Tang Jun refutes new job rumor
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China's business press carried the following stories on Tuesday. China.org.cn has not checked the stories and does not vouch for their accuracy.
Tang Jun refutes new job rumor--China Business News
Tang Jun, President and Chief Executive Officer of Fujian-based retailer New Huadu, denied a rumor that he will be appointed as president of Google China yesterday.
The rumor stemmed from an announcement made by Tang Jun through a microblogging service: "I will stage a comeback to IT today. IT needs me, and I need IT more."
Yet what the announcement really refers to is New Huadu's expansion in IT industry. New Huadu acquired Change Network and 8801.com.cn on January 25 for tens of billions of dollars through its subsidiary Inxite Information Industry Co.
Central Huijin loses taste in BOC's bonds—Oriental Morning Post
According to a statement made by Guotai Junan Securities, Central Huijin, an investment arm of China's sovereign investment fund, has no interest in buying the Bank of China (601988.SS)'s convertible bonds which the Chinese third-largest bank announced to issue on Friday in order to replenish capital.
The Bank of China announced on Friday it plans to sell out 40 billion yuan (US$5.88 billion) convertible bonds, and at the same time stated it has no other plans to raise capital on China's mainland stock market.
Since Central Huijin has held over 60 percent stake in Bank of China, it has no interest in subscribing the bonds this time, Guotai Junan explained in the statement.
State companies to divest hotel assets—China Business News
The State-owned Assets Supervision and Administration Commission (SASAC) asked more than 100 central state-owned companies to divest themselves of hotel assets to streamline the business, with hundreds of billions of yuan to be involved in dealing with the assets.
The move is target at those companies whose main businesses are not in hotel.
It is no doubt a shock to the hotel industry as a whole, according to Zhao Huanyan, an expert at a hotel consulting company.
According to SASAC, the targeted state companies should to shed the hotel assets over nest three to five years; nevertheless it is an easy job for both SASAC and those companies.
Hebei Iron& Steel tumbles on debut—China Business News & Xinhua News Agency
Hebei Iron & Steel, the renewed body of the former Tangshan Iron & Steel after merged Handan Iron & Steel and Chengde Vanadium & Titanium, tumbled on its first day of trading yesterday, down 12.412 percent to 6.21 yuan (US$0.91) at the closing of the day.
Although the slump didn't come as a surprise, such a big drop is really beyond expectations. The slump is a result of the recent tight economic measures taken by the government and diluted earnings per share after the merger, said Luo Wei, an analyst at China International Capital Corporation.
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