Buffet-backed BYD awaits listing approval
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China's business press carried the following stories on Wednesday. China.org.cn has not checked the stories and does not vouch for their accuracy.
Buffet-backed BYD awaits listing approval--National Business Daily
BYD Co., Ltd (1211.HK), a Shenzhen-based car and battery maker in which legendary US investor Warren Buffet holds a stake, is awaiting approval from the China Securities Regulatory Commission to list on the Shenzhen Stock Exchange.
Wang Jianjun, vice general manager of BYD, revealed that the company plans to issue up to 100 million shares and the proceeds will be used for research and development of new energy cars, car spare parts and lithium cell production projects.
Carlyle, Fosun to form private equity fund--Oriental Morning Post
Carlyle Group and Chinese conglomerate Fosun Group are considering forming a private equity fund in China, a source familiar with the issue said Tuesday.
Details will be announced at a press conference Wednesday, the source said on condition of anonymity. He declined to disclose the size of the planned private equity fund or whether the fund will be denominated in Chinese yuan or the US dollar.
Wang Donghua, a spokesman for Fosun, declined to comment.
First foreign consumer finance firm approved—Oriental Morning Post
China's first foreign-owned consumer finance company is to be set up in Tianjin after getting nod from the national banking regulator who also approved establishment of three similar firms as part of a pilot program.
The company, named Home Credit Consumer Finance (China), is owned by the Czech investment firm PPF and has a registered capital of 300 million yuan (US$43.95 million). It will provide local consumers with loans for travel, education and durable goods.
China Mobile told to impose wage cuts—National Business Daily
China's regulator of state-owned assets has demanded China Mobile, the leading mobile carrier in China, to impose massive salary cuts despite a booming mobile phone market.
This is not the first time that China Mobile has been asked to cut salaries, but this round of cuts will be the biggest in the company's history. The company is being asked to cut wages by 10 percent a year for the next five years.
The purpose of the salary cuts is not clear. Analysts speculate the regulator hopes they will help the company improve its performance.
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