chinese

 
 

China’s ride-hailing firm Didi wants to develop ‘purpose-built’ cars with automakers

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BEIJING/DETROIT (April 24): Chinese ride-hailing giant Didi Chuxing is exploring ways of collaborating with established automakers and parts suppliers to jointly develop cars purpose-built for its services, the company said on Tuesday. Pay-per-use services such as car-sharing and ride-hailing are starting to challenge traditional car ownership in some in some of China’s most congested cities, such as Beijing and Shanghai, while global automakers are starting to bill themselves as “mobility” companies that do more than just build and sell vehicles. Didi officials said the disruptive change sweeping the industry meantRead More


Walmart sees Flipkart as key to atone for missteps in China

NEW YORK, April 24 — Walmart Inc lost out in China by betting on the wrong horse. In India, the retailer is prepared to pay up to secure the top steed. The world’s biggest retailer is nearing a deal to buy a majority stake in India’s top…


Priceworth signs MoU with Foshan

PETALING JAYA: Priceworth International Bhd has signed a memorandum of understanding (MoU) to supply on a yearly basis 60,000 cubic metres of container flooring worth RMB192 million (RM120 million) to Chinese manufacturer Foshan Zhengsen Woodworking Co.

The company’s share price was down 1.5 sen or 7.5% to 18.5 sen with some 11.1 million shares changing hands. Its share value was fallen almost 23% in the last one year.

The deal which is expected to be finalised in six months, will see the construction of a RM10.5 million new container flooring production line that will be funded through a RMB4 million advance payment from Foshan Zhengsen and hire purchase financing of RM8 million.

Priceworth’s subsidiary Sinora Sdn Bhd signed the MoU on April 21 for the intended supply of container flooring to Foshan Zhengsen, a pioneer and manufacturer in the Chinese container flooring market based in Foshan City, Guangdong.

“This development represents an exciting opportunity for Priceworth, as we are looking at a five-year contract,” said executive director Richard Koo after signing the MoU in Singapore. “This new product opens up a huge market to Priceworth. With China’s One Belt One Road Initiative, we expect demand for container flooring to grow significantly.”

“At the agreed price and volume of 60,000 cubic meters a year, the contribution margin is about 20%. With a consistent supply of timber from our harvesting operations, the Priceworth group will be able to fully utilise and increase the production efficiency of its production assets once we finalise this contract,” Koo added.

Priceworth in the last two months has seen a jump in monthly log production with better harvests mainly from operations in Forest Management Unit 5 (FMU5), Sabah. In February, it saw the highest production volume since July 2012, up 57% from a year ago.

“For the last five months, our log production has stayed consistently above 14,000 cubic metres, and we expect our (log) production to further increase with improvement in our harvesting efficiency,” said Koo.

Priceworth has been operating in two compartments within FMU5, which it proposed to acquire in 2016, and was recently given approval to begin harvesting in another two compartments. Priceworth also has several other timber concession areas covering 27,900ha.

The group proposed to acquire FMU5 for RM260 million in October 2016, through subsidiary GSR Pte Ltd. It is also planning a Singapore Exchange-listing for GSR, which will also acquire sister company Sinora, which is Priceworth’s plywood manufacturing arm.


Priceworth in MoU to supply container flooring to China’s Foshan Zhengsen

PETALING JAYA: Priceworth International Bhd has signed a memorandum of understanding (MoU) to supply on a yearly basis 60,000 cubic metres of container flooring worth RMB192 million (RM120 million) to Chinese manufacturer Foshan Zhengsen Woodworking Co.

The company’s share price was down 1.5 sen or 7.5% to 18.5 sen with some 11.1 million shares changing hands. Its share value was fallen almost 23% in the last one year.

The deal which is expected to be finalised in six months, will see the construction of a RM10.5 million new container flooring production line that will be funded through a RMB4 million advance payment from Foshan Zhengsen and hire purchase financing of RM8 million.

Priceworth’s subsidiary Sinora Sdn Bhd signed the MoU on April 21 for the intended supply of container flooring to Foshan Zhengsen, a pioneer and manufacturer in the Chinese container flooring market based in Foshan City, Guangdong.

“This development represents an exciting opportunity for Priceworth, as we are looking at a five-year contract,” said executive director Richard Koo after signing the MoU in Singapore. “This new product opens up a huge market to Priceworth. With China’s One Belt One Road Initiative, we expect demand for container flooring to grow significantly.”

“At the agreed price and volume of 60,000 cubic meters a year, the contribution margin is about 20%. With a consistent supply of timber from our harvesting operations, the Priceworth group will be able to fully utilise and increase the production efficiency of its production assets once we finalise this contract,” Koo added.

Priceworth in the last two months has seen a jump in monthly log production with better harvests mainly from operations in Forest Management Unit 5 (FMU5), Sabah. In February, it saw the highest production volume since July 2012, up 57% from a year ago.

“For the last five months, our log production has stayed consistently above 14,000 cubic metres, and we expect our (log) production to further increase with improvement in our harvesting efficiency,” said Koo.

Priceworth has been operating in two compartments within FMU5, which it proposed to acquire in 2016, and was recently given approval to begin harvesting in another two compartments. Priceworth also has several other timber concession areas covering 27,900ha.

The group proposed to acquire FMU5 for RM260 million in October 2016, through subsidiary GSR Pte Ltd. It is also planning a Singapore Exchange-listing for GSR, which will also acquire sister company Sinora, which is Priceworth’s plywood manufacturing arm.


PUC to set up joint research lab with Chinese institute

PETALING JAYA: ACE Market-listed company, PUC Bhd through its wholly-owned subsidiary PUC (Malaysia) Sdn Bhd has entered a three-year joint agreement with Chinese industrial research institute ShenZhen Institutes of Advanced Technology (Siat) of the Chinese Academy of Sciences (CAS) , which will see it invest RM6 million to set up the Presto Intelligence Technology Laboratory.

PUC’s share price was down 2.5 sen today to 23.5 sen with some 41.3 million shares changing hands.

The two will work together in the development of several new cutting-edge technologies such as the development of artificial intelligence (AI) technology, including Electronic Know Your Customer (E-KYC), facial recognition platforms, outdoor media demographics analyser as well as photo editing tools and many more, which would enhance PUC’s electronic payment and media services.

This innovative technology can further be applied for commercial purposes on top of enhancing PUC’s e-payment and media services which will contribute positively to the group.

Group managing director and CEO Cheong Chia Chou said “This collaboration reflects the group’s continuous journey to enhance our technological capabilities and pave the way for new breakthroughs in the world of technology. We believe this will benefit the group greatly as we focus on driving our new media, e-commerce, and financial technology-related businesses.”

“Not only that, Siat has numerous labs and resources that are crucial and valuable to our research efforts, and the transfer of knowledge and technology that is expected to take place during this duration will further elevate our expertise, putting us on par with various industry players with proven technologies. This collaboration will also strengthen the group’s objective as a catalyst to the emergence of a digital ecosystem in Malaysia, thus positioning Malaysia as a technology leader in this region,” he added.

Siat aims to enhance the innovative capacity of the equipment manufacturing and service industries in the Guangdong-Hong Kong region, promote the development of emerging industries possessing their own proprietary intellectual property, and become a world-class industrial research institute. Siat has fostered long-term partnerships with tech giants Huawei and Tencent as well as AI leader SenseTime, amongst others.


Most Asian currencies weaken as rising US yields bolster dollar

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SINGAPORE, April 23 — Most emerging Asian currencies slipped today as rising US bond yields buoyed the US dollar, a move that particularly hurt sentiment toward countries where foreign investors have large domestic bond holdings. The dollar's…


China’s ‘men only’ job culture slammed in new report

HONG KONG, April 23 — Leading Chinese firms including e-commerce giant Alibaba were heavily criticised today for gender discrimination in job adverts in a new report which said the landscape for the female workforce in China was deteriorating. The…


Crypto trading tumbles as investment scramble unwinds

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LONDON (April 20): Trading activity on cryptocurrency exchanges has halved from its December peak, industry data shows, as retail interest in the virtual coins declines and the prices of many remain far below their recent highs. Average daily traded volumes across cryptocurrency exchanges fell to US$9.1 billion in March and to US$7.4 billion in the first half of April, compared to almost US$17 billion in December, according to data compiled by crypto analysis website CryptoCompare. Rocketing prices of digital currencies such as bitcoin fuelled a mania in the sector towardsRead More


EU suspects tax fraud at China’s new gateway to Europe

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MADRID/ATHENS (April 23): European Union and Italian authorities are investigating suspected wide-scale tax fraud by Chinese criminal gangs importing goods via Greece’s largest port of Piraeus, a trade gateway between China and Europe, officials said. “The VAT is completely evaded, with enormous damage to the national tax authorities and to the community,” Fabio Botto, of the Italian Central Anti-fraud Office’s special investigative unit, said in an interview. He said the suspected scam at Piraeus, part of China’s vast Belt and Road infrastructure project, had cost Italy tens of millions ofRead More


Xi Jinping has to back up his words with actions to avoid a trade war, Canada’s ambassador to China says

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(April 23): China’s President Xi Jinping has to back up his words with actions if he wants to avoid a trade war, Canada’s ambassador to China told CNBC. “Xi Jinping has used very strong language in favor of globalization, in favor of freer trade. But it would be good if he could match those statements with actions,” ambassador John McCallum said, referring to Xi’s speeches at Davos last year and at the Boao forum this year. “Their actions have not always matched their words. So the more they could act,Read More