介绍:
Corporate news of the week
Anchor:
Let's check out some of the key events on the corporate front in China this week.
Several Chinese gaming companies are choosing to list in Hong Kong instead of New York.
Among them, Online game developer and operator Giant Interactive is currently in the process of delisting from the New York Stock Exchange to list on the Hong Kong exchange next year.
Meanwhile, the mobile messaging service LINE, based in Japan, plans a major push in China this year, to set up locally-based teams, to compete with WeChat and WhatsApp in the mobile messaging service market.
For more on this, CRI's Paul James spoke with Doug Young, associate professor at Fudan University and former China company news chief at Reuters.
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Back to Anchor:
That was Doug Young, associate professor at Fudan University and former China company news chief at Reuters.
Audit shows mismanagement at SOEs, 190 punished
China's top auditing body says that a total of 190 people at 11 state-owned enterprises have been punished for policy breaches or mismanagement.
The misdeeds were discovered during an audit launched last year.
According to reports released by the National Audit Office, investment projects run by China National Petroleum Corporation (CNPC) and China Resources did not follow procedures.
Irregularities were also found in the companies' financial management and internal regulation, including hefty spending on building golf courses, exaggerating material costs and buying shopping cards for employees.
Despite the irregularities, the NAO says the audited enterprises have made improvements to their regulations, and managed to retrieve and avoid losses amounting to 3.3 billion yuan, or nearly 550 million US dollars.
Friday's reports are based on the auditing of the balance sheets and income statements of the 11 SOEs for the year 2012.
Youku teams with Shanghai to build film production center
China's online video service provider Youku is teaming up with the Shanghai Municipal Administration of Culture, Radio, Film and TV to build a production center to create more micro movies and online series.
Gu Yongqiang, CEO of Youku Tudou, says the idea behind the center is to create a base to produce outstanding original content in a variety of formats.
They will also fund and nurture emerging filmmakers.
With more than 400 million users, Youku Tudou has invested in and produced many homegrown movies such as "Old Boys" and Ann Hui's "The Golden Era."
Beijing to Start First Lottery for Affordable Housing
The Beijing housing authority will reportedly launch a pilot lottery scheme on Monday, to allocate affordable apartments to eligible families.
Developer will offer nearly two-thousand apartments for the lottery, while around 130,000 households will be qualified to enter the pool.
The average price per square meter is limited to 22,000 yuan, or about 3,500 dolalrs, which is about half of that for commercial flats at the same location.
Siemens and Mitsubishi up Alstom bid
Siemens and Mitsubishi have upped their offer to buy the energy business of France's Alstom, in the latest move by competing bidders.
They have increased the cash component of their bid by 1.2bn to 8.2bn euros, or about 11 billion US dollars.
The improved offer raises the valuation of Alstom's energy business by 400 million euros to 14.6 billion euros.
The move by Siemens and Mitsubishi comes just a day after rival bidder General Electric sweetened its offer.
On Thursday, GE offered to create a joint venture with the firm's nuclear and energy businesses and to sell its profitable rail signalling business to Alstom.
But it did not increase its 17 billion dollar bid.
Alstom, which also makes the high-speed TGV train, is seen as one of France's key industrial firms.
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