Californian seafood producer Ocean Garden to tap market potential in China -- One of the biggest seafood company based in the U.S. western coast state of California formed a cooperation with its Chinese partner to market wild-caught and farm-raised shrimp products in China. According to the Seafood Source website, Ocean Garden Products announced on March 20 that the company will work with Guolian Aquatic, a shrimp aquaculture, feed, and sales company based in the Guangdong port city of Zhanjiang, to offer seafood products to Chinese market, marking under the Calmex and Ocean Garden brands.
ZTE invests over 3 billion USD on 5G products -- Chinese telecommunications company ZTE has invested 20 billion yuan (3.16 billion U.S. dollars) on a 5G product base in Nanjing, in east China's Jiangsu Province. The center will focus on developing 5G products and wireless devices, the company said on March 20.
Geely reports growing revenue, profit in 2017 -- Chinese car company Geely registered fast revenue and profit growth in 2017, according to its financial report on March 21. The company, based in east China's Zhejiang Province, raked in 92.76 billion yuan (14.7 billion U.S. dollars) in revenue last year, up 73 percent year on year, while its profit surged 108 percent to 10.63 billion yuan.
China's first online insurer Zhongan reports loss in 2017 -- China's first online insurer Zhongan Online P&C Insurance reported a net loss of 996 million yuan (157 million U.S. dollars) in 2017, against a gain of 9.37 million yuan in 2016, according to its annual report released on March 20. Rising commission and management cost as well as unearned premium reserve payments and exchange rate losses were to blame for the net loss, according to the company's first annual report since its IPO in Hong Kong in September last year.
Malaysia firm to supply cement to China construction company for East Coast Rail Link -- A Malaysia-based building material firm said on March 19 that it has secured a 270 million ringgit (68.92 million U.S. dollars) cement supply contract for the East Coast Rail Link (ECRL) project, the construction of which is led by China Communications Construction Company Ltd (CCCC). Lafarge Malaysia said in a statement that its subsidiary Lafarge Cement Sdn Bhd has reached a cement supply agreement with China Communications Construction Sdn Bhd, the Malaysian unit of CCCC, for the ECRL project.
CMPort to acquire 50 pct share of Newcastle port -- Shareholders of China Merchants Port Holdings Company Limited (CMPort) agreed at a meeting on March 19 to buy a 50 percent share of the Port of Newcastle in a move to expand to Australia. The purchase of the Port of Newcastle, the largest port on Australia's east coast and world's largest coal export port, will cost 607.5 million Australian dollars (468 million U.S. dollars), according to the shareholders' meeting.
AIIB inks natural gas deal with Chinese firm to improve air quality -- The Asian Infrastructure Investment Bank (AIIB) signed a natural gas project with a Chinese company on March 19 to improve the air quality in Beijing. "It is the common responsibility of the international community, including multilateral development banks, to tackle climate change. With substantial support of the board of directors of the AIIB, this project hopes to contribute to meet this global agenda," AIIB President Jin Liqun said at the signing ceremony.
Shanghai bourse approves Didi's 1.58-bln-USD asset-backed securities -- The Shanghai Stock Exchange approved an application on March 19 allowing Chinese ride-hailing firm Didi Chuxing to raise 10 billion yuan (1.58 billion U.S. dollars) through an issuance of asset-backed securities. The fund will be used for its partners, mainly car leasing enterprises, to procure new vehicles to expand its transport capacity, according to the company.
Ping An Bank posts mild profit growth in 2017 -- Ping An Bank, a Shenzhen-listed lender controlled by Ping An Insurance, posted a mild profit increase in 2017. The bank saw net profits rise 2.6 percent to 23.2 billion yuan (3.7 billion U.S. dollars) last year, according to a statement filed to the Shenzhen Stock Exchange.
A single purchase
