Wednesday, September 8, 2010
Chinese hunger for car ownership: survey
BEIJING -- A nation-wide survey run by China Youth Daily found over half of the respondents plan to buy cars, the newspaper reported Tuesday.
The survey polled 1,541 respondents, 40.3 percent of whom were from small and medium sized cities, and 43.3 percent were from provincial or municipal capital cities.
Of the 1,541 respondents, 60.2 percent said they were planning to buy a car in the next five years, while 16 percent already had one. Only 21.1 percent had ruled out buying a car.
Also according to the survey, the majority of respondents considered the "convenience" of having a car as the salient reason for wanting to own one.
Ma Liwei, a graduate student of Tsinghua University, bought a car one month ago. He said, "The outreach of buses and subways is still limited, but with a car, I can go everywhere. Besides, driving saves time and effort compared to catching public transport."
However, as China's car ownership skyrockets, traffic jams are becoming a huge headache in many cities. According to statistics, the number of cities with over one million vehicles has reached 15.
Beijing Transportation Research Center recently predicted that Beijing's average driving speed would drop to below 15 kilometers an hour by 2015.
The China Youth Daily survey also showed that one fourth of the respondents wanted to buy cars out of peer pressure and associated cars with their social status.
Sun Shijin, professor in psychology with Fudan University was quoted by newspaper as saying, "More and more people tend to use cars as show-off to satisfy their spiritual emptiness."
(Xinhua)
The survey polled 1,541 respondents, 40.3 percent of whom were from small and medium sized cities, and 43.3 percent were from provincial or municipal capital cities.
Of the 1,541 respondents, 60.2 percent said they were planning to buy a car in the next five years, while 16 percent already had one. Only 21.1 percent had ruled out buying a car.
Also according to the survey, the majority of respondents considered the "convenience" of having a car as the salient reason for wanting to own one.
Ma Liwei, a graduate student of Tsinghua University, bought a car one month ago. He said, "The outreach of buses and subways is still limited, but with a car, I can go everywhere. Besides, driving saves time and effort compared to catching public transport."
However, as China's car ownership skyrockets, traffic jams are becoming a huge headache in many cities. According to statistics, the number of cities with over one million vehicles has reached 15.
Beijing Transportation Research Center recently predicted that Beijing's average driving speed would drop to below 15 kilometers an hour by 2015.
The China Youth Daily survey also showed that one fourth of the respondents wanted to buy cars out of peer pressure and associated cars with their social status.
Sun Shijin, professor in psychology with Fudan University was quoted by newspaper as saying, "More and more people tend to use cars as show-off to satisfy their spiritual emptiness."
(Xinhua)
Monday, September 6, 2010
China's passenger car sales increase 59.26% in Aug
TIANJIN - China's passenger car sales in August increased 59.26 percent from one year earlier to 977,300 units, the China Automotive Technology and Research Center (CATRC) said Wednesday.
The growth rate was 43.83 percentage points higher compared with that in July, the Tianjin-based CATRC said.
China's auto sales, including those of passenger cars and commercial vehicles such as vans, lorries and tractors, totaled 9.46 million units in the first eight months of this year, up 31.53 percent year on year, it said.
Auto production in China, the world's largest auto market, rose 35.45 percent from a year earlier to 10.91 million units in the January-August period, it said.
The average time cars took to sell once off the production line fell to 57 days last month from 58 days in July, the center said.
CATRC director Zhao Hang attributed the strong sales in August to high consumer demand due to the introduction of new models and better sales promotions.
Zhao expected China's passenger car sales to maintain a good performance in September.
The growth rate was 43.83 percentage points higher compared with that in July, the Tianjin-based CATRC said.
China's auto sales, including those of passenger cars and commercial vehicles such as vans, lorries and tractors, totaled 9.46 million units in the first eight months of this year, up 31.53 percent year on year, it said.
Auto production in China, the world's largest auto market, rose 35.45 percent from a year earlier to 10.91 million units in the January-August period, it said.
The average time cars took to sell once off the production line fell to 57 days last month from 58 days in July, the center said.
CATRC director Zhao Hang attributed the strong sales in August to high consumer demand due to the introduction of new models and better sales promotions.
Zhao expected China's passenger car sales to maintain a good performance in September.
Ministries encourage new energy vehicles
China is drafting new policies and speeding up the implementation of existing policies on developing new energy vehicles, government officials said at the International Forum on Chinese Automobile Industry Development held in Tianjin over the weekend, the Shanghai Securities News reported Monday.
Promoting the development of electric vehicles industry has been a top priority, the report said.
The Ministry of Science and Technology has composed a draft for developing electric cars during the 12th Five-year plan (2011-2015) period, which comprised seven aspects, such as setting the direction for electric cars research and development, further developing products for demonstration and improving the application of government subsidies, the report said.
The National Development and Reform Commission, China's top economic planner, has included key parts of new energy cars as the encouraged products in the Guiding Catalogue for Structural Adjustment of Industry (2010).
Ministry of Industry and Information Technology is working with other departments to revise the Policy on Development of Automotive Industry (2004), and the development plan for energy-saving and new energy vehicles (2011-2020) will take shape in two months.
The Ministry of Commerce is also working on guiding the exports of Chinese cars and auto parts as well as encouraging automakers to introduce advanced facilities, technologies and auto parts.
Government officials said at the forum that China aims to become a leading power in the auto industry by 2020, with the export volume of China-manufactured cars and auto parts accounting for over 10 percent of the world's total and new energy vehicles ownership reaching 5 million, according to the report.
-chinadaily.com.cn
Promoting the development of electric vehicles industry has been a top priority, the report said.
The Ministry of Science and Technology has composed a draft for developing electric cars during the 12th Five-year plan (2011-2015) period, which comprised seven aspects, such as setting the direction for electric cars research and development, further developing products for demonstration and improving the application of government subsidies, the report said.
The National Development and Reform Commission, China's top economic planner, has included key parts of new energy cars as the encouraged products in the Guiding Catalogue for Structural Adjustment of Industry (2010).
Ministry of Industry and Information Technology is working with other departments to revise the Policy on Development of Automotive Industry (2004), and the development plan for energy-saving and new energy vehicles (2011-2020) will take shape in two months.
The Ministry of Commerce is also working on guiding the exports of Chinese cars and auto parts as well as encouraging automakers to introduce advanced facilities, technologies and auto parts.
Government officials said at the forum that China aims to become a leading power in the auto industry by 2020, with the export volume of China-manufactured cars and auto parts accounting for over 10 percent of the world's total and new energy vehicles ownership reaching 5 million, according to the report.
-chinadaily.com.cn
Shanghai's new energy vehicle output to reach 30b yuan
TIANJIN - The output of new energy vehicles in Shanghai will reach 30 billion yuan ($4.41 billion) by 2012, municipal authorities said Sunday.
Further, Shanghai will build 25,000 charging stations for battery or hybrid power new energy vehicles by 2012, said Wang Zhe, an official with Shanghai's new energy automobile promotion office at the International Forum on Chinese Automobile Industry Development in Tianjin.
With government support in purchasing, R&D and infrastructure, Shanghai will be able to produce 100,000 new energy vehicles every year, including 60,000 passenger vehicles by 2012. About 20,000 of them will be for private use," Wang said.
The city is also applying to the National Development and Reform Commission for additional subsidies for private buyers of new energy vehicles, he added without providing details.
By the end of 2009, more than 2.43 million vehicles have been licensed in Shanghai. The number of private vehicles in the city has been increasing by 20 percent annually since 2006.
Dubbed the economic capital of China, Shanghai, especially its Jiading District, is also a major automobile manufacturing hub.
Jiading is working to become a leader in developing and manufacturing new energy vehicles in China, Fei Xiaomei, deputy district head, said Sunday in Shanghai.
-Xinhua
Further, Shanghai will build 25,000 charging stations for battery or hybrid power new energy vehicles by 2012, said Wang Zhe, an official with Shanghai's new energy automobile promotion office at the International Forum on Chinese Automobile Industry Development in Tianjin.
With government support in purchasing, R&D and infrastructure, Shanghai will be able to produce 100,000 new energy vehicles every year, including 60,000 passenger vehicles by 2012. About 20,000 of them will be for private use," Wang said.
The city is also applying to the National Development and Reform Commission for additional subsidies for private buyers of new energy vehicles, he added without providing details.
By the end of 2009, more than 2.43 million vehicles have been licensed in Shanghai. The number of private vehicles in the city has been increasing by 20 percent annually since 2006.
Dubbed the economic capital of China, Shanghai, especially its Jiading District, is also a major automobile manufacturing hub.
Jiading is working to become a leader in developing and manufacturing new energy vehicles in China, Fei Xiaomei, deputy district head, said Sunday in Shanghai.
-Xinhua
Chery aims big for 2010 sales
China's largest indigenous automaker Chery Auto plans to outsell its home-grown rival BYD Auto this year, the China Business News (CBN) reported today, citing an unnamed source.
Ma Deji, Chery's deputy general manager, said its company has set the 2010 sales target at 700,000 units. But a company insider told the CBN that Chery will not loose ground to the Shenzhen-based BYD Auto, which has planned to sell 800,000 units this year.
The Anhui-based automaker just inaugurated a new plant in Wuhu, Anhui province on Jan 16. With a 10-billion-yuan investment, the plant will finally add up Chery's annual vehicle production capacity to 1 million units after it goes into production in 2012.
Chery had already built a 4.7 billion yuan ($688.3 million) plant in Dalian, Liaoning province last year. The Dalian plant, with an annual production capacity of 200,000 vehicles, is set to go into operation in June 2011.
As of 2009, the automaker was able to produce 600,000 units of vehicles annually. It sold more than 500,000 cars that year, ranking the first among China's home grown automakers...
2010-02-23
-chinadaily.com.cn
Ma Deji, Chery's deputy general manager, said its company has set the 2010 sales target at 700,000 units. But a company insider told the CBN that Chery will not loose ground to the Shenzhen-based BYD Auto, which has planned to sell 800,000 units this year.
The Anhui-based automaker just inaugurated a new plant in Wuhu, Anhui province on Jan 16. With a 10-billion-yuan investment, the plant will finally add up Chery's annual vehicle production capacity to 1 million units after it goes into production in 2012.
Chery had already built a 4.7 billion yuan ($688.3 million) plant in Dalian, Liaoning province last year. The Dalian plant, with an annual production capacity of 200,000 vehicles, is set to go into operation in June 2011.
As of 2009, the automaker was able to produce 600,000 units of vehicles annually. It sold more than 500,000 cars that year, ranking the first among China's home grown automakers...
2010-02-23
-chinadaily.com.cn
Ford China's August sales up 24%
Ford and its Chinese joint ventures reported sales of 44,047 units in August in China, a 24 percent increase year-on-year,according to data from Ford Motor Co.
From January to August this year, Ford has sold 368,103 vehicles, a 42 percent increase from the same period last year.
trong demand for Ford's new products in China and India, two of the world's fastest-growing automotive markets, led to sales of 51,972 vehicles in August in the two countries, a 37 percent increase year-on-year.
So far this year, Ford has sold 422,779 vehicles in the two countries combined, a 52 percent increase over the same period last year.
In the next 10 years, Ford expects 70 percent of its growth to come from its Asia Pacific and Africa region.
"We have big plans for India, China and the region," said Joe Hinrichs, president of Ford Asia Pacific and Africa. "China will remain the largest car market in the world for the foreseeable future, and we estimate India will be the third-largest market in the world in the next 10 years."
Ford is building two new plants in China: one in Chongqing with Changan Ford Mazda Automotive, and one in Nanchang with Jiangling Motors Corp (JMC).
The $300 million Nanchang plant is expected to have the capacity to produce up to 300,000 vehicles per year and will produce both Ford- and JMC-branded vehicles. JMC is a strategic partner of Ford in producing commercial vehicles, and 30 percent of the company is owned by Ford.
(Agencies)
From January to August this year, Ford has sold 368,103 vehicles, a 42 percent increase from the same period last year.
trong demand for Ford's new products in China and India, two of the world's fastest-growing automotive markets, led to sales of 51,972 vehicles in August in the two countries, a 37 percent increase year-on-year.
So far this year, Ford has sold 422,779 vehicles in the two countries combined, a 52 percent increase over the same period last year.
In the next 10 years, Ford expects 70 percent of its growth to come from its Asia Pacific and Africa region.
"We have big plans for India, China and the region," said Joe Hinrichs, president of Ford Asia Pacific and Africa. "China will remain the largest car market in the world for the foreseeable future, and we estimate India will be the third-largest market in the world in the next 10 years."
Ford is building two new plants in China: one in Chongqing with Changan Ford Mazda Automotive, and one in Nanchang with Jiangling Motors Corp (JMC).
The $300 million Nanchang plant is expected to have the capacity to produce up to 300,000 vehicles per year and will produce both Ford- and JMC-branded vehicles. JMC is a strategic partner of Ford in producing commercial vehicles, and 30 percent of the company is owned by Ford.
(Agencies)
GM China's auto sales up 19.2% in August
BEIJING - GM China, the Chinese subsidiary of US carmaker General Motors, said Thursday its auto sales in August in China rose 19.2 percent from a year earlier to 181,625 units.
The August figure brought sales in the first eight months of the year to about 1.57 million units, up 41 percent year on year, the company said.
Shanghai GM, GM's joint venture with Chinese automaker Shanghai Automotive Industry Corporation (SAIC), sold 81,063 units of vehicles in August, an increase of 28.1 percent over the same period last year.
SAIC-GM-Wuling, a joint venture between GM, SAIC Motor and Liuzhou Wuling Motors, sold 95,119 vehicles in August, up 7.15 percent from a year ago.
Among GM brands in China, Chevrolet reported 33.5 percent year-on-year growth in sales with 38,482 units sold in August.
Sales of the Buick brand totaled 45,684 units in the month, up 17.4 percent year on year.
The Cadillac brand's sales increased 177.6 percent to 1,624 units in August.
Auto sales in China grew rapidly after the government halved the sales taxes on cars with an engine displacement of 1.6 liters or less in January last year. The tax cut took the sales tax on the small cars to 5 percent. But the tax was raised to 7.5 percent this year.
Chinese auto sales totaled 9.46 million units in the first eight months of the year, up 31.53 percent year on year, the China Automotive Technology and Research Center said Wednesday.
-Xinhua
The August figure brought sales in the first eight months of the year to about 1.57 million units, up 41 percent year on year, the company said.
Shanghai GM, GM's joint venture with Chinese automaker Shanghai Automotive Industry Corporation (SAIC), sold 81,063 units of vehicles in August, an increase of 28.1 percent over the same period last year.
SAIC-GM-Wuling, a joint venture between GM, SAIC Motor and Liuzhou Wuling Motors, sold 95,119 vehicles in August, up 7.15 percent from a year ago.
Among GM brands in China, Chevrolet reported 33.5 percent year-on-year growth in sales with 38,482 units sold in August.
Sales of the Buick brand totaled 45,684 units in the month, up 17.4 percent year on year.
The Cadillac brand's sales increased 177.6 percent to 1,624 units in August.
Auto sales in China grew rapidly after the government halved the sales taxes on cars with an engine displacement of 1.6 liters or less in January last year. The tax cut took the sales tax on the small cars to 5 percent. But the tax was raised to 7.5 percent this year.
Chinese auto sales totaled 9.46 million units in the first eight months of the year, up 31.53 percent year on year, the China Automotive Technology and Research Center said Wednesday.
-Xinhua
Sunday, September 5, 2010
Auto sales outlook solid
BEIJING, July 8 (Xinhaunet) -- China's automobile sales will decline slightly in the second half due to market cooling, said analysts.
"It is not beyond expectations that second half sales figures will be a little less than the first half as the market returns from overheated to healthy development," said Rao Da, secretary-general of the China Passenger Car Association.
However, China's prolonged policy of subsidizing trade-ins and new stimulus providing 3,000 yuan ($442.58) subsidy per unit to 71 green vehicle models, which both came into effect on July 1, will drive the sales in the second half, to a certain extent, said Rao.
"Thus, optimistically we lift our expectations for the whole year's auto sales from the previous 17 million units three months ago to 17.5 million units."
China sold 985,815 units of cars, multi-purpose vehicles, sports-utility vehicles and minivans in June, with a year-on-year growth rate of 18.1 percent, the lowest since last February. The sales dipped 2.2 percent from May, the association released on Wednesday.
The total sales in the first half hit 6.31 million units, surged 41.3 percent over last year, said the association.
General Motors, whose sales in China for the first time surpassed those in the United States in the first half, said that it expected continued sales growth in the second half, as it has been the biggest beneficiary of the Chinese government's new supporting measure for fuel-efficient cars, with 18 of its models to be listed among the total 71 models made by 16 automakers.
The new measure mainly supports smaller-sized vehicles with an engine capacity of or below 1.6 liters, which reduces fuel consumption by about 20 percent in average compared with current industry standard.
According to a report released by consumer research company AC Nielsen on Wednesday, 32 percent of consumers surveyed said that they will still consider purchasing a car within the coming 12 months. Georgia Zhuang, head of auto research Nielsen China, estimated that stimulus measures on green vehicles will greatly drive sales in the segment, as 20 percent of the consumers it surveyed said the government subsidy will encourage car purchase.
"From a long-term perspective, China's automobile market will continue robust growth, as there is increasing demand for smaller-sized fuel efficient cars and huge potential in third-tier or fourth-tier cities," said Feng Fei, director of the Research Department of Industrial Economy under the Development Research Center of the State Council."The growth engine will move from the coastal cities to inland regions, from big cities to rural regions in the future."
He predicted in China's 2010 Blue Book of Automotive Industry launched this Monday that the demand for passenger vehicles in China will reach 25 million units in 2020 and 35 million units in 2030.
"The natural demand is huge. Although China will have 200 million passenger vehicles in 2025, which means that seven out of every 100 people own cars, that's a similar figure with the current global average," said Zhang Xiaoyu, executive vice-president of China Machinery Industry Federation.
(Source: China Daily)
"It is not beyond expectations that second half sales figures will be a little less than the first half as the market returns from overheated to healthy development," said Rao Da, secretary-general of the China Passenger Car Association.
However, China's prolonged policy of subsidizing trade-ins and new stimulus providing 3,000 yuan ($442.58) subsidy per unit to 71 green vehicle models, which both came into effect on July 1, will drive the sales in the second half, to a certain extent, said Rao.
"Thus, optimistically we lift our expectations for the whole year's auto sales from the previous 17 million units three months ago to 17.5 million units."
China sold 985,815 units of cars, multi-purpose vehicles, sports-utility vehicles and minivans in June, with a year-on-year growth rate of 18.1 percent, the lowest since last February. The sales dipped 2.2 percent from May, the association released on Wednesday.
The total sales in the first half hit 6.31 million units, surged 41.3 percent over last year, said the association.
General Motors, whose sales in China for the first time surpassed those in the United States in the first half, said that it expected continued sales growth in the second half, as it has been the biggest beneficiary of the Chinese government's new supporting measure for fuel-efficient cars, with 18 of its models to be listed among the total 71 models made by 16 automakers.
The new measure mainly supports smaller-sized vehicles with an engine capacity of or below 1.6 liters, which reduces fuel consumption by about 20 percent in average compared with current industry standard.
According to a report released by consumer research company AC Nielsen on Wednesday, 32 percent of consumers surveyed said that they will still consider purchasing a car within the coming 12 months. Georgia Zhuang, head of auto research Nielsen China, estimated that stimulus measures on green vehicles will greatly drive sales in the segment, as 20 percent of the consumers it surveyed said the government subsidy will encourage car purchase.
"From a long-term perspective, China's automobile market will continue robust growth, as there is increasing demand for smaller-sized fuel efficient cars and huge potential in third-tier or fourth-tier cities," said Feng Fei, director of the Research Department of Industrial Economy under the Development Research Center of the State Council."The growth engine will move from the coastal cities to inland regions, from big cities to rural regions in the future."
He predicted in China's 2010 Blue Book of Automotive Industry launched this Monday that the demand for passenger vehicles in China will reach 25 million units in 2020 and 35 million units in 2030.
"The natural demand is huge. Although China will have 200 million passenger vehicles in 2025, which means that seven out of every 100 people own cars, that's a similar figure with the current global average," said Zhang Xiaoyu, executive vice-president of China Machinery Industry Federation.
(Source: China Daily)
China reports about 48% increase in half-year auto sales
BEIJING, July 9 (Xinhua) -- Chinese auto sales rose 47.67 percent year on year to 9.02 million units in the first half of the year, the China Association of Automobile Manufacturers (CAAM) said Friday.
Auto output in the past 6 months exceeded 8.92 million units, a rise of 48.84 percent from a year earlier, according to the CAAM.
In June, auto output stood at 1.39 million units, up 20.43 percent year on year, but down 1.84 percent compared to May.
Sales in June reached 1.41 million units, up 23.48 percent compared to a year ago, but also down by 1.83 percent month on month, CAAM figures show.
"Both output and sales exceeded our expectations earlier this year when we projected output would be around 15 million units for 2010," said Xiong Chuanlin, CAAM chief.
Of the total, sales of China's home-made passengers vehicles hit more 3.18 million units during the first half, accounting for 47.35 percent of the market, up 2.04 percentage points compared to the same period last year.
Sales of domestically produced sedans were at 1.45 million units, accounting for 31.68 percent of the market, up 2.23 percentage points over the same period last year, according to CAAM figures.
Top five auto sellers in the first half were SAIC Motor, Dongfeng Motor, Changan Automobile, First Automobile Works, and Beijing Automobile Works.
Auto output in the past 6 months exceeded 8.92 million units, a rise of 48.84 percent from a year earlier, according to the CAAM.
In June, auto output stood at 1.39 million units, up 20.43 percent year on year, but down 1.84 percent compared to May.
Sales in June reached 1.41 million units, up 23.48 percent compared to a year ago, but also down by 1.83 percent month on month, CAAM figures show.
"Both output and sales exceeded our expectations earlier this year when we projected output would be around 15 million units for 2010," said Xiong Chuanlin, CAAM chief.
Of the total, sales of China's home-made passengers vehicles hit more 3.18 million units during the first half, accounting for 47.35 percent of the market, up 2.04 percentage points compared to the same period last year.
Sales of domestically produced sedans were at 1.45 million units, accounting for 31.68 percent of the market, up 2.23 percentage points over the same period last year, according to CAAM figures.
Top five auto sellers in the first half were SAIC Motor, Dongfeng Motor, Changan Automobile, First Automobile Works, and Beijing Automobile Works.
China's auto makers reject "excess capacity" warning
TIANJIN, Sept. 5 (Xinhua) -- Executives from China's auto makers Sunday rejected an official warning that unchecked growth in the industry was leading to excess capacity and could harm the wider economy.
Chen Bin, an official with the National Development and Reform Commission, China's top economic planner, Saturday said excess auto capacity threatened sustainable economic development and must be "resolutely" stopped.
But industry representatives and the China Association of Automobile Manufacturers (CAAM) Sunday argued car makers were only trying to meet expected demand in the world's largest auto market.
Dongfeng Automobile, a major Chinese auto manufacturer, had been running in top gear since last year, said Fan Zhong, a senior manager. "Our problem is not having enough capacity."
Most entrepreneurs at the International Forum on Chinese Automobile Industry Development in Tianjin had similar views.
Ford China was focusing on expanding capacity as demand kept rising, said CEO Robert Graziano.
The overall capacity of China's auto industry might seem excessive, but the market had huge potential for restructuring and growth, said Hu Xinmin, honorary chairman of the CAAM.
China overtook the United States to become the world's largest auto maker and auto market in 2009, with output and sales respectively hitting 13.79 million and 13.64 million units last year.
China's auto industry had been manufacturing at 120 percent of its capacity, and most manufacturers were operating more than 20 hours a day, said Xu Changming, head of information resource development at the State Information Center.
The sales was expected to grow by more than 15 percent annually in the next few years, Xu said. "There is no need to worry about excessive output."
However, Chen Bin warned that local governments had been making "blind" efforts to open new factories and expand capacity, as they were encouraged by the industry's healthy profits and economic benefits.
Twenty-seven of the Chinese mainland's 31 provinces, autonomous regions and municipalities have plants that are able to produce finished vehicles.
With the extension of the national auto replacement subsidy to the end of this year, domestic output and sales both exceeded 10 million units in the first seven months, according to data released by the Ministry of Industry and Information Technology last month.
Chen Bin, an official with the National Development and Reform Commission, China's top economic planner, Saturday said excess auto capacity threatened sustainable economic development and must be "resolutely" stopped.
But industry representatives and the China Association of Automobile Manufacturers (CAAM) Sunday argued car makers were only trying to meet expected demand in the world's largest auto market.
Dongfeng Automobile, a major Chinese auto manufacturer, had been running in top gear since last year, said Fan Zhong, a senior manager. "Our problem is not having enough capacity."
Most entrepreneurs at the International Forum on Chinese Automobile Industry Development in Tianjin had similar views.
Ford China was focusing on expanding capacity as demand kept rising, said CEO Robert Graziano.
The overall capacity of China's auto industry might seem excessive, but the market had huge potential for restructuring and growth, said Hu Xinmin, honorary chairman of the CAAM.
China overtook the United States to become the world's largest auto maker and auto market in 2009, with output and sales respectively hitting 13.79 million and 13.64 million units last year.
China's auto industry had been manufacturing at 120 percent of its capacity, and most manufacturers were operating more than 20 hours a day, said Xu Changming, head of information resource development at the State Information Center.
The sales was expected to grow by more than 15 percent annually in the next few years, Xu said. "There is no need to worry about excessive output."
However, Chen Bin warned that local governments had been making "blind" efforts to open new factories and expand capacity, as they were encouraged by the industry's healthy profits and economic benefits.
Twenty-seven of the Chinese mainland's 31 provinces, autonomous regions and municipalities have plants that are able to produce finished vehicles.
With the extension of the national auto replacement subsidy to the end of this year, domestic output and sales both exceeded 10 million units in the first seven months, according to data released by the Ministry of Industry and Information Technology last month.
Saturday, September 4, 2010
China car market may not sustain growth
TIANJIN - CHINA'S car market will continue to grow this year but may not sustain the breakneck pace of last year, the chief executive of Ford Motor's China car venture said on Saturday.
'Overall this year versus last year, there will still be growth. First quarter and second quarter were good and we see some slowdown in the third quarter,' Jeffrey Shen told Reuters on the sidelines of an industry event in the northern municipality of Tianjin.
'But that's nothing major. There is no market that can continue to have 40, 50 per cent growth.' China, which eclipsed the United States as the world's largest auto market last year, has been a major bright spot as the global industry struggles to recover from a steep downturn.
Car sales started to show signs of a slowdown beginning from the second quarter on economic worries, but bounced back strongly in August due largely to government subsidies on fuel-efficient cars.
The up-turn in demand could extend into September and October, the best auto sales season, and may continue into the winter months if automakers slash prices to drive sales, some industry observers have said.
But Mr Shen, also the president of Ford's three-way tie with Mazda Motor and Chongqing Changan Automobile, disagreed. -- REUTERS
'Overall this year versus last year, there will still be growth. First quarter and second quarter were good and we see some slowdown in the third quarter,' Jeffrey Shen told Reuters on the sidelines of an industry event in the northern municipality of Tianjin.
'But that's nothing major. There is no market that can continue to have 40, 50 per cent growth.' China, which eclipsed the United States as the world's largest auto market last year, has been a major bright spot as the global industry struggles to recover from a steep downturn.
Car sales started to show signs of a slowdown beginning from the second quarter on economic worries, but bounced back strongly in August due largely to government subsidies on fuel-efficient cars.
The up-turn in demand could extend into September and October, the best auto sales season, and may continue into the winter months if automakers slash prices to drive sales, some industry observers have said.
But Mr Shen, also the president of Ford's three-way tie with Mazda Motor and Chongqing Changan Automobile, disagreed. -- REUTERS
Saturday, August 28, 2010
DMX Technologies Group is riding high on China’s digital-media revolution.
The Hong Kong-based provider of broadband networks, digital
video and mobile solutions has been actively marketing its digital services to cable
operators as the country makes the switch to digital broadcasting.
“The digital-media division is growing very rapidly in China, especially with the cable operators migrating from analogue to digital systems.
We expect digital media to grow to 50% in revenue contribution within two years, from
40% currently,” CEO Jismyl Teo told The Edge Singapore when she was in town recently.
On Aug 11, DMX announced a record revenue of US$58.6 million ($79.5 million) for
2Q2010 ended June 30, with over 70% of sales coming from China.
DMX’s digital-media division, which helps telcos and cable operators deliver their digital video and interactive multimedia value-added services to subscribers, saw revenue rise 24% y-o-y in 2Q2010, compared with an 11.8% growth in the infrastructure-enabling segment for enterprises. “Cable TV is the last market to go digital and the change is implemented countrywide simultaneously,” explains Teo, who hopes the adoption would be as quick as that for digital cellphone technology.
According to Teo, the Chinese government had earlier mandated all cable operators to switch from analogue to digital content delivery by 2015. Based on DMX’s estimates, the cable operators would spend about US$10 billion from FY2010
to FY2015 to migrate the content, and its share of the market is about US$2.5 billion. Like digital cellular networks, which enables multiple digital calls to be made in the space of a single analogue call, digital media allows cable-TV operators to push more channels to subscribers using the same bandwidth
and offer services like video-on-demand and interactive TV guides, which is where DMX’s expertise lies. Much of the credit must go to KDDI Corp — Japan’s second-largest telco by subscriber size — which became DMX’s controlling shareholder after it acquired a 50.1% stake in the company for $183.1 million last December. Subsequently, KDDI increased its stake in DMX to 51.36%
as at Aug 26, according to Bloomberg. Teo says KDDI has referred at least 10 new
customers to DMX, including a “very significant” Chinese company. The parent company
also referred customers in Japan, China, Indonesia and Malaysia to DMX for system integration services.
New business of convergence For the past few months, DMX has been working
closely with KDDI to launch a fixed, mobile and broadcasting convergence (FMBC) platform for cable operators. Through this platform,
cable-TV viewers, for instance, could connect to the Internet via their TV sets if they want to know more about the cast or director of the movie they’re watching.
“We just started showcasing this technology last month. It has been quite well received, but we need to localise the whole solution into Chinese
Chinese, because right now, everything is in Japanese,” says Teo, adding that the company hopes to complete the localisation process this year.
According to Teo, the idea of introducing FMBC technology to China came up after Premier Wen Jiabao, early this year, said the convergence of telecom, broadcasting
and Internet networks should be stepped up. Convergence enables telcos
and cable-TV operators to become quad- or tripleplays,
offering broadcasting, Internet, mobile as well as fixed-line services.
Teo expects FMBC technology to create a lot of business opportunities for DMX as telcos and TV operators raise capital expenditureto develop a converged network from
now till 2015. “In fact, we are fortunate KDDI has already
developed an FMBC platform in Japan, although it has not launched the product yet. This means we don’t have to start a new platform from
scratch by ourselves. We just have to adapt it to the Chinese market,” says Teo.
With KDDI’s FMBC platform, DMX hopes to get back into the Internet protocol television network, where China’s largest telco equipment supplier Huawei Technologies Co, Shenzhen-listed ZTE Corp and Alcatel-Lucent have always
been the biggest players. Recurring income While new revenue streams are explored, managed services, which is one part of DMX’s infrastructure-
enabling segment, continues to make a contribution — albeit a small one —
to revenue. In 2Q2010, revenue from the segment jumped 46% to US$3.9 million.
“Although managed-services solutions contributes only about 6% to our group revenue,
this relatively new sub-division under our infrastructure-enabling segment has higher profit margins, of about 40%, compared with only 10% to 15% in the infrastructure-solutions subdivision,” says Teo. In May, DMX said it had won a one-year
contract to provide managed-security services, including vulnerability assessment, security monitoring, code audit, system hardening and network protection, to mobile carrier China Mobile in Inner Mongolia. Currently, most of DMX’s managed services solutions contracts come from enterprises in China and Hong Kong with contract periods of one to three years.
Although DMX has no immediate plans to expand into new markets, Teo says DMX is not
ruling out the possibility of working with KDDI to offer its managed-services solutions to new markets like India, Thailand and Vietnam.
-The Edge
video and mobile solutions has been actively marketing its digital services to cable
operators as the country makes the switch to digital broadcasting.
“The digital-media division is growing very rapidly in China, especially with the cable operators migrating from analogue to digital systems.
We expect digital media to grow to 50% in revenue contribution within two years, from
40% currently,” CEO Jismyl Teo told The Edge Singapore when she was in town recently.
On Aug 11, DMX announced a record revenue of US$58.6 million ($79.5 million) for
2Q2010 ended June 30, with over 70% of sales coming from China.
DMX’s digital-media division, which helps telcos and cable operators deliver their digital video and interactive multimedia value-added services to subscribers, saw revenue rise 24% y-o-y in 2Q2010, compared with an 11.8% growth in the infrastructure-enabling segment for enterprises. “Cable TV is the last market to go digital and the change is implemented countrywide simultaneously,” explains Teo, who hopes the adoption would be as quick as that for digital cellphone technology.
According to Teo, the Chinese government had earlier mandated all cable operators to switch from analogue to digital content delivery by 2015. Based on DMX’s estimates, the cable operators would spend about US$10 billion from FY2010
to FY2015 to migrate the content, and its share of the market is about US$2.5 billion. Like digital cellular networks, which enables multiple digital calls to be made in the space of a single analogue call, digital media allows cable-TV operators to push more channels to subscribers using the same bandwidth
and offer services like video-on-demand and interactive TV guides, which is where DMX’s expertise lies. Much of the credit must go to KDDI Corp — Japan’s second-largest telco by subscriber size — which became DMX’s controlling shareholder after it acquired a 50.1% stake in the company for $183.1 million last December. Subsequently, KDDI increased its stake in DMX to 51.36%
as at Aug 26, according to Bloomberg. Teo says KDDI has referred at least 10 new
customers to DMX, including a “very significant” Chinese company. The parent company
also referred customers in Japan, China, Indonesia and Malaysia to DMX for system integration services.
New business of convergence For the past few months, DMX has been working
closely with KDDI to launch a fixed, mobile and broadcasting convergence (FMBC) platform for cable operators. Through this platform,
cable-TV viewers, for instance, could connect to the Internet via their TV sets if they want to know more about the cast or director of the movie they’re watching.
“We just started showcasing this technology last month. It has been quite well received, but we need to localise the whole solution into Chinese
Chinese, because right now, everything is in Japanese,” says Teo, adding that the company hopes to complete the localisation process this year.
According to Teo, the idea of introducing FMBC technology to China came up after Premier Wen Jiabao, early this year, said the convergence of telecom, broadcasting
and Internet networks should be stepped up. Convergence enables telcos
and cable-TV operators to become quad- or tripleplays,
offering broadcasting, Internet, mobile as well as fixed-line services.
Teo expects FMBC technology to create a lot of business opportunities for DMX as telcos and TV operators raise capital expenditureto develop a converged network from
now till 2015. “In fact, we are fortunate KDDI has already
developed an FMBC platform in Japan, although it has not launched the product yet. This means we don’t have to start a new platform from
scratch by ourselves. We just have to adapt it to the Chinese market,” says Teo.
With KDDI’s FMBC platform, DMX hopes to get back into the Internet protocol television network, where China’s largest telco equipment supplier Huawei Technologies Co, Shenzhen-listed ZTE Corp and Alcatel-Lucent have always
been the biggest players. Recurring income While new revenue streams are explored, managed services, which is one part of DMX’s infrastructure-
enabling segment, continues to make a contribution — albeit a small one —
to revenue. In 2Q2010, revenue from the segment jumped 46% to US$3.9 million.
“Although managed-services solutions contributes only about 6% to our group revenue,
this relatively new sub-division under our infrastructure-enabling segment has higher profit margins, of about 40%, compared with only 10% to 15% in the infrastructure-solutions subdivision,” says Teo. In May, DMX said it had won a one-year
contract to provide managed-security services, including vulnerability assessment, security monitoring, code audit, system hardening and network protection, to mobile carrier China Mobile in Inner Mongolia. Currently, most of DMX’s managed services solutions contracts come from enterprises in China and Hong Kong with contract periods of one to three years.
Although DMX has no immediate plans to expand into new markets, Teo says DMX is not
ruling out the possibility of working with KDDI to offer its managed-services solutions to new markets like India, Thailand and Vietnam.
-The Edge
BEIJING, Aug. 28 (Xinhua) -- Global auto sales are expected to reach 70 million units this year, as China continues to lead the new car market, a senior executive with Japanese automaker Nissan Motor Co. said.
In 2009, global auto sales only reached 60.99 million units due to the global economic downturn, according to the International Organization of Motor Vehicle Manufacturers (OICA).
China became the second largest market for Nissan in 2009, said Dr. Andy Palmer, Senior Vice President and Executive Committee member of Nissan Motor, on Friday.
Sales of Nissan's luxury brand Infiniti in China hit 5,113 units in the first half year, more than double from a year earlier, said Palmer, adding that sales for the entire year could exceed 10,000 units, second only to the United States market.
Nissan Motor is the seventh largest automaker worldwide, with total auto sale of 3.36 million in 2009.
In 2009, global auto sales only reached 60.99 million units due to the global economic downturn, according to the International Organization of Motor Vehicle Manufacturers (OICA).
China became the second largest market for Nissan in 2009, said Dr. Andy Palmer, Senior Vice President and Executive Committee member of Nissan Motor, on Friday.
Sales of Nissan's luxury brand Infiniti in China hit 5,113 units in the first half year, more than double from a year earlier, said Palmer, adding that sales for the entire year could exceed 10,000 units, second only to the United States market.
Nissan Motor is the seventh largest automaker worldwide, with total auto sale of 3.36 million in 2009.
Wednesday, August 25, 2010
BEIJING - China plans to merge about 1,000 regional radio and television networks into a single national cable television network company to increase competitiveness.
The State Administration of Radio, Film and Television said the new company would be formed by year's end and would expand into mobile TV and online videos, the China Daily newspaper reported.
An official said the networks need to be consolidated "as they are individually run and have not developed into large-scale entities".
All networks in the nation are likely to be integrated in three years. The new company would have a start-up investment of 80 billion yuan ($16 billion), with contributions from the government and broadcasters.
The report made no mention of state broadcaster China Central Television and whether it would be part of the plan.
-AFP
The State Administration of Radio, Film and Television said the new company would be formed by year's end and would expand into mobile TV and online videos, the China Daily newspaper reported.
An official said the networks need to be consolidated "as they are individually run and have not developed into large-scale entities".
All networks in the nation are likely to be integrated in three years. The new company would have a start-up investment of 80 billion yuan ($16 billion), with contributions from the government and broadcasters.
The report made no mention of state broadcaster China Central Television and whether it would be part of the plan.
-AFP
DMX
DMX’S ENERGETIC LADY boss, Ms Jismyl Teo, is very excited about the development of the pay-TV market in China, where it is a leading digital media solutions provider.
At home in Singapore, Singtel’s mio TV and Starhub’s cable TV have been around for years, with each offering over 100 channels of current affairs, sports, education movies and entertainment from TV stations around the world.
In contrast, China’s digital media industry is nascent and rapidly growing, said Ms Teo during an investor briefing yesterday, when she shared how China's mandate to switch cable operators from analog to digital content delivery by 2015 is benefiting DMX.
The transformation is dramatic: For example, not possible in the analog days, any episode of popular Chinese TV drama is now easily searchable on www.ku6.com, which comes with home video-sharing features not unlike Youtube’s.
DMX generated US$58.6 million of revenues during 2Q10, of which 74% came from China, compared with 72% in 2Q09.
The macro numbers look exciting:
Firstly, the government mandate has set the stage for “3-network convergence” - that is, integrating cable, telecom and Internet. And China has earmarked some US$5 billion of capital expenditure for this over the next two to three years.
Secondly, China’s cable TV market is expected to more than double its digital cable TV subscribers from 63 million in 2009 to 165 million by 2015.
In the past, systems integration for information communication technology (ICT, or the design and installation of IT architecture that connects a myriad of ICT equipment including servers and routers as well as diverse solutions ranging from data security, application acceleration and bandwidth management) contributed the bulk of DMX’s revenues.
But in Dec last year, KDDI, Japan’s no.2 telco player and the world’s only provider of fixed line, mobile and broadcasting services under-one-roof, took a 52%-stake in DMX by injecting S$183 million of cash.
With KDDI’s strong mobile and network convergence connection, Ms Teo envisions digital media to contribute half of the group’s top line in 5 years. The other half is expected to come from ICT Infrastructure work.
”We are targeting earnings growth of 20% or more a year over the next 5 years,” she adds.
-www.nextinsight.net
At home in Singapore, Singtel’s mio TV and Starhub’s cable TV have been around for years, with each offering over 100 channels of current affairs, sports, education movies and entertainment from TV stations around the world.
In contrast, China’s digital media industry is nascent and rapidly growing, said Ms Teo during an investor briefing yesterday, when she shared how China's mandate to switch cable operators from analog to digital content delivery by 2015 is benefiting DMX.
The transformation is dramatic: For example, not possible in the analog days, any episode of popular Chinese TV drama is now easily searchable on www.ku6.com, which comes with home video-sharing features not unlike Youtube’s.
DMX generated US$58.6 million of revenues during 2Q10, of which 74% came from China, compared with 72% in 2Q09.
The macro numbers look exciting:
Firstly, the government mandate has set the stage for “3-network convergence” - that is, integrating cable, telecom and Internet. And China has earmarked some US$5 billion of capital expenditure for this over the next two to three years.
Secondly, China’s cable TV market is expected to more than double its digital cable TV subscribers from 63 million in 2009 to 165 million by 2015.
In the past, systems integration for information communication technology (ICT, or the design and installation of IT architecture that connects a myriad of ICT equipment including servers and routers as well as diverse solutions ranging from data security, application acceleration and bandwidth management) contributed the bulk of DMX’s revenues.
But in Dec last year, KDDI, Japan’s no.2 telco player and the world’s only provider of fixed line, mobile and broadcasting services under-one-roof, took a 52%-stake in DMX by injecting S$183 million of cash.
With KDDI’s strong mobile and network convergence connection, Ms Teo envisions digital media to contribute half of the group’s top line in 5 years. The other half is expected to come from ICT Infrastructure work.
”We are targeting earnings growth of 20% or more a year over the next 5 years,” she adds.
-www.nextinsight.net
Wednesday, July 21, 2010
Sunday, July 18, 2010
Sunday, July 11, 2010
China Sunsine
-shares 477m
- S chips
-leading specialty chemical producer selling accelerators, anti-oxidant, vulcanising agent and anti-scorching agent. It is the largest producer of rubber accelerators in PRC and one of the largest in the world serving all clients include bridgestone, michelin, goodyear, continental, yokohama, pirelli, hankook, kumho, cooper and prc tire giants
-reputable brand name "Sunsine"
-owner has 61%, pays himself S$2m
-idiot-proof biz,
-high barriers of entry as chemicals must be tested before adoption by tyres OEM
-div 1 ct per year
-NTA rmb 131 cts
-EPS rmb 6 cts 1q'10
-NP 15% vs 7% going up bcos of higher asp
-cash eq 196m, CA 554m, FA 229m, CL 143m, FL 0m
-rmb revaluation might have negative impact
- S chips
-leading specialty chemical producer selling accelerators, anti-oxidant, vulcanising agent and anti-scorching agent. It is the largest producer of rubber accelerators in PRC and one of the largest in the world serving all clients include bridgestone, michelin, goodyear, continental, yokohama, pirelli, hankook, kumho, cooper and prc tire giants
-reputable brand name "Sunsine"
-owner has 61%, pays himself S$2m
-idiot-proof biz,
-high barriers of entry as chemicals must be tested before adoption by tyres OEM
-div 1 ct per year
-NTA rmb 131 cts
-EPS rmb 6 cts 1q'10
-NP 15% vs 7% going up bcos of higher asp
-cash eq 196m, CA 554m, FA 229m, CL 143m, FL 0m
-rmb revaluation might have negative impact
Saturday, July 3, 2010
Thursday, July 1, 2010
Stocks Reach Cheapest in 60 Years
The U.S. stock market is the cheapest since 1951, according to a model comparing earnings valuations to corporate bond yields.
The S&P 500 has a so-called earnings yield of 9.1 percent, which when compared to corporate bond yields at 6.1% forms the largest gap in six decades, wrote Michael Darda, chief strategist and economist at MKM Partners.
Darda calculated the ‘earnings yield’ by taking the inverse of his current market multiple of 11, which is based on the trailing four-quarters corporate profit data released in the GDP report. This method is similar to the ‘Fed Model’ allegedly used by Alan Greenspan, which took the earnings yield and compared it to government bond yields.
http://www.cnbc.com/id/38042727
Tuesday, June 29, 2010
Thursday, June 24, 2010
Raffles Education
-shares issued 2.6 bil
-chairman and CEO same but has 5 IDs on board
-founder owns 33% (direct and deemed)
-7 meetings a year
-Chew got paid 4m a year
-FA 759m, CA 300m, Cash 140m, CL 283m, FL 589m
-net gearing 0.08x
-NAV 20 cts NTA 14 cts
-NP 20%
-ROE 11%
-P/B 1.4
-defensive business
-multiple awards (independent) for their students
-bulk assets denominated in RMB
-Khazanah bought 10% in OUC while AIF Capital declined subscription in OUC
-some problems with Thai biz.
-div. of 2 cts last year in scrip div.
-just set up another college in India
-global brand with 35 colleges in 32 cities across 12 countries
-share buy-back
-directors buying
-substantial shareholder, Janus Capital selling
-technically, stock in bear trend but a good chance of technical rebound follow by double bottom-prepare to cut loss if it doesnt happen.
I just bought at $0.285
Tuesday, June 22, 2010
Aussino
-shares 240m
-NAV 15 cts,
-cash 11m, inventory 18m, property 13m
-small cap
-new CEO from Aug'09, son of Chairman (owns 70%)
-global brand 8000 retail points in 16 countries
-only 2 IDs
-Chairman paid over a million
-positive cashflow
-housing boom everywhere
-high expenses
-litigation in progress
-Zhao Wei bought 12m at $0.09
-NAV 15 cts,
-cash 11m, inventory 18m, property 13m
-small cap
-new CEO from Aug'09, son of Chairman (owns 70%)
-global brand 8000 retail points in 16 countries
-only 2 IDs
-Chairman paid over a million
-positive cashflow
-housing boom everywhere
-high expenses
-litigation in progress
-Zhao Wei bought 12m at $0.09
DMX
-shares issued 1.1 bln
-KDDI (Toyota 11%, Kyocera 12%) owns 50%, 2nd largest telco in Japan
-KDDI subscribed at 0.32
-Venture owns 12 %
-CEO Ms Teo has more than 2 mln shares
-NP 5% ,GP 24%
-ROE 3%
-PE 18x nm
-strong balance sheet- cash 137m, Total Assets 362m, Total Liabilities 33m
-NAV $0.39
-trade recievables (more than a year) decreased from 21% Mar'09 to 12% Mar'10
-capital intensive
-chinese govt spearheading the cable market
-low barriers of entry
-no dividend, last one was on 2007
-long term view
-KDDI (Toyota 11%, Kyocera 12%) owns 50%, 2nd largest telco in Japan
-KDDI subscribed at 0.32
-Venture owns 12 %
-CEO Ms Teo has more than 2 mln shares
-NP 5% ,GP 24%
-ROE 3%
-PE 18x nm
-strong balance sheet- cash 137m, Total Assets 362m, Total Liabilities 33m
-NAV $0.39
-trade recievables (more than a year) decreased from 21% Mar'09 to 12% Mar'10
-capital intensive
-chinese govt spearheading the cable market
-low barriers of entry
-no dividend, last one was on 2007
-long term view
Monday, June 21, 2010
Boustead
1.strong balance sheet with 180m cash
2.trustworthy mgmt
3.5 years of growth records
4. 5 % div yield at 0.80 cts
5. diversified biz but low barriers of entry
6.latest announcements of entry into Bio-treat pose some challenges but good proxy to water treatment market in China
7.some property developments in Lybia also have hiccups
8. FF Wong has 33% in Co. , some insiders are also buying but not aggressive
9. ROE at 30%
10. P/B at 1.88 is high
2.trustworthy mgmt
3.5 years of growth records
4. 5 % div yield at 0.80 cts
5. diversified biz but low barriers of entry
6.latest announcements of entry into Bio-treat pose some challenges but good proxy to water treatment market in China
7.some property developments in Lybia also have hiccups
8. FF Wong has 33% in Co. , some insiders are also buying but not aggressive
9. ROE at 30%
10. P/B at 1.88 is high
Sunday, June 20, 2010
Hi-P
1. strong balance sheets .NAV of 0.64 cents- mostly cash and fixed assets. low liabilites. cash per share is 0.28
2. lost money for Q1. mgmt advised Q2 to turnaround.
3. div. payment every year but very little
4. customers include apple,braun, motorola, seimens, etc.
5.low net margin 5-10%
6.low barriers of entry
7.owner has more than 50% in this company
8.directors attended 8 meetings a year
9.good mgmt but directors highly paid themselves
10.granting of share options
11.revaluation of rmb might adversely affect their biz. this account for 70% of their biz from america and europe.
12. shares issued 877m free float 24%
13. roe 9%
14.p/b 0.80
2. lost money for Q1. mgmt advised Q2 to turnaround.
3. div. payment every year but very little
4. customers include apple,braun, motorola, seimens, etc.
5.low net margin 5-10%
6.low barriers of entry
7.owner has more than 50% in this company
8.directors attended 8 meetings a year
9.good mgmt but directors highly paid themselves
10.granting of share options
11.revaluation of rmb might adversely affect their biz. this account for 70% of their biz from america and europe.
12. shares issued 877m free float 24%
13. roe 9%
14.p/b 0.80
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