed Venture Partners and Granite Global Venture Capital to invest a total of USD 50 million in MediaV Advertising (聚胜万合), a Shanghai-based online marketing company. The deal is Soros’ first investment in an unlisted company in China as well as the largest single investment in the Chinese Internet advertising sector so far. MediaV, founded in 2009, has seen turnovers of RMB 250 million (USD 38.55 million) in 2010.
SIG to Establish Overseas M&A Fund
Shanghai International Group (上海国际集团), an investment unit of the Shanghai municipal government, plans to set up an overseas Mergers and Acquisitions (M&A) fund. The new fund will be capitalized with RMB 10 billion (USD 1.54 billion) and will focus on overseas investments and providing funds for global mergers and acquisitions by Chinese companies.
LUXURY GOODS
Prada Launches Hong Kong IPO
Italian luxury goods maker Prada got approval to launch an IPO on the Hong Kong stock exchange last month. The company issued 423 million shares and hoped to raise up to HKD 20.3 billion (USD 2.6 billion). The IPO will make Prada the world’s first luxury goods brand to list in Hong Kong.
AUTOMOTIVE
Pang Da & Youngman Take Stakes in Spyker Cars
Pang Da Automobile Trade (庞大汽贸集团股份有限公司), a large-scale vehicle marketing company in China, and Youngman Automobile Group (青年莲花汽车有限公司), an auto maker based in Zhejiang Province, have signed a memorandum of understanding with Swedish automobile manufacturer Saab Automobile and its parent Spyker Cars to buy a 53.9% stake in Spyker Cars for EUR 245 million (USD 352.6 million). The two Chinese companies and Spyker Cars will establish sales and manufacturing joint ventures for the Saab brand as well as independently developed Chinese brands.
RESOURCES
Chalco, Rio Tinto Set up JV
State-owned Aluminum Corporation of China (中国铝业公司/Chalco), the country’s largest aluminum producer, and Rio Tinto, the world’s second largest mining company, are planning to establish a 51%-49% joint venture in China. The JV will focus on exploring mineral resources inside China, including copper, coal and potash fertilizer.
ELECTRONICS
Lenovo Buys Germany’s Medion
China’s leading computer maker Lenovo Group (联想集团), has agreed to acquire a 36.66% stake in German consumer electronics producer Medion AG for EUR 231 million (USD 340 million). The German company manufactures computers and notebooks, as well as televisions, refrigerators, toasters and gymnastics equipment. The deal will double the Chinese company’s share of the German market share to 14%, making it the third largest PC producer in the country. Germany is the largest PC market in Europe and after the acquisition Lenovo will have a 7.5% share of the Western European PC market.
Philips to Buy POVOS
Dutch electronics giant Royal Philips Electronics is planning to pay RMB 2.3 to 2.5 billion (USD 354.67 to 385.51 million) for core gadget assets of Shanghai POVOS Enterprise (奔腾电器公司), a leading home appliance manufacturer in China. After the acquisition, the Shanghai-based company will become a fully-owned subsidiary of Philips. POVOS has seen sales revenues of RMB 790 million (USD 121.82 million) in 2010 and RMB 400 million (USD 61.68 million) in the first five months in this year.
BANKING
Four Chinese Banks Open Shanghai Headquarters
China’s state-owned banks including the Industrial and Commercial Bank of China (工商银行/ICBC), the Agriculture Bank of China (农业银行), Bank of China (中国银行) and China Construction Bank (建设银行) have applied to the Shanghai Municipal government for permission to open their second headquarters in the city. The move is in line with efforts to position Shanghai as an international financial center, and it is expected that in the future more banks will set up their headquarters in the city.
China Everbright Bank to Launch an H-Share IPO
China Everbright Bank (中国光大银行), a leading national shareholding commercial bank in the country, has gotten the green light to launch an initial public offering in Hong Kong this month. The bank will issue 12 billion shares and is expected to raise around USD 6 billion. China Everbright Bank had profits of RMB 12.79 billion (USD 1.97 billion) in 2010, and is the ninth Chinese bank to list on both the Chinese mainland and Hong Kong exchanges.
TELECOMS
Huawei to Build R&D Center in India
Huawei Technologies (华为技术有限公司), a leading Chinese telecom solutions provider, announced it will invest USD 120 to 150 million in a research and development center in Bangalore, the technology hub of India. The center is expected to open in early 2013 and will focus on designing and developing software for the Indian market. It will be the largest R&D center the Shenzhen-based company has established outside China.
PHARMACEUTICALS
GSK Buys China’s Vaccine Company
Glaxo Smith Kline, the largest pharmaceutical manufacturer in England, has agreed to pay GBP 24 million (USD 38.8 million) for the remaining 51% stake in Shenzhen GSK-Neptunus Biologicals (深圳葛兰素史克海王生物制品有限公司), the joint venture between GSK and Shenzhen Neptunus Interlong Bio-Technique (深圳市海王英特龙生物技术股份有限公司). The deal will make GSK the sole owner of the Shenzhen-based bird flu vaccine producer and help the British company expand its vaccine business in China.
TRAVEL
Home Inns Acquires Motel 168
Nasdaq-listed Home Inns & Hotels Management (如家酒店集团), the largest budget hotel chain in China, has agreed to pay Morgan Stanley USD 470 million in cash and stock for 100% of Motel 168 International Holdings (莫泰168国际控股公司), a leading budget hotel chain based in Shanghai. The transaction is expected to be completed by the end of this year. Home Inns has 848 hotels with 97,321 rooms in more than 150 cities on the Chinese mainland. Motel 168 has 281 stores with 45,669 rooms in 81 cities on the mainland. After the deal, Home Inns will own over 1,120 hotels in 170 cities in China.
CR Snow Breweries Acquires Moni Brewery
China Resources Snow Breweries (China) (华润雪花啤酒(中国)有限公司), a joint venture between Snow Brewery (雪花啤酒) and China Resources (Holdings) (华润(集团)有限公司), has paid RMB 300 million (USD 49.26 million) for an 80.1% stake in Qinghe Moni Brewery (清河墨尼啤酒公司), a subsidiary of Liaoning-based North Green Food (北方绿色食品股份有限公司). Moni Brewery is a leading beer producer in Liaoning Province, with annual outputs of 190,000 kiloliters. The deal is expected to help CR Snow Breweries expand its market share to 68% in Liaoning Province and boost its production capacity to 2.3 million kiloliters.
COFCO to Acquire Australia’s Tully Sugar
China’s state-owned food giant COFCO (中粮集团公司) has gotten approval from the Foreign Investment Review Board for its offer to pay AUD 136 million (USD 145.37 million) for a 100% stake in Australian sugar mill Tully Sugar, a top sugarcane grower and processor in north Queensland. Tully Sugar produces 260,000 tons of sugar per year. The deal is expected to help the Chinese company secure supplies of sugar, which is an important raw material in food production.
INVESTMENT
Quantum Invests in MediaV
Quantum Strategic Partners, a private investment fund under Soros Fund Management LLC, led a consortium that includes LightSpeed Venture Partners and Granite Global Venture Capital to invest a total of USD 50 million in MediaV Advertising (聚胜万合), a Shanghai-based online marketing company. The deal is Soros’ first investment in an unlisted company in China as well as the largest single investment in the Chinese Internet advertising sector so far. MediaV, founded in 2009, has seen turnovers of RMB 250 million (USD 38.55 million) in 2010.
SIG to Establish Overseas M&A Fund
Shanghai International Group (上海国际集团), an investment unit of the Shanghai municipal government, plans to set up an overseas Mergers and Acquisitions (M&A) fund. The new fund will be capitalized with RMB 10 billion (USD 1.54 billion) and will focus on overseas investments and providing funds for global mergers and acquisitions by Chinese companies.
LUXURY GOODS
Prada Launches Hong Kong IPO
Italian luxury goods maker Prada got approval to launch an IPO on the Hong Kong stock exchange last month. The company issued 423 million shares and hoped to raise up to HKD 20.3 billion (USD 2.6 billion). The IPO will make Prada the world’s first luxury goods brand to list in Hong Kong.
AUTOMOTIVE
Pang Da & Youngman Take Stakes in Spyker Cars
Pang Da Automobile Trade (庞大汽贸集团股份有限公司), a large-scale vehicle marketing company in China, and Youngman Automobile Group (青年莲花汽车有限公司), an auto maker based in Zhejiang Province, have signed a memorandum of understanding with Swedish automobile manufacturer Saab Automobile and its parent Spyker Cars to buy a 53.9% stake in Spyker Cars for EUR 245 million (USD 352.6 million). The two Chinese companies and Spyker Cars will establish sales and manufacturing joint ventures for the Saab brand as well as independently developed Chinese brands.
RESOURCES
Chalco, Rio Tinto Set up JV
State-owned Aluminum Corporation of China (中国铝业公司/Chalco), the country’s largest aluminum producer, and Rio Tinto, the world’s second largest mining company, are planning to establish a 51%-49% joint venture in China. The JV will focus on exploring mineral resources inside China, including copper, coal and potash fertilizer.
ELECTRONICS
Lenovo Buys Germany’s Medion
China’s leading computer maker Lenovo Group (联想集团), has agreed to acquire a 36.66% stake in German consumer electronics producer Medion AG for EUR 231 million (USD 340 million). The German company manufactures computers and notebooks, as well as televisions, refrigerators, toasters and gymnastics equipment. The deal will double the Chinese company’s share of the German market share to 14%, making it the third largest PC producer in the country. Germany is the largest PC market in Europe and after the acquisition Lenovo will have a 7.5% share of the Western European PC market.
Philips to Buy POVOS
Dutch electronics giant Royal Philips Electronics is planning to pay RMB 2.3 to 2.5 billion (USD 354.67 to 385.51 million) for core gadget assets of Shanghai POVOS Enterprise (奔腾电器公司), a leading home appliance manufacturer in China. After the acquisition, the Shanghai-based company will become a fully-owned subsidiary of Philips. POVOS has seen sales revenues of RMB 790 million (USD 121.82 million) in 2010 and RMB 400 million (USD 61.68 million) in the first five months in this year.
BANKING
Four Chinese Banks Open Shanghai Headquarters
China’s state-owned banks including the Industrial and Commercial Bank of China (工商银行/ICBC), the Agriculture Bank of China (农业银行), Bank of China (中国银行) and China Construction Bank (建设银行) have applied to the Shanghai Municipal government for permission to open their second headquarters in the city. The move is in line with efforts to position Shanghai as an international financial center, and it is expected that in the future more banks will set up their headquarters in the city.
China Everbright Bank to Launch an H-Share IPO
China Everbright Bank (中国光大银行), a leading national shareholding commercial bank in the country, has gotten the green light to launch an initial public offering in Hong Kong this month. The bank will issue 12 billion shares and is expected to raise around USD 6 billion. China Everbright Bank had profits of RMB 12.79 billion (USD 1.97 billion) in 2010, and is the ninth Chinese bank to list on both the Chinese mainland and Hong Kong exchanges.
TELECOMS
Huawei to Build R&D Center in India
Huawei Technologies (华为技术有限公司), a leading Chinese telecom solutions provider, announced it will invest USD 120 to 150 million in a research and development center in Bangalore, the technology hub of India. The center is expected to open in early 2013 and will focus on designing and developing software for the Indian market. It will be the largest R&D center the Shenzhen-based company has established outside China.
PHARMACEUTICALS
GSK Buys China’s Vaccine Company
Glaxo Smith Kline, the largest pharmaceutical manufacturer in England, has agreed to pay GBP 24 million (USD 38.8 million) for the remaining 51% stake in Shenzhen GSK-Neptunus Biologicals (深圳葛兰素史克海王生物制品有限公司), the joint venture between GSK and Shenzhen Neptunus Interlong Bio-Technique (深圳市海王英特龙生物技术股份有限公司). The deal will make GSK the sole owner of the Shenzhen-based bird flu vaccine producer and help the British company expand its vaccine business in China.
TRAVEL
Home Inns Acquires Motel 168
Nasdaq-listed Home Inns & Hotels Management (如家酒店集团), the largest budget hotel chain in China, has agreed to pay Morgan Stanley USD 470 million in cash and stock for 100% of Motel 168 International Holdings (莫泰168国际控股公司), a leading budget hotel chain based in Shanghai. The transaction is expected to be completed by the end of this year. Home Inns has 848 hotels with 97,321 rooms in more than 150 cities on the Chinese mainland. Motel 168 has 281 stores with 45,669 rooms in 81 cities on the mainland. After the deal, Home Inns will own over 1,120 hotels in 170 cities in China.