Baidu and CITIC to launch first independent direct bank

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China Digest 20

The China Regulatory Banking Commission has approved the establishment of Baixin Bank, a joint investment of China CITIC Bank and Internet giant Baidu that will offer direct banking services, the Paper reported. It initiates the first independent direct bank in China, which will offer services remotely via online and telephone banking with no branch networks.
百度与中信银行合开的“百信银行”获开业批复,李如东任行长

New financing guarantee service rules disclosed

New regulations for financing guarantee companies to be implemented October 1 include the provision that these firms must have at least 20 million yuan in registered capital, the Paper reported. Also, outstanding liabilities guaranteed by a company should not exceed 10 times its net assets, the reported added. The State Council said it would boost financing guarantee services for small and micro businesses and the rural sector in the meantime.
融资担保公司迎来新规:担保责任余额不得超过净资产的10倍

Baidu selling food delivery service for $US500 million

The Shanghai-based food-ordering platform Ele.me will take over Baidu’s food and beverage delivery service, Waimai.baidu, in a deal valued at around US$500 million, Caijing reported. Baidu will assume 5% of Ele.me and Waimai.baidu is expected to run independently for another year after the transaction, a Yicai report added.
详细披露百度外卖交易细节:百度将占饿了么股份5%
饿了么最快本周收购百度外卖 后者将独立运营一年|独家

China’s Great Wall automaker eyes bid for Jeep

Great Wall Motors, a Chinese automobile manufacturer, is looking at buying Fiat Chrysler Automobiles (FCA)’s Jeep unit, Caixin has reported. Adam Jonas, analyst from Morgan Stanley, estimates that the Jeep unit is worth US$33.5 billion, while the entire FCA is valued at US$32 billion. Insiders are unsure if the Chinese specialty SUV maker has the ability to handle the acquisition, as its total revenue for the first half of 2017 was 41.3 billion yuan, with a net profit of 2.5 billion yuan.
长城汽车有意收购菲亚特克莱斯勒旗下Jeep品牌

Real estate giant acquires 5% of Evergrande

Chinese Estate Holdings, one of Hong Kong’s major real estate developers, disclosed in its semi-annual report this week that it has bought 5% of Evergrande Group on the open market between April and July, an expenditure of HK$8.1 billion (about 7 billion yuan) . The company said it will consider offering dividends to its shareholders if share prices reach a satisfactory level, Caixin reported. Shares in Evergrande soared to a record high last month.
入股赚12亿港元 华置称待价而沽恒大股份

Two SOEs to merge with China Poly Group

Two state-owned enterprises, Sinolight corporation and China National Arts & Crafts Group, will be integrated into China Poly Group and become its wholly owned subsidiaries, the Economic Information Daily reported. The number of SOEs under the direct supervision of State-owned Assets Supervision and Administration Commission of the State Council will decrease to 99 after the integration, the report said.
国资委监管央企首度降至百家内

NDRC approves 22 more infrastructure projects

The National Development and Reform Commission (NDRC) has given its approval to 22 fixed-asset investment programs in July, for a total of 165.5 billion yuan, the Economic Information Daily reported. The programs are mainly in the area of energy, water conservancy, transportation and high technology. By the end of June, infrastructure projects have attracted 9.9 trillion yuan in investment and 659 of them have started construction.
发改委密集批复各地基础设施投资项目

China Railway to buy 500 next-gen ‘Fuxing Hao’ trains

China Railway plans to purchase 500 new generation 350 km/h high-speed “Fuxing Hao” trains from the China Railway Rolling Stock Corp (CRRC), the Paper reported. Details of the purchasing contract haven’t been disclosed yet, the report added. Construction of the “Fuxing Hao” train took three years and involved 20 companies.
中铁总与中车签订战略合作协议:计划采购500组“复兴号

Shenzhen and Guangzhou lead trade values

Total import and export values stood at 13.14 trillion yuan (US$1.97 trillion) in the first half of 2017, a 19.6% year-on-year increase and the fastest half year growth since 2011, Sina Finance reported, citing data from the General Administration of Customs. Import and export values in Shenzhen and Guangzhou amounted to one trillion yuan, around one seventh of the total national value.
副省级城市出口排行榜:深圳总量最大 成都增速最快

Beijing expands ‘no-go’ area for diesel trucks

Diesel trucks with Beijing licences are banned from using the fifth ring road from 6 a.m. to 11 p.m., while trucks without local licences are forbidden to enter the sixth ring road between 6 a.m. to 12 p.m., according to newly released regulations, Caixin reported. The move is aimed at improving the city’s air quality and to achieve the target of reducing the annual average concentration of PM2.5 atmospheric particulate matter to 60 mg per cubic meter.
北京市加大柴油货车禁行范围

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