Your daily digest of the biggest business news in China, translated and summarized every day.
Chinese regulator approves 12 new IPOs
China Securities Regulatory Commission has just approved 12 new IPOs including one for Spring Airlines. A total of 78 companies have been given the green light to get listed on the country’s stock exchanges since June.
The Chinese government restarted the IPO process this year after suspending it for more than a year to investigate rampant corruption.
Auto sales hit 20 million in 2014
New car sales in China have reached a new historic high in 2014. 21 million units were sold between January and November, up by 6.1 per cent from the same period last year. China also produced 21.4 million cars during the first 11 months of the year, making it the world’s largest automaker.
Domestically brands account for 40.9 per cent of total sales in China.
Corrupt official who embezzled RMB 360 million sentenced to death
A low level official from Guangzhou has been sentenced to death for embezzlement as well as taking bribes. He had reportedly amassed a fortune of RMB 360 million, making him one of the worst offenders in Guangdong province.
Ma Huateng sells 3 billion Hong Kong dollars worth of shares in Tencent
Founder of Chinese internet giant Ma Huateng has sold 3 billion Hong Kong dollar worth of shares in his company Tencent, reducing his shareholding below 10 per cent for the first time.
The company was listed in Hong Kong in 2004 and the IPO price was 3.7 Hong Kong dollars. Thee price has increased more than 100 times in the last ten years.
Beijing orders its state-owned champions to pay more
Beijing wants state-owned enterprises to return more profits to the government’s central fund, lifting its contribution to 30 per cent of the total government budget. The money will be used to support the country’s emerging social security network.