Guangdong is receiving credit for being the fastest in the country to relax purchase restrictions on vehicles, and the first to introduce promotions for sales. Not surprisingly, it is showing up in improving output figures. Guangzhou Auto led the charge, with sales up 6.1% YoY and 50.5% over March. Here’s how the big guns are looking so far in the recovery period:
Caixin has a gripping story about the bidding process for the Zhuhai government’s stake in Gree Electric, the city’s biggest and most famous privately owned company. From a starting field of around 25 bidders, only two remain, as the air conditioner giant inches closer to a deal that has captured the market’s attention for months.Continue reading Gree share-sale drama leaves two standing
Walmart intends to add another 100 stores in Guangdong over the next five years, according to a company statement. They will include Sam’s Clubs, shopping malls and shops in residential communities, said the Arkansas-based retail giant, adding that it will also set up cloud-based warehouses for the branches.
Walmart opened its first China store in Shenzhen in 1996, and now has over 400 across the country. In March it completed its largest investment in China to date – a distribution center for fresh foods in Dongguan costing more than RMB700 million, serving over 100 brick-and-mortar shops.
Its newest store format, outlets in residential communities, debuted in Guangdong last year. It also set up a WeChat mini program for home deliveries this year, offering service to doorsteps within an hour of placing an order.
Gree Electric Appliances, the air conditioner giant chaired by one of China’s best-known female business leaders, has been approved to go completely private. The company said in an announcement this week that the State-owned Assets Supervision and Administration Commission has agreed in principle for the city government to transfer most of its stake in the company through a public tender.Continue reading Gree gets nod to sell Zhuhai govt stake
Suning Xiaodian, the convenience store chain of Chinese retail giant Suning, acquired 61 convenience stores in Guangzhou from Hong Kong conglomerate Fung Group for an undisclosed sum, according to local media.
Facing intense competition in the mainland convenience-store market, the network of 61 outlets has failed to make a profit since the brand’s launch there in 2002. The Guangzhou Circle K business recorded a net loss of HK$21.4 million in 2014 before then parent Convenience Retail Asia sold the business to its 41% shareholder Fung Group the following year for HK$48 million (US$6.12 million). Since then, Fung Group has closed at least 12 stores there.
Hong Kong-listed Colour Life, a property management and community service company, has announced that it would issue HK$371 million of shares to JD.com and HK$120 million to 360.com with cooperation deals to jointly build smart communities under business, logistics, financial and technological environments.Continue reading Colour Life gets HK$490m from JD and 360
Despite Hong Kong’s increasingly violent political protests and rising tensions between protesters and the government, InvestHK remains “cautiously optimistic about the investment outlook in Hong Kong,” according to David Wong, head of strategic research.
“If we look at the economic fundamentals of Hong Kong and China, they remain strong,” said Wong in an interview with Greater Bay Insight. He added that the government body, which is tasked to attract and facilitate inward investment, continues to receive keen interest around the world and the pipeline remains healthy.Continue reading InvestHK remains upbeat
After its success distributing Beyond Meat Inc.’s mock beef patties in Asia, Hong Kong-based start-up Green Monday has a new food challenge: convince Chinese consumers to try its lab-grown meatless pork, reports DealStreetAsia.
Company founder David Yeung sees demand for meatless pork from China’s increasingly sophisticated, health-conscious and globalized young consumer pool – the coffee-slurpers, in other words. Green Monday currently sells its meatless pork in Hong Kong, Singapore, Taiwan and the Philippines.
The company says it’s in late-stage discussions with e-commerce platforms and big restaurant and supermarket chains to stock its meatless pork in China by the end of this year. Its first partnerships in China will be with companies it already works with in other Asian markets, like hotel chain Hyatt and Walt Disney Co. Read more.
British business associations have formed a network with other international groups to maximize opportunities arising from the Greater Bay Area’s development plan, reports the South China Morning Post.
The chamber said in a statement that they, together with the chambers in Guangdong and Macau, the China-Britain Business Council, and the Confederation of British Industry Beijing Office, agreed to form an inter-organisation working group on the GBA initiative.
The platform, which appeared to be the first among major Western countries in the development zone, would work to identify opportunities in fields including construction, engineering, financial services, transport and health care for British companies. It will also work together to develop policy recommendations to governments and regulators across the region.