Platinum JV with Zimbabwe on track for April start

Zimbabwe Mining Development Corp, a State-owned company, plans to start metal production with Eurasian Natural Resources Corp and a Chinese company on concessions taken from Anglo American Platinum Ltd and Impala Platinum Holdings Ltd. A venture with ENRC, controlled by businessmen from Kazakhstan and that country's government, should begin producing platinum by the first quarter of next year. An exploration report from an alliance with the Chinese company, identified as Norinco International Cooperation Ltd, is due by year's end. "Everything is on course" for the venture to start production by April, Jerry Ndlovu, managing director of the State-owned Zimbabwean company, said in a Tuesday interview in Harare, Zimbabwe's capital.

Yue Xiu nears deal to buy Chong Hing Bank in HK

Yue Xiu Group, a trading arm of the Guangzhou city government, is nearing an agreement to acquire Hong Kong lender Chong Hing Bank Ltd, said three people with knowledge of the matter. An announcement may come as early as this week, said the people, who asked to remain anonymous because the discussions are confidential. Chong Hing jumped 7 percent to a record close at the end of trading in Hong Kong on Wednesday, giving it a market value of HK$15.1 billion ($2.1 billion). The first acquisition of a Hong Kong lender since 2009 would give Yue Xiu a total of 53 branches, including one each in Macao and mainland China. Chong Hing, which last year named Lau Wai-man as its first chief executive officer from outside the founding Liu family, said in August it had been approached by prospective bidders.

Foxconn to locate 4G tech park in Guizhou province

Foxconn Technology Group, one of the largest electronics contract manufacturers in the world, announced the establishment of a fourth-generation industrial park in Guizhou province. The company makes products for Apple, Sony and HP. Terry Gou, chairman of the group, said on Monday after attending the launching ceremony of the park in Guiyang that locations such as Guizhou and the western provinces had enjoyed little industrial development opportunities in the past, especially in relation to transportation infrastructure. With the traffic "bottleneck" now broken, and with abundant human resources available, these areas will see an upsurge in development opportunities and prospects, he said.

China Railway Corp plans $3.3b bond sale next week

China Railway Corp plans to sell 20 billion yuan ($3.3 billion) of bonds next week, two people familiar with the matter said on Wednesday. The State-owned company will sell 15 billion yuan of 10-year notes and 5 billion yuan of 20-year bonds on Oct 31, the people said, asking not to be identified because the details are private. The company last issued 10-year securities at 5.32 percent, and it issued 20-year notes at 5.55 percent earlier this month. The planned sale will take issuance by China Railway Corp since the start of July to 120 billion yuan, according to data compiled by Bloomberg. The company is seeking feedback from investors and will adjust its planned sale accordingly, the people said.

Alibaba creates US team for tech investment

Alibaba Group Holding Ltd, China's largest e-commerce company, set up an investment team in the United States to work with entrepreneurs focused on Internet commerce and technology. The team will be run by Michael Zeisser, who oversaw Liberty Media Corp's e-commerce group, and it will be based in the San Francisco area, the company said in an e-mail. Alibaba has expanded its US presence with investments in ShopRunner Inc, Quixey Inc and Fanatics Inc, as it seeks to move beyond its focus on China. The company, which has been valued by investment banks at as much as $190 billion, is considering a US initial public offering after talks with Hong Kong's exchange broke down.

China Daily - Agencies

(China Daily USA 10/24/2013 page14)