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News from China
Fosun’s interest lifts Portuguese bank
2nd August 2016

 SHARES in Portugal’s Banco Comercial Portugues were volatile yesterday after China’s Fosun made a surprise offer to take an almost 17 percent stake in the country’s largest listed bank by assets.

BCP’s share price jumped 7 percent in early trading before falling back to trade 2 percent higher at 0.02 euros (2 US cents) a share.

The bank’s board announced the proposal from Fosun Industrial Holdings Limited on Saturday, saying it had “many positive aspects” and would be analyzed in coming days. It added that Fosun is considering ultimately buying up to 30 percent of BCP. No cash value was put on the stake.

Like much of the Portuguese banking sector, BCP has struggled to make a profit in recent years amid low interest rates and soured loans. The global financial crisis and Portugal’s economic woes after needing a 78 billion-euro bailout in 2011 have also taken their toll, with BCP's share price falling from more than 3 euros a share in 2008.

Analysts expect the Portuguese financial sector to consolidate, either via mergers or alliances with banks in Spain, and Fosun’s interest was a surprise. The Shanghai-based conglomerate owns Club Med and other businesses in Europe, including Portugal’s biggest insurer, Caixa Seguros.

BCP has assets of over 75 billion euros, according to European banking authorities. It has had mixed success in its battle to restore profitability, posting losses of 197 million euros in the first half of this year, down from a profit of 241 million a year ago.

Source: Shanghai Daily, August 2, 2016
High-tech park showcases new products
1st August 2016

 A range of new technology products designed to make it easier to care for elderly people and children are being developed by firms at the Zhangjiang High-Tech Industrial Park, the local equivalent of Silicon Valley.

They include video communications applications specifically designed for the elderly, and wearable posture-correcting devices for children, Shanghai Daily learned at a forum held at the park over the weekend.

Qingmang Inc displayed a video communication application for elderly people living apart from their children called Missing Home, which features a one-click monitoring function that connects elderly people with their family.

The wearable device Elfear allows parents to remind their children to sit in the right position, thanks to remote control features and sensors.

Source: Shanghai Daily, August 1, 2016
CNPC’s net profit surges 11% in H1
29th July 2016

 STEADY growth in overseas oil and gas developments helped China National Petroleum Corp reap a 11 percent gain in profit in the first half of 2016 despite the fall in energy prices, according to company and media reports.

Over the first six months this year, CNPC produced 38 million tons of oil equivalent in overseas oil and gas projects, helping it meet half the target set for 2016, the company said yesterday.

It reported smooth progress in its gas project in Amu Darya in Turkmenistan while its LNG project in Russia has been half completed and its oil drilling business in North Azadegan in Iran has been operational since April 19.

The output of oil drilled in Brazil and Sudan from January to June contributed to a 4.2 percent growth in CNPC’s oil output compared with the same period last year.

CNPC made a profit of 27.6 billion yuan (US$4.1 billion) even as prices of oil plunged 36.5 percent and gas fell 22.1 percent year on year at the end of June, Bloomberg News said on Tuesday.

The energy giant cited the gain to a cut of nearly 30 percent in overseas expenses from the same period in 2015.

Graham Cunningham, a Citibank analyst, said in a recent report that CNPC benefited from the recent recovery of oil prices and its sale of Trans-Asia Gas Pipeline Co and PetroChina Kunlun Gas Co for 20.7 billion yuan.

CNPC said in a recent proposal that it would cut its annual total investment over the next five years by 40 percent to 260 billion yuan.

Source: Shanghai Daily, July 29, 2016
Companies honored for going green
28th July 2016

 THE three-month Invest in Green Future — Corporate Social Responsibility Excellence Awards came to a successful conclusion yesterday in Shanghai with 49 winners being selected for their contribution to a greener environment.

Organized by the Shanghai Observer, Shanghai Daily and, the excellence awards, which honor both multinational and domestic companies in a range of categories related to eco-friendly products, community relations, employee care and CSR innovation, has received 100 submissions from 83 companies.

“This was a really meaningful event as it provided a perfect platform for companies to demonstrate their commitment and strength in green development,” Zhu Yonglei, deputy director-general of the publicity department of the CPC Shanghai Committee and director of the Information Office of the Shanghai Municipal Government, told the Invest in Green Future — CSR and Innovation 2016 Shanghai Summit, during which the excellence awards were presented.

“Achievements as well as experience gained by companies from both home and abroad in the green development area will remain worth sharing through platforms like this.”

Guided by the city’s Information Office, Shanghai Commission of Commerce and Shanghai Environmental Protection Bureau, and supported by SynTao, Jiefang Daily Enterprise Innovation and Development Research Center, Shanghai Daily Multinational Companies Club, Shanghai Association of Enterprises with Foreign Investment and Shanghai Association of International Economic and Technological Cooperation, the event has attracted widespread attention, with more than 400,000 people voting or taking part in the event through digital media platforms since its launch on April 28.

Taking public votes into consideration, a panel of judges led by Zhu Dajian, a professor at Tongji University and director of Tongji’s Institute of Governance of Sustainable Development, chose 49 submissions as the final winners, with foreign companies figuring prominently.

The 49 submissions cover three aspects: “green development,” “shared values” and “responsibility and innovation.” They put heavy emphasis on innovation, setting a good example and sustainability.

With the aim of encouraging more companies to practice corporate social responsibility and make contributions to Shanghai’s development of a better business environment that will further empower Shanghai’s economic growth and raise the city’s international profile, yesterday’s summit also saw government officials, corporate delegates and green development experts exchange their thoughts through keynote speeches and panel discussions.

“Cross-sector collaboration will become a trend in green development as it enables different entities to leverage their own strength in a joint effort,” said judge Guo Peiyuan, general manager of SynTao and chairman of SynTao Green Finance.

“Moreover, green finance as well as education on green development concepts for senior management of all companies are also of special importance for Shanghai at the current stage.”

At the start of the 13th Five-Year (2016-2020) Plan, the event should provide guidelines for Shanghai’s green development as well as the city’s bid to become a global innovation center for science and technology.

The 49 winners are also expected to create green value for others and help the city achieve its target of moving to an innovation-led growth model through industrial restructuring and upgrading.

Source: Shanghai Daily, July 28

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