BEIJING (Reuters) – Shanghai resident Jiang Qinxia is just the kind of guy that global automakers like General Motors GM.UL hope will jumpstart their foray into China’s fledgling and potentially lucrative consumer auto financing business.
As an upwardly mobile junior manager, Jiang, 26, recently drove home a new 105,000 yuan ($15,500) Buick Excelle after taking out 50,000 yuan loan from GMAC-SAIC, a three-way tie between Ally Financial, a SAIC Motor (600104.SS: Quote, Profile, Research, Stock Buzz) affiliate and GM’s car venture with SAIC.
BEIJING, May 25 (Reuters) – Hua Xia Bank <600015.SS>, in which Deutsche Bank <DBKGn.DE> is a minor shareholder, aims to steadily boost its revenue from electronic banking, a senior executive told Reuters on Tuesday.
Internet and telephone banking income is expected to account for 30 percent of Hua Xia’s total fees and commissions this year, up from 25 percent in 2009, said Yun Mingqing, chief information officer of the medium-sized Chinese lender.
BEIJING (Reuters) – Asia private equity firm SAIF Partners said it is close to completing a new fund with more than $1 billion (680 million pounds), and plans to raise its largest-ever yuan fund in the second half, drawing on strong demand for China investments.
SAIF, one of China’s oldest private equity firms and whose past investments include Shanda Interactive <SNDA.O> and Perfect World <PWRD.O>, expected to close its $1 billion-plus fund by the end of next month, Principal Zhao Yanchao told Reuters in an interview on Thursday.
BEIJING, May 10 (Reuters) – China’s biggest e-book maker Hanwang <002362.SZ> expects its reader shipments to triple this year on growing demand, but may see its market share and margins fall on intensifying competition, the company’s chairman said.
Hanwang now expects its gross profit margin to fall to about 30 percent from 50 percent previously, and its market share in China to fall to between 80 to 85 percent from 95 percent in 2009, Chairman Liu Yingjian told Reuters.
BEIJING, May 6 (Reuters) – China Construction Bank (CCB) <0939.HK> aims to increase its investment banking revenue by 40 percent this year, banking on Chinese firms’ increasing need for cash and investor appetite for IPOs.
Like other Chinese lenders, CCB, the world’s second-biggest lender by market cap, has been stepping up efforts to generate more revenue from businesses besides lending as the government takes measures to tighten credit.
BEIJING/WASHINGTON (Reuters) – China on Sunday stepped up censure of planned U.S. arms sales to Taiwan, as Chinese Internet users vented anger with calls to boycott top U.S. exporter Boeing and other firms involved in the sales.
Although the Obama administration defended the package worth about $6.4 billion as necessary to boost regional security, the sharp reaction from Beijing threatened to deepen rifts between the world’s biggest and third-biggest economies.
Beijing’s “Bird’s Nest” stadium, the tangled steel structure that starred as the focal point of the 2008 Summer Games, has been dressed up for winter in hopes of drawing post-Olympics visitors — and their cash.
Transformed into a winter-themed sports park, the stadium — which in its glory days packed some 80,000 cheering spectators into row after row of seats — now includes snowboard and ski slopes inside the inner ring, as well as a short toboggan tube, all covered in man-made snow.
BEIJING (Reuters) – Carmelo Anthony rained in 45 points to give the Denver Nuggets a 128-112 win over the Indiana Pacers in an NBA exhibition game in Beijing on Sunday.
While the Nuggets’ victory was assured well before the final buzzer, the near sellout crowd of some 15,000 remained enthusiastic to the end, a testament to the NBA’s goal of building global support while the league suffers declining revenues in the United States.