HSBC rebuffs bidding 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.
HSBC rebuffs bidding rumor—China Business News
A source at HSBC Holding refuted a rumor that it was considering a bid for a 51 percent stake in one of the big three state-owned banks-- Industrial and Commercial Bank of China, China Construction Bank or Bank of China.
The unnamed source also emphasized that HSBC is very happy with its existing partnership with another Chinese bank, Bank of Communications.
In a Monday interview with CNBC, HSBC Chief Executive Michael Geoghegan didn't respond directly to the rumor, but said HSBC's stake in Bank of Communications is still its core investment in China.
In fact, any deal would face an obstacle from China's banking regulator since China imposed a 20 percent limit on foreign banks' stake in local lenders.
Jonway allies with ZAP to target China electric SUV market--National Business Daily
China auto manufacturer Zhejiang Jonway Automobile Co. Ltd. and US electric vehicle maker ZAP announced a partnership to produce electric sport utility vehicles (SUVs) and other electric vehicles to tap China's increasing opportunities in electric car market.
Jonway and ZAP partnered on the production of the 5-door Jonway A380 SUV, integrating ZAP's propulsion system.
"The planned SUV will be powered by lithium battery," said Mr. Zeng, a manager at Yonway.
The partnership also helps Yonway to gain a toehold in Korean market, as Samyang Optics formed a partnership with ZAP in technology on January 27.
Jonway annually manufactures fifty thousand units of its A380 compact SUV in 3- and 5-door models and is expanding its product line with new model sedans and other automobiles.
Shanghai land parcel sets a price record—Oriental Morning Post
A new record fee for real estate sitting south of the Shanghai Bund has been paid, 9.22 billion yuan (US$1.35 billion), making the 45471.9-square-meter plot the most expensive parcel in Shanghai.
Privately-owned Shanghai Zendai Property Ltd emerged as the owner of the prime plot after beating three property giants.
Rising steel inventory drives price lower—China Securities Journal
According to the latest data, the national steel inventory has reached a 10-week high, and the level is still on the rise.
Analysts said the current steel inventory is already very high and if the Spring Festival factor is taken into consideration, the level will reach a historic high and drag the price down.
