February 8 – Yum! Brands Inc (NYSE: YUM) said its revenue and profit from China rose 29% and 15% respectively and it opened 656 restaurants in the country in 2011. It also revealed it will increase prices in 2012 in China. The fast food giant was operating 4,493 restaurants in the country as of the end of 2011, including 3,801 KFC restaurants and 761 Pizza Hut restaurants.
February 7 – General Motors Co (NYSE: GM) said it sold 246,654 cars in January in China, up 25.3% from December and down 8% from a year earlier.
February 7 – Starbucks Corp (NASDAQ: SBUX) said it will work with Yunnan Aini Agriculture Livestock Group to establish a company supplying coffee beans to its global cafes. The joint venture, in which Starbucks will own a 51% stake, is expected to produce 27,000 tons of coffee beans annually once operational before its capacity expands to 100,000 tons in five years.
February 7 – Walmart Stores Inc (NYSE: WMT) named Greg Foran president and chief executive of Walmart China, the Wall Street Journal reported. He succeeds Ed Chan, who resigned in October for personal reasons. Foran, 50, was previously an executive at Australian retailer Woolworths Ltd, and joined Walmart in October as senior vice president for Walmart International.
February 7 – Citigroup Inc (NYSE: C) became the first western bank to be allowed to issue credit cards in its own name in China.
February 6 – Best Buy Co Inc (NYSE: BBY) said it has shelved its plans to reopen a store in Shanghai and offered no clue about future opening. The US electronics retailer closed all of its nine stores in China after five years of business through February 2011, but said it would reopen two stores in 2012.
February 6 – Private equity firm TPG said it has secured ¥4 billion as it continues to raise capital for China investments, the Wall Street Journal reported. TPG has a team in China of 30 experienced investment professionals. In August 2010, it established Renminbi-denominated funds in Shanghai and Chongqing with an aggregate target size of ¥10 billion.
February 4 – Mazda Motor Corp said it sold 22,740 cars in January in China, up 14% from a year earlier. The amount also marked the Japanese carmaker's best month in the country.
February 3 – Jaguar Land Rover, a luxury automaker, plans to partner with China's Chery Automobile Co to build vehicles in China, Bloomberg reported, citing two people with knowledge of the matter. China requires foreign carmakers to work with local manufacturers, which must own at least 50% of joint ventures, to set up production.
February 3 – Amazon (NASDAQ: AMZN) China said it opened its 11th Chinese operations center in the northern municipality of Tianjin to offer local residents delivery services within the same day. The first phase of the new facility covers 90,000m2. Amazon has a total of 500,000m2 of storehouses across the country, its largest network outside the US.
February 2 – Intel Corp (NASDAQ: INTC) said it plans to build a dispatch center in western China to offer 72-hour delivery service for its customers in Sichuan province and Chongqing municipality. Intel currently operates a wafer plant and a chip packaging and testing base in Chengdu, Sichuan's provincial capital.
$1 = ¥6.3