IN BRIEF

Markets

International board launch postponed

Foreign companies and Chinese companies incorporated outside the country will have to wait for some more time to list their shares on the Shanghai Stcok Exchange as the launch of the much-awaited international board has been postponed, according to Shanghai Mayor Han Zheng.

Establishing the board entails complicated legal, accounting and technological factors, which the city has been working on, said Han. But the preparatory work won't be completed in the foreseeable future, he said, adding that the city has no plans to abandon the board.

At the end of 2009, the central government gave Shanghai the green light to launch the board. Many multinationals, including HSBC Holdings PLC, publicly spoke about listing their shares in Shanghai.

Stock delisting procedure on track

The China Securities Regulatory Commission could introduce delisting procedures for the main board by mid-year, said Guo Shuqing, chairman of the securities watchdog.

A delisting system, which allows stock exchanges to suspend and cancel share trades for companies that have been in the red for a certain period of time, should be launched on the foundation of an investor protection system, Guo said on March 5. He added that the regulator is still studying methods for injecting pension funds into the stock market.

Finance

CIC to invest in debt-stricken Europe

Sovereign wealth fund China Investment Corp has received a capital injection of $30 billion (22.9 billion euros) from the government that will help it buy assets in debt-stricken Europe, said Wang Jianxi, deputy general manager and chief risk officer of CIC.

He said CIC received the new round of funding from the State Administration of Foreign Exchange late last year as earlier funding had essentially been fully invested. Wang said financial assets are undervalued and there are limited financial risks in purchasing in the heavily indebted European market, CIC would actively invest in the region in the short term.

Energy

CNOOC to maintain oil, gas output in 2012

Offshore oil producer China National Offshore Oil Corp plans to produce 10 million to 13 million metric tons of oil and gas in 2012, about the same as in 2011, the company's chairman Wang Yilin said, without elaborating.

Wang also said an oilfield that the company holds a 51 percent stake in, the Penglai 19-3 oilfield in Bohai Bay, is ready to begin operating again, although that won't happen without government approval. The country's maritime watchdog forced the offshore oilfield, the largest in China, to shut down in September following an oil spill.

Auto

JLR, Chery seek approval for venture

Jaguar Land Rover and Chery Automobile Co are seeking regulatory approval for a 17.5 billion yuan ($2.8 billion, 2.1 billion euros) car venture in eastern China, two people with direct knowledge of the deal said.

The JLR-Chery venture, to be located close to Shanghai in Changshu city, will make Land Rover SUVs initially, followed by Jaguars in the second phase, a source said. The plan still needs approval from the National Development and Reform Commission and the size of the investment could be adjusted accordingly, another person said.

New name for Benz van venture

Daimler AG's joint venture making Mercedes-Benz vans changed its name last week to Fujian Benz Automotive Co to improve brand recognition among Chinese consumers.

"What we found in China is that the name Daimler is not as well known as Benz," said Rene Reif, president and CEO of the company formerly called Fujian Daimler Automotive Co. "Benchi", the Chinese translation for Mercedes-Benz, uses a similar pronunciation to the original German name and emphasizes on the meaning "to sprint".

Food

Wahaha eyes Australian dairy farm

Hangzhou Wahaha Group Co, China's biggest beverage producer, plans to invest in dairy farms in Western Australia to expand its import channel for milk, chairman Zong Qinghou said.

Wahaha, with assistance from the state government in Australia, which is conducting a three-month survey of local dairy farms, will make a decision after receiving the result of the survey, perhaps as soon as June, Zong said. Wahaha will also set up milk-powder factories to produce the major ingredients for some of its beverages, which will be shipped to China, Zong added.

Technology

VeriFone eyes Chinese M&A opportunities

VeriFone Systems Inc, the world's largest provider of electronic payment solutions, is seeking merger and acquisition opportunities in China to fuel double-digit growth in the country, said Zvi Mitlanski, the company's vice-president for the Asia-Pacific region.

"We've been in talks with a number of domestic companies, and a few deals are expected to be reached if everything moves smoothly," Mitlanski said.

According to Mitlanski, VeriFone has a strong interest in acquiring local business, especially technology companies with innovative products, technologies and local networks.

China Daily-Agencies