Major auto

manufacturer splits

CHINA’S leading auto manufacturer, the Shanghai Automotive Industrial Corporation (SAIC), announced last week it has officially separated from the Chery Auto Co Ltd, officially undoing a merger that occurred less than four years ago.

According to a statement by SAIC, the split has been officially approved, and the company has transferred its 20 per cent share of Chery to other stock holders.

The statement also said that Chery Auto has been granted permission to make cars independently, a qualification which stimulated the company to join SAIC more than three years ago.

Chery also obtained the advantage of market promotion and component supply when the small company, then only allowed to produce auto parts, allied with SAIC.

Tea Expo

wins big deals

HANGZHOU ?The Seventh China International Tea Expo ended in Hangzhou last week after the clinching of more than 40 million yuan (US$4.8 million) worth of deals, including over 4 million yuan (US$480,000) in spot transaction.

More than 1,000 Chinese and foreign tea merchants attended the four-day exposition, which opened on September 29 at the Zhejiang World Trade Centre in Hangzhou, capital of East China’s Zhejiang Province.

A variety of China’s brand-name teas, including Longjing, Oolong and jasmine tea, tea sets and tea packages were put on display at 135 booths in the

4,400-square-metre exhibition hall.

The exposition also featured tea ceremonies performed by professionals from China, Japan and the Republic of Korea.

The event, which opened for free, received more than 10,000 tea-tasters, retailers and ordinary citizens.

Standard Chartered’s

new RMB service

NANJING ?British Standard Chartered Bank’s Nanjing branch was given approval to conduct renminbi (RMB) services in Nanjing, capital city of Jiangsu Province last week by the China Banking Regulatory Commission.

The first foreign bank approved to deal in RMB services in Jiangsu, Standard Chartered will provide loans, savings and credit card services to small and medium-sized businesses and individuals, while managing cash, foreign exchange and securities for customers.

Founded in 1992, Standard Chartered’s Nanjing branch is the biggest foreign bank in the province. An official with the bank said the opening of RMB services will further expand its influence.

The bank’s branches in Shanghai and Shenzhen obtained the approval for providing RMB services to Chinese and foreign companies earlier this year.

(Xinhua)