China expected to nod establishment of two foreign holding securities JVs soon -- China's securities watchdog is expected to approve the foreign brokers, Nomura and J.P. Morgan, soon to set up their joint ventures in which each will hold a 51-percent stake, showing China's further opening-up in the financial industry, according to a report of Securities Daily. China Securities Regulatory Commission (CSRC) issued a document in April 2018 allowing foreign companies to hold majority shares in a joint venture (JV). Since then, several foreign companies have applied to increase shareholding or establish new securities company controlled by the foreign side.
Samsung to invest 2.4 bln USD on capacitor, battery plants in China -- Global electronics giant Samsung will invest 2.4 billion U.S. dollars to build new battery and capacitor plants in northern China's Tianjin, according to local authorities. The investment will be used to expand the power battery lines and set up a multi-layer ceramics capacitors (MLCC) factory for automotive electronics in the city, according to Tianjin Municipal government. Samsung SDI, a storage battery maker, will invest 800 million U.S. dollars on the battery project which is expected to cover 100,000 square meters.
JAC-Volkswagen NEV JV starts building R&D -- German carmaker Volkswagen and its Chinese partner Anhui Jianghuai Automobile (JAC Motors) on December 10 started the construction work on its research and development center for their new energy vehicle (NEV) joint venture. The R&D center of the passenger car facility will be dedicated to the development of electric cars, technology for the Internet of Vehicles, autonomous driving and other future technologies. The center is located in the economic and development zone of Hefei, capital of east China's Anhui Province, where JAC Motors is headquartered.
WeWork expands in China -- WeWork, considered the world's leading co-working space provider, opened its first property in Hangzhou, Zhejiang province.
It is thought the move indicates the company's wish to further explore China's market potential.
The space is a 10-minute walk from West Lake and will create about 1,700 jobs, among which up to 50 will be flexible. (Source: China Daily)
Ikea to build Shanghai mall -- Ikea, the Scandinavian-based furniture retailer, announced on December 6 its biggest investment yet: an 8 billion yuan (1.2 billion U.S. dollars) shopping mall to be built in Shanghai. The new project, to be located adjacent to Hongqiao International Airport in the western part of the city, will operate under the brand Livat, and is expected to open at the end of 2022. The complex will cover a total area of 430,000 square meters when complete, among which 120,000 sq m will be devoted to over 300 retailers for clothing, catering, entertainment, education and sports. (Source: China Daily)
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