IN BRIEF (Page 24)

Battery giant plans IPO of $2 billion

Battery giant Contemporary Amperex Technology Co Ltd is planning a $2 billion initial public offering in Shenzhen, aiming to boost its financial muscle amid a global battle for a share of the country's fast-growing electric car market. The Ningde-based company, founded in 2011, has grown rapidly on the back of strong government support and a push by Beijing to shift the world's largest auto market toward greener electric and hybrid plug-in vehicles. CATL said in a prospectus that it planned to raise 13.1 billion yuan ($1.97 billion; 1.7 billion euros; ￡1.5 billion) through an initial public offering of 217 million new shares.

Amazon to sell public cloud unit

Amazon.com Inc is selling off the hardware from its public cloud business in China. Beijing Sinnet Technology Co, Amazon's China partner, said in a filing late on Nov 13 that it would buy the US company's Amazon Web Services public cloud computing unit in China for up to 2 billion yuan ($301.4 million; 256 million euros; ￡229 million). "In order to comply with Chinese law, AWS sold certain physical infrastructure assets to Sinnet," an AWS spokesman said on Nov 14, adding that AWS would still own the intellectual property for its services worldwide.

Basic terms to be set for engineering consulting

China is drafting standards for basic terminology for the engineering consulting industry, a senior official from the National Development and Reform Commission said on Nov 14 in Beijing. Drafting of the standards is expected to be completed before December next year. The drafting is part of the efforts launched last week by the NDRC to carry out regulation of the management of the engineering consulting sector.

Toshiba sells TV business to Hisense

Chinese home appliance maker Hisense Group said on Nov 14 that it was acquiring the television business of struggling Japanese conglomerate Toshiba for 12.9 billion yen ($114 million; 97 million euros; ??87 million) to further expand its overseas business. Under the deal, Hisense Electric Co, the listed unit of Hisense Group, would purchase a 95 percent stake in Toshiba Visual Solutions Corp, a wholly owned subsidiary of Toshiba Corp, while the Japanese company would retain the remaining 5 percent stake. The Qingdao-based company would gain access to the Japanese company's television business, including its production, research and development, and sales functions. Toshiba Visual will also acquire the worldwide license to use the Toshiba brand for visual solutions products and services for 40 years, including connection with TVS' current business partners in Europe, Southeast Asia and other markets.

Zone to host more German companies

A China-Germany business cooperation zone in East China's Jiangsu province is expected to be home to 100 German enterprises by 2020, local authorities said. The number of European and US companies in the zone is expected to reach 200 (including the German companies) with an annual output of 30 billion yuan ($4.5 billion; 3.8 billion euros; ￡3.4 billion) by then. The China-Germany small and medium-sized enterprises cooperation zone was approved by the Ministry of Industry and Information Technology in May. In neighboring Taicang, an increasing number of German companies have come to the city since the first German company settled there in 1993. They cover a wide range of fields, including high-end equipment manufacturing, auto parts and services.

FAW-Volkswagen to recall vehicles

FAW-Volkswagen will recall 1,512 vehicles to address a malfunction of the air-conditioning system, China's quality watchdog has announced. The recall, effective on Nov 30, covers Audi Q5 Hybrid vehicles produced from March 10, 2012, to July 21, 2015, according to a statement by the General Administration of Quality Supervision, Inspection and Quarantine. Contact corrosion within the electrical connector for the auxiliary heater may cause the connectors to overheat or melt, which could result in a fire, said the statement. FAW-VW will replace the auxiliary heater free of charge. FAW-VW is a joint venture formed in 1991 by Chinese automaker FAW Group and Germany-based Volkswagen Group.

China, Russia eye Arctic resources

China and Russia plan to expand practical cooperation in the Arctic, such as oil and gas exploration and infrastructure construction, the Ministry of Commerce said on Nov 9. Gao Feng, spokesman of the Ministry of Commerce, said the two sides are negotiating effective working mechanisms to exploit the Arctic channel and the region's resources, and to promote infrastructure construction, tourism and scientific investigation. Currently, companies from China and Russia are seeking to jointly explore the Arctic regions' oil and gas resources, as the two nations look at comprehensive cooperation in the far northern region, Gao said.

CIC, Goldman plan investment fund

China Investment Corp and Goldman Sachs have signed a strategic agreement to establish an industrial cooperation fund between China and the United States. The deal was signed on the sidelines of the state visit to Beijing by US President Donald Trump. CIC and Goldman's new fund plans to invest $5 billion (4.2 billion euros; ￡3.8 billion) in manufacturing, consumer and healthcare companies in the US that have or can develop Chinese business connections, the US State Department said in a news release on Nov 9.

iFlytek robot clears medical licensing exam

A medical robot passed the National Medical Licensing Examination, an essential entrance exam for doctors, making it the first robot in the world to pass such an exam. Its developer, iFlytek Co, a leading Chinese artificial intelligence company, said on Nov 16 that the robot scored 456 points - 96 points higher than the acceptance line. It will be used to assist doctors to improve efficiency in future treatments. The Hefei-based company also unveiled its new AI products on education, medical treatment, customer service and translation.

Shenzhen hosts high-tech fair

The 19th China High-Tech Fair will kick off in Shenzhen on Nov 16, as enterprises and organizations from across the world gather to showcase their latest technological achievements and seek business opportunities. This year's event, with the theme of "Innovation-Driven Development and Supply Quality Upgrade", has attracted 3,049 exhibitors from worldwide, who will bring 10,020 projects, organizers said. Delegations from 35 countries will participate in the event, since international businesses see it as a gateway to tap into the large Chinese market.

Qualcomm rejects Broadcom offer

US chip maker Qualcomm said that it had rejected rival chipmaker Broadcom's acquisition offer of $70 per share, saying the bid price was too undervalued to be accepted. Qualcomm is a California-based multinational leading semiconductor and telecommunications equipment producer. Last year, its revenue reached $23.55 billion. "It is the board's unanimous belief that Broadcom's proposal significantly undervalues Qualcomm relative to the company's leadership position in mobile technology and our future growth prospects," Paul Jacobs, Qualcomm's executive chairman and chairman of the board, said in an official statement that was released on Nov 13.

(China Daily Africa Weekly 11/17/2017 page24)