CBI member Deloitte announced the opening of its office in Changsha, which represents an important step in its expansion into Hunan province and is part of its strategy to seize new opportunities from emerging cities in China. Lawrence Chia, CEO of Deloitte China, said, “This is the second office we have opened in China so far this year.
A continuous service network expansion is pivotal in driving towards our medium term objective of becoming a preeminent firm in this marketplace. Globally, Deloitte has the aspiration to be an undisputed leader in professional services.
Achieving that goal requires that we are consistently preferred by clients. From that perspective, we need to continue building a strong service network and establish our presence wherever our clients need us.”
Chinese Ambassador to the U.K. Liu Xiaoming spoke at the opening of the London branch of China Merchants Bank (CMB), China’s sixth-largest bank.
In his remarks, Ambassador Liu highlighted how the CMB London branch is the first of its kind set up by a Chinese joint-stock bank and how it is one of the most recent outcomes of the “golden era” of U.K.-China relations.
China Merchants Bank first established its presence in London with a representative office in 2009.
CBI member DLA Piper announced that it had advised Ping An Good Doctor, a healthcare and medical mobile app launched by Ping An Insurance, on its US$500 million Series A financing.
Ping An Good Doctor app was launched in April 2015. It provides online consultation services, patient management, pharmaceutical online-to-offline services, digital health profiles, among others.
As of April 2016, it had 77 million registered users and had partnered with over 50,000 doctors from public and private hospitals across the country.
According to Chinese media, this is the single largest investment in China’s online medical service platforms.
The DLA Piper team advised Ping An Good Doctor on the onshore and offshore financing structure, negotiations with the lead investor and other investors, and transaction process management as well as other complex legal issues related to the financing.
CBI member Huawei celebrated its first 15 years in helping to build a better connected U.K. During the commemorative event, attended by over 400 customers, partners, government representatives, and media stakeholders, Huawei announced that it is launching an alumni programme to further support U.K. undergraduates who have participated in “Seeds for the Future”.
The “Seeds for the Future” programme, now in its sixth year, sends U.K. STEM (Science, Technology, Engineering, and Maths) students to China for a month to help promote STEM careers and skills as well as forge a better understanding and closer links between the U.K. and China.
The alumni programme will provide technology workshops and networking events as well as career advice and opportunities for undergraduates who have participated in the programme to help further develop skills and talent.
Huawei also confirmed that it will recruit eight new graduates in 2016, following on from the seven graduates successfully recruited in 2015. The eight new graduates will join in September, when they will embark on a programme designed to develop their understanding of the company’s core products and solutions.
The new recruits will rotate through different departments and roles, gaining understanding and experience of the company’s overall operations in the U.K., before joining a specific team and working on a delivery project.
CBI member London Taxi Company (LTC) announced that Zhejiang Geely Holding Group priced the first-ever green bond on the offshore market from a Chinese automobile company, raising US$400 million to support the development of zero-emission capable vehicles by its U.K. subsidiary, LTC, manufacturer of the iconic London Black Cab.
The senior unsecured bonds, issued through Zhejiang Geely’s wholly-owned subsidiary LTC GB Ltd., carry a fixed interest rate of 2.75% per annum with a tenor of five years, which is the lowest coupon ever amongst the USD bonds issued by Greater China’s auto companies.
The final order book of over US$2.3 billion represented an oversubscription ratio of close to six times. Zhejiang Geely will use the net proceeds from the green bond to finance or refinance the design, development, and production of zero-emission capable vehicles by LTC.
Zhejiang Geely is investing £300 million in LTC’s new research and production facility in Ansty in the West Midlands to develop the next-generation London taxi, the TX5. The new model was unveiled last October in London in the presence of President Xi Jinping during his state visit to the U.K.
The TX5 is a zero-emission capable vehicle and will be launched in the U.K. at the end of 2017 and in international markets in 2018. The vehicle will hence be compliant with new environmental requirements being introduced in London.
LTC is also working on several zero-emission model concepts, including light commercial vehicles as part of Zhejiang Geely’s plans to significantly raise production at LTC and position it as a leading manufacturer of green and environmentally friendly transportation.
CBI member HSBC announced the launch of a new marketing programme – Business Talks: New Silk Road – to promote a deeper understanding of the Belt and Road Initiative and the opportunities it creates for Hong Kong.
The programme comprises a series of six TV infomercials, with the first premiering on 20 June, in which prominent industry leaders will talk about the potential benefits of the Belt and Road Initiative for Hong Kong businesses.
The leaders will also discuss how different business sectors can prepare and equip themselves to seize these opportunities. HSBC’s new programme highlights the relevance of the initiative to businesses in Hong Kong and shows how leveraging Belt and Road will contribute to the vitality of the economy and bring long-term benefits to the city.
The TV infomercials will be broadcast on TVB Jade, iNews, viuTV, and NOWTV News Channel from 20 June. The Business Talks: New Silk Road infomercials will be available at www.hsbc.com.hk/belt-and-road after the TV premiere. Read more here.
CBI member Simmons & Simmons announced that it had advised Samsung Asset Management (Hong Kong) Ltd. on the listing of the first inverse and leveraged products ever in Hong Kong. The four products commenced trading on the Hong Kong Stock Exchange on 13 June 2016.