IN BRIEF (Page 14)

Deals

Carlyle bids for Focus Media's delisting

The US fund Carlyle Group and some of China's top private equity funds are trying to buy out the Nasdaq-listed Focus Media Holding Ltd, a Chinese display-advertising firm, a Reuters report said.

The offer is the latest and biggest by some distance, in a string of attempted management-led buyouts by US-listed Chinese companies, whose reputation among US investors has suffered after a series of alleged accounting scandals.

Carlyle, the world's biggest fund by assets, FountainVest Partners, Citic Capital Partners, CDH Investments and China Everbright Ltd are backing a proposed $3.5 billion (2.84 billion euros) delisting of Focus Media, working with the company's chief executive officer.

Auto

Bosch signs JV deal with Ningbo Polaris

The German technology and service provider Robert Bosch GmbH will form a joint venture with Ningbo Polaris Technology of China, which makes motors for electrical two-wheel scooters, with Bosch holding the majority stake.

The joint venture, signed by the two companies on Aug 13, will develop, make and sell a comprehensive product portfolio of eScooter motors.

The global output of the eScooter market last year was about 27 million units. China will remain the dominant manufacturing location, with 98 percent of the production volume.

Car buyers' satisfaction drops

Chinese car buyers are becoming less satisfied as dealerships adopt high-pressure sales techniques to meet their delivery targets amid a slowdown in demand for vehicles and as job-hopping leads to a dearth of experienced staff, a survey said.

Volkswagen AG's luxury brand Audi topped the J.D. Power and Associates satisfaction survey for a third year, followed by Chinese joint ventures involving Nissan Motor Co Ltd and Hyundai Motor Co.

The difference in the scores received by domestic and foreign brands widened, according to the report, which polled 13,769 new vehicle owners in 43 Chinese cities.

Retail

Wal-Mart given nod to control Yihaodian

China's Ministry of Commerce has approved plans by Wal-Mart Stores Inc allowing the US retail giant to control China's largest online supermarket, Yihaodian, on restrictive conditions.

If successful, the acquisition will help Wal-Mart grab a bigger slice of China's booming online shopping market.

Wal-Mart was given the green light to raise its stake from 17.7 percent to 51.3 percent in a separate company that will own Yihaodian's online retailing business, the ministry said.

Banking

Everbright scales back H-share offering

China Everbright Bank Co Ltd reduced its H-share offering again to about $1.4 billion, only about 25 percent of the original target, due to the weak and volatile global capital markets, Xinhua News Agency reported on Aug 14.

The report said that because of the eurozone debt crisis and the US economic slowdown, investors in the Hong Kong Stock Exchange are more cautious.

The bank filed its IPO application to the bourse in May and planned to get listed in the third quarter of the year.

The bank's underwriters include CICC, Morgan Stanley, JP Morgan and UBS.

E-Commerce

Hotel launches e-booking services

InterContinental Hotels Group says it is launching its first flagship e-store on one of China's leading online travel booking platforms.

Chinese customers will now be able to use Taobao Travel, operated by Taobao Marketplace, to book their IHG hotels.

The website will redirect to the hotelier's new China booking website cn.ihg.com, where customers will confirm their bookings.

The collaboration highlights a trend in which hotel brands are starting to tap the country's booming online tourism market, propelled by an increasing middle and upper middle class, growing use of credit cards and electronic-payment services, and soaring Internet-based consumption.

Technology

Logitech looking for new growth drivers

The Swiss hardware accessories maker Logitech International SA is eyeing China's enterprise market to boost sales amid the global economic downturn.

The Logitech G5 Laser Mouse has a highly versatile weight-tuning system, enabling gamers to customize the weight and balance of the mouse according to individual preference, said to result in superior control.

Logitech urgently needs its business-to-business arm in China, a new division that opened this month, to generate profit, and the directors have set a high bar for the division.

China Daily-Agencies

(China Daily 08/17/2012 page14)