Shanghai Bank '09 net profit up, working towards listing
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China's business press carried the following stories on Monday. China.org.cn has not checked the stories and does not vouch for their accuracy.
Shanghai Bank '09 profits up, working towards listing - China Business News
Bank of Shanghai recorded a net profit of 3.62 billion yuan in 2009, up 17.73 percent year-on-year, China Business News reported Monday.
At the end of 2009, the bank's total assets were 466 billion yuan, up 26.73 percent year-on-year.
The Shanghai-based commercial bank is working towards a public listing. According to bank chairman Ning Liming, the preparatory work for the listing "is going forward smoothly".
The bank has approximately 40,000 shareholders but IPO regulations state public listed companies cannot have more than 200. "Minor shareholders don't want to miss the golden opportunity of a public listing and therefore reluctant to give up their holdings," the newspaper quoted a person close to the bank as saying. How to acquire the stakes of minor shareholders has become a problem for the bank in the process of going public.
Geely's Volvo division to locate in Shanghai - China Business News
Geely's Volvo subsidiary will be established in Shanghai's Jiading Industrial Zone with a registered capital of 8.1 billion yuan, China Business News reported, citing sources close to the matter.
Zhejiang Geely Holdings Group, Daqing State-owned Assets Management Co. and Shanghai Jiaerwo Investment Co. will hold 51 percent, 37 percent and 12 percent of the shares of the company – Shanghai Geely Zhaoyuan International Investment Co., Ltd.
According to the report, Shanghai Geely Zhaoyuan International Investment Co.'s current shareholders are Shanghai Jiading Industrial Development (Group) Co., Ltd. and Shanghai Jiading District State-owned Assets Management Co.
Shenzhen Airlines gets new president - Shandong Business Daily
Air China, Shenzhen Airlines' new controlling shareholder, has chosen Feng Gang as the new president of the Shenzhen-based carrier.
Feng Gang, born in 1963, has been board chairman and president of Shandong Airlines since 2007. Feng served as the general manager and Party secretary of China National Aviation Corporation Asset Management Company for three years before moving to Shandong Airlines.
It is nearly a month since Air China made a 682-million-yuan capital injection to take control of Shenzhen Airlines. Feng's appointment is seen as a further step towards consolidating Air China's control.
