Shanghai-based Bright Dairy Food Co, which parted with French partner Danone last year, said its sales jumped 30 percent in January from a year earlier as it focuses on high-end products such as yogurt and expands beyond its home base.

Bright Dairy, which posted three consecutive years of slowing growth, also plans to reduce its reliance on urban supermarkets by expanding into smaller cities and rural areas, according to a statement citing company President Guo Bingheng.

Bright Dairy, whose sales are concentrated in East China, lags behind bigger rivals Mengniu Dairy and Yili Industrial Group nationwide.

Production resumes

Chihong Zinc and Germanium, a major Chinese producer of zinc and lead, said yesterday it had resumed production at one of its smelters following a 12-day halt because of bad weather.

Chihong resumed zinc and lead production in the city of Qujing in Yunnan province on Saturday as power was restored, it said in a statement. It suspended production on Feb 11 after heavy snow hit the area and damaged the power grid.

Primary dealer

JPMorgan Chase Bank (China) Co Ltd has been appointed by the Ministry of Finance as a primary dealer in Chinese government bonds, making it the first US bank to be allowed to underwrite domestic government debt.

The China Banking Regulatory Commission approved the appointment, which JPMorgan called a significant step as it expands its participation in China's capital markets.

The increasing maturity of the domestic market convinced finance ministry officials it was opportune to expand the circle of primary dealers to foreign banks experienced in underwriting sovereign bonds, the bank said in a statement yesterday.

GRAPEVINE

Green test

Zijin Mining Group Co Ltd has passed a domestic environmental test, paving the way for it to launch its planned Shanghai IPO, the Shanghai Securities News reported yesterday.

Zijin has passed an inspection by the State Environmental Protection Administration, and the latter has informed China's top securities regulator of the result, the report said.

The government recently issued rules barring companies that fail to meet environmental standards from raising money from the capital markets.

Little Swan stake

Guangdong Midea Electric Appliances Co will buy a controlling stake in Wuxi Little Swan Co and will announce the acquisition today, the Shanghai Securities News reported, citing unnamed sources.

Midea may pay 1.68 billion yuan in cash for 24.01 percent of Little Swan, a washing machine maker based in Jiangsu province, the report said.

BIZ UNUSUAL

Changing fortunes

A listed company based in Zhejiang province has invited experts to set up an employee assistance program (EAP) to provide psychological counseling services.

After the company's IPO, many employees became millionaires overnight. The sudden increase in wealth has brought on psychological shock to some mid-ranking and high-level managers as they feel a need to reposition themselves in society.

"I have lost the drive to work hard now that I already have so many assets. But on the other hand, I'm tensed up all the time worrying that I'll lose the money if the market fluctuates," said a manager surnamed Chen. The company hopes EAP will help employees build a positive attitude toward wealth.

Wedding dresses

Prices of wedding dresses have increased 20 percent in Shanghai as many people have decided to get married in 2008, a good year to tie the knot for Chinese.

At a recent exhibition, a set of "Olympic wedding dresses" proved to be extremely popular. Comprising eight dresses designed with different Olympic themes, such as football, basketball and figure skating, the Olympic set is going for 16,800 yuan.

According to statistics from the Shanghai wedding trade association, 135,000 couples are planning to tie the knot this year in Shanghai.

BIZ MOVES

Tequila GM

Jocelyn Yong has been promoted to the newly created role of general manager at Tequila, China, TBWA's one-to-one agency.

Yong will continue to be based in Shanghai, and continue to look after the agency's Pernod Ricard accounts, following her previous role as group business director for those accounts. A longtime Tequila veteran, Yong moved to China from the company's Singapore office in 2003.

Exchange change

Song Liping, deputy general manager of the Shenzhen Stock Exchange, has succeeded Zhang Yujun as general manager, the Oriental Morning Post reported.

While Zhang will replace Zhu Congjiu as general manager of the Shanghai Stock Exchange, the report said. The report citing unnamed sources that the securities sector is set for more personnel reshuffles.

LOCAL

Emission cut

More than 5,000 polluting enterprises have been closed down in the last five years in Henan province. Every year, a total of 2.1 million tons of coal will be saved as a result of closing down the small thermal plant generators, cutting emissions of SO2 by 30,000 tons and CO2 by 4 million tons.

The province cut 3.8 percent of energy consumption per unit of GDP last year, while the GDP rose by 14.5 percent.

Shanghai drainage

Shanghai will invest 300 million yuan in drainage systems all over the city to tackle water accumulation in stormy seasons.

The project will take three years. A total of 9.4 km of water removal conduit will be constructed at more than 50 streets in the city. Drainage facilities at about 20 streets are expected to be fixed before this summer.

Yantai projects

The government of Yantai, Shandong province, this week promoted $2.1 billion worth of projects including port construction, commercial property and tourism development to attract investment in Hong Kong.

According to Yantai vice-mayor Li Shuqin, Hong Kong is one of Yantai's major economic and trade partners. By the end of 2007, Hong Kong businesses had invested in 2,795 Yantai projects, with a contracted overseas investment of $8.8 billion.

(China Daily 02/28/2008 page15)