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GUANGZHOU

Port opens to overseas visitors

The Yutang Port in South China's Guangdong Province is set to open to overseas passengers and cargo ships by the end of this year, local officials said on Monday. The port is 86 nautical miles from Hong Kong, 58 nautical miles from Macao, and 136 nautical miles from Guangzhou, capital of the province. As part of the port development project, two major berths capable of handling ships of more than 10,000 dead weight tonnage have been built at the 320 metre wharf. The port is located in the Taishan Guanghai Bay Development Zone and adjacent to the Taishan Coal-fired Power Plant which is under construction.

BEIJING

Magic mushrooms

The Beijing Technological Achievement Spreading Service Centre is to promote the growing and processing technologies of the "Beiqi magic mushroom" in underdeveloped rural areas in the country, which will help farmers increase their incomes and utilize recycled resources.

As a healthy food, which is also used in traditional Chinese medicine, the mushroom was developed by the Beiqi Biological Cultivation Company and is suitable for growth in villages with surplus labour resources. Besides technological training, the Beiqi company will set up chain of purchasing centres in rural areas and promote the product in markets for farmers.

Toshiba sets up R&D branch

Japanese appliances giant Toshiba plans to set up a Chinese research and development branch in October, said the company yesterday. The R&D centre will employ 250 researchers and expand to 500 before 2005. It is Toshiba's third research centre overseas after its European and US houses. The centre will focus on the deployment of next-generation information technology. To ensure getting talented support from top Chinese universities, Toshiba has signed contracts with Tsinghua University and Peking University for co-operation.

Smart card fair to open

The Fourth International Fair for Smart Cards will be held from June 6 to 9. China has become a major market for smart cards or integrated circuit cards. According to the latest statistics, about 230 million smart cards were in use last year, with telecom industry leading all the other sectors. More than 300 million cards are expected to be sold in the market, supported by the rapid development of the telecoms, financial, social securities and public transportation industries. More than 100 leading smart card makers have registered to take part in the exhibition.

HONG KONG

Avent builds China network

US-based Avent, the world's largest electronic components and computing products distributor, said recently it would build a distribution and technological network in China following its purchase of Hong Kong-based Sunrise technology Co Ltd.

Sunrise, with its 22 distribution centres in the Chinese mainland and good performance record, will be restructured into a specialized electronic components distributor for Avnet Electronics Marketing Group in Asia and is believed to be critical to the success of Avnet in the region.

BEIJING

Additional shares

More than 300 listed companies have planned to offer rights issue or issue additional shares this year, according to an official with the China Securities Regulatory Commission (CSRC). He said some listed companies, including those in A-share, B-share and H-share markets, have expressed their willingness to issue additional shares in the B-share market, and the commission is probing the matter. The official said listed companies are required to disclose the usage of proceedings in three years right after the additional issuance. He also said a group is allowed to have two listed companies as long as they are not in the same business circle.

Stock index

Anthony Neoh, chief adviser of the China Securities Regulatory Commission (CSRC), said the commission is considering inviting the public security department to investigate suspected irregularities at appropriate time. Speaking at the Innovation and Development Fortune Forum, Anthony said a national stock index is expected to debut before the end of this year. He also said the B-share market, whose capitalization only accounts for 5 per cent of that of the A-share market, is bound to expand, and would merge with the A-share market eventually.

Listed companies

Zhang Xinwen, an official from the Beijing office of the China Securities Regulatory Commission (CSRC), said the office would encourage investors in Beijing to sue listed companies for irregularities. He said the office would urge listed companies to improve information disclosure and tightly control the issuance of new stocks. Zhang also said the office would tighten the supervision of listed companies.

HONG KONG

Digital China

Digital China Holdings Ltd set its 88.26 million initial public offering shares at HK$3.68 (US$0.47), at the top of its indicative range of HK$3.00-HK$3.68 (US$0.38-US$0.47), underwriter Goldman Sachs said yesterday.

The company is the foreign-brand distribution arm being spun off by top Chinese computer maker Legend Holdings Ltd, and contributed about 15 per cent of Legend's earnings in the nine months through December 2000. It posted a revenue during that period of HK$6.44 billion (US$825.6 million) and profit of HK$98.99 million (US$12.7 million).

Beida Jade

Software applications developer Beida Jade Bird Universal Sci-Tech Co said yesterday it was in talks with five US and European companies over possible joint ventures or other forms of co-operation.

"We're in talks with five American and European companies at the moment," vice-president Zhang Wanzhong told reporters after the annual general meeting. Company officials would not identify the other parties.Beida Jade Bird would consider setting up joint ventures with these potential partners, he said.

Zhang said if any agreements were made with foreign partners, the company might have to raise capital but it did not see the need for a share placement at the moment.

LONDON

GE to defend planned merger

US conglomerate General Electric (GE) will fight tooth and nail to defend its planned merger with Honeywell at a two-day European Commission hearing, which started yesterday in Brussels, the Financial Times (FT) reported.

GE officials do not plan to make any concessions to the commission, but will try to show it is giving too much credence to its competitors and not enough to clients who would be happy with the merger, the daily said.

However, German airline Lufthansa was to give evidence at the hearings in Brussels, the FT said.

Lufthansa, which is a client of both GE and Honeywell, has asked the companies' representatives to leave the hearing while it presented its sensitive arguments, the financial daily said.

SINGAPORE

Firms battle for MobileOne

Australian, British and Malaysian firms were yesterday locked in a three-way battle for Singapore's second largest mobile phone operator MobileOne (M1), said to be worth at least US$1.2 billion.

Regional Wireless - a joint venture between Australia's Telstra and Pacific Century Cyberworks of Hong Kong - Britain's Vodafone Group and Maxis Communications of Malaysia were the only bidders when tenders closed on Monday, reports said.

A spokesman for M1 declined comment, leaving the matter up to the company's shareholders, which confirmed in April they were looking at disposing of their stakes.

SEOUL

Industrial output growth slows

South Korea's industrial output growth slowed to 5.7 per cent year-on-year in April, as semiconductor and computer production eased because of sluggish overseas demand, officials said yesterday.

Seasonally adjusted industrial output fell 1.3 per cent from March, ending three months of gains, the National Statistical Office (NSO) said.

Output growth was put at 6.4 per cent year-on-year in March.

"Exports led by semiconductors and computers slowed further, while domestic consumption turned slightly better in April," an NSO official said.