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October 21 – Swedish Automobile said it has rejected a joint bid by two Chinese firms to take over Saab, citing some conditions that may have lead to the demise of the brand, Swedish Automobile CEO Victor Muller told Reuters Friday. Pangda Automobile Trade Co (SHA: 601258) and Zhejiang Young Lotus Automobile Co paired up to make the bid.
October 21 – Cofco Ltd, China's largest grains trader, said it is seeking overseas acquisitions to help secure supplies of soybeans, wheat and sugar as rising domestic incomes spur growth in food demand, Bloomberg reported, citing Cofco chairman Frank Ning. The state-owned company is looking for investments in the US, South America, Australia and Russia, Ning said, without identifying which companies were being considered.
October 20 – Shandong Kingenta Ecological Engineering Co (SHE: 002470), a chemical fertilizer manufacturer, said its Yunnan subsidiary plans to pay ¥76 million for 56% of Yunnan Zhongzheng Chemicals Co, which posted ¥202 million in revenues and ¥23.88 million in net profits for the eight months through August 2011.
October 19 – Haier Group, a leading Chinese large appliance maker and the parent of Qingdao Haier Co (SHA: 600690) and Haier Electronics Group Co (HKG: 1169), said it has signed a deal with Japan's Sanyo Electric to acquire its washing machine and fridge divisions in Japan and all of its home appliance divisions in Indonesia, Malaysia, the Philippines and Vietnam. No financial details were disclosed.
October 19 – Xining Special Steel Co (SHA: 600117) said it plans to pay ¥47.77 million for a 100% stake in Qinghai Zhengwei Industries Co, which has been providing fireproof materials to and processing industrial residues for Xining Special Steel since 2004. Zhengwei Industries posted ¥543.61 million in revenues and ¥20.88 million in net losses for the first seven months of this year.
October 19 – Nomura Holdings Inc is set to acquire one of GE Capital's China businesses, the Wall Street Journal reported, citing people familiar with the matter. Nomura has been looking to bolster its China presence for years, and this deal could allow it to offer Renminbi-denominated products. Japan's largest investment bank by market value is still waiting for approval from the China Banking Regulatory Commission for this rare opportunity to acquire a China-based business.
October 18 – Happy Elements, a Chinese social game developer, said it has received $30 million from Legend Capital and Doll Capital Management in its second round of fundraising. CEO Wang Haining said the money will fund new recruitment and development of mobile games. Happy Elements was founded in 2009 and offered its first game on Facebook in August 2011.
October 13 – Maimaicha.com, a Shandong-based B2C tea site, received ¥100 million in its first round of fundraising, CEO Ma Yufeng said. Among the investors were Luxin Venture Capital Group, Shenzhen Capital Group, and two other unnamed contributors. Maimaicha, which receives 400,000 page views and 5,000 orders a day, has developed partnerships with major Chinese B2C sites including 360Buy, Taobao, Lashou and Dangdang (NYSE: DANG).
October 11 – China Guangdong Nuclear Power Corp was reportedly in talks to purchase Kalahari Minerals Plc, a British uranium miner, for approximately $1 billion.
October 11 – China Nickel Resources Holdings Co (HKG: 2889) said it would pay ¥1.69 billion for an 80% stake in Yiwan, an Indonesian miner, to gain access to three million tons of nickel ore per year.
$1 = ¥6.36
@2011 China Economy @ The China Perspective.
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