Archive for ‘acquisition’

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28/02/2020

US professor Anming Hu charged with hiding China ties from Nasa

  • Tennessee academic Hu was arrested on Thursday and charged with three counts of wire fraud and three counts of making false statements
  • The Justice Department said Hu hid his link to the Peking University while taking funding from the US space agency
Peking University in Beijing. Photo: Xinhua
Peking University in Beijing. Photo: Xinhua

US authorities on Thursday charged a professor at a university in Tennessee with fraud and false statements, saying he hid his link to a Chinese institution while taking funding from Nasa.

In the latest case related to US efforts to halt alleged unauthorised technology transfers to China, the Justice Department said Anming Hu hid his ties to Peking University of Technology while he taught and did research at University of Tennessee, Knoxville.

The indictment said that from 2016, Hu “engaged in a scheme to defraud the National Aeronautics and Space Administration” (Nasa) by hiding his affiliation with the Peking University.

“Federal law prohibits Nasa from using appropriated funds on projects in collaboration with China or Chinese universities,” the Justice Department said in a statement.

Hu was arrested on Thursday and charged with three counts of wire fraud and three counts of making false statements.

The wire fraud charges bring up to 20 years in prison and a fine of up to $250,000 each; the false statement counts each bring a maximum five years in prison.

Chinese man pleads guilty to photographing US Navy base

23 Feb 2020

The case was brought by the national security division of the Justice Department, which has taken aim over the past year at a number of Chinese nationals for allegedly stealing industrial and other secrets to boost China’s economy and defence sectors.

“This is just the latest case involving professors or researchers concealing their affiliations with China from their American employers and the US government. We will not tolerate it,” said John Demers, the assistant attorney general for national security.

US charges Harvard chemistry chair with lying about China ties

17 Feb 2020

Washington says Beijing both pressures and incentivises its nationals to bring back proprietary technology from the US.

Among those arrested for allegedly supporting Beijing’s illicit technology acquisition efforts is the chairman of Harvard University’s chemistry and chemical biology department.

Charles Lieber allegedly hid from Harvard and US authorities payments of $50,000 a month for his personal needs and $1.5 million in lab funding from a Chinese university.

Source: SCMP

Posted in academic, acquisition, Anming Hu, Beijing’s, charged, China, Harvard, hiding, illicit, NASA, National Aeronautics and Space Administration” (Nasa), Peking University, Technology, Tennessee, ties, Uncategorized, US professor, US space agency | Leave a Comment »

05/02/2020

Russian S-400 missile delivery to India to begin by end-2021- RIA citing official

MOSCOW (Reuters) – Russia will begin delivering S-400 surface-to-air missile systems to India by the end of 2021, agency RIA Novosti on Wednesday quoted a Russian official as saying.
India signed a $5 billion deal for S-400 missiles in 2018, drawing warnings from the United States that such an acquisition would trigger sanctions as part of a wider programme against Russia.
“The contract is being implemented on schedule. The first shipment is due by the end of 2021,” Deputy Director of the Federal Service for Military-Technical Cooperation (FSMTC), Vladimir Drozhzhov, said at Defence Expo 2020 in Lucknow, India, according to RIA.
In November, the same agency cited the general director of Russian state arms exporter Rosoboronexport, Alexander Mikheev, as saying deliveries would start in September 2021.
Source: Reuters

Posted in acquisition, begin, citing, Defence Expo 2020, delivery, end-2021, Federal Service for Military-Technical Cooperation (FSMTC), India, Lucknow, Moscow, Official, RIA Novosti, Rosoboronexport, Russia, Russian S-400 missile, Russian state arms exporter, surface-to-air missile systems, trigger sanctions, Uncategorized, United States, wider programme | Leave a Comment »

17/12/2019

China and Europe are partners not rivals, says Chinese FM

BRUSSELS, Dec. 16 (Xinhua) — China and Europe are partners, not rivals, Chinese State Councilor and Foreign Minister Wang Yi said in a speech here on Monday evening.

“In recent years, we have heard an argument suggesting that China has become a rival of Europe in the economic field and should be subjected to all sorts of restrictions,” Wang said while speaking at an event hosted by the European Policy Center, a think tank.

“Although it is not the mainstream view, we must raise our vigilance and not allow it to go unchecked. In fact, any cool-headed person with an objective view will see that, for China and the EU, cooperation far outweighs competition, and our areas of consensus far exceed differences. We are partners, not rivals,” he said.

Over the years, Europe has benefited tremendously from cooperation with China, Wang said.

Between 2001 and 2018, EU’s exports to China grew by 14.7 percent on average each year, more than twice the EU’s average export growth, supporting about four million local jobs. Investment of Chinese companies in the EU has also been growing. As of the end of 2017, Chinese companies have set up over 2,900 ventures in EU countries through direct investment, creating 176,000 jobs for the local people, according to Wang.

Acquisition of Volvo by China’s automaker Geely injected new energy to the Volvo factory in Ghent, Belgium, retaining and creating over 6,000 jobs, said the senior Chinese official, noting that China is now the most profitable market for European companies — as many as 7 million cars, or nearly a quarter of all automobiles sold in China, are produced by European automakers.

Wang said that despite trade friction and the world economy in downward pressure, economic and trade cooperation between China and the EU has bucked the trend and kept growing.

He pointed out that in the first 11 months of this year, trade between China and the EU, according to statistics, was estimated to grow by 7.7 percent from last year. From January to July, EU investment in China was up by 18.3 percent year on year, and sixty percent of EU companies regard China as a leading destination of investment.

China, as a major developing country with some 1.4 billion people, a 900-million-strong labor force and 120 million market entities, has solid internal growth momentum, great resilience, and enormous economic potential, said Wang, adding that China is bound to offer a new round of cooperation opportunities and share the development dividend with countries in Europe.

Source: Xinhua

Posted in acquisition, automaker, Belgium, Brussels, China alert, Chinese State Councilor and Foreign Minister Wang Yi, Europe, European Policy Center, Geely, Ghent, partners, rivals, Uncategorized, Volvo | Leave a Comment »

06/12/2016

Beer Diplomacy: Another Investment Follows a Visit by Xi Jinping – China Real Time Report – WSJ

After pulling a pint for Chinese President Xi Jinping last year, an iconic English pub has now pulled in Chinese investors.

The Plough at Cadsden was purchased by a London-based investment company that the broker, Christie & Co., described as a Chinese company. Terms weren’t disclosed.

The purchase, by SinoFortone Investment, came after Mr. Xi shared a beer with former U.K. Prime Minister David Cameron at the pub.

Unknown is how his visit may have led to the purchase. But it is the latest deal to follow the Chinese leader’s movements.

On the same day Mr. Xi visited the pub, he also joined Mr. Cameron on a visit to the Manchester City soccer club, in the north of England. The following month a Chinese consortium said it had invested $400 million for a minority stake in the successful soccer club.

Closer to home, Mr. Xi’s patronage of the state-owned Qing Feng Steamed Dumpling Shop in Beijing was followed by an announcement that the restaurant chain plans an IPO. The Plough, which describes itself as “probably the most famous pub in England,” is near Chequers, the country house retreat for British prime ministers. The pub “has become quite a tourist attraction for Chinese visitors” since Mr. Xi’s appearance, Christie & Co said.

SinoFortone Investment extolled the virtues of beer diplomacy, calling pubs “the best way culturally to link people from different countries and build friendships.” The company added that “The English pub concept is growing very fast in China.” SinoFortone has also invested £100 million ($1.28 million) in London Paramount Entertainment, a large theme park proposed for construction on the Swanscombe Peninsula in North Kent. The deal was announced while Xi Jinping was in the U.K.

Source: Beer Diplomacy: Another Investment Follows a Visit by Xi Jinping – China Real Time Report – WSJ

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12/08/2015

ChemChina, Camfin to launch tender offer for rest of Pirelli | Reuters

An investment vehicle controlled by China National Chemical Corp (ChemChina) said it will launch a mandatory tender offer for remaining shares in Pirelli (PECI.MI) after on Tuesday taking control of the Italian tyremaker through a deal struck in March.

A Pirelli's tyre is pictured at the headquater in Milan, March 26, 2015. REUTERS/Giorgio Perottino

ChemChina in March agreed to become the majority owner of the world’s fifth-largest tyre manufacturer as part of a 7.3 billion euro ($8 billion) deal.

On Tuesday, Marco Polo Industrial Holding, a company created to facilitate the Chinese takeover, concluded its acquisition of a stake in Pirelli from Italian holding company Camfin, triggering the mandatory takeover bid.

A Camfin spokeswoman said the tender offer was expected to be launched in September.

State-owned ChemChina holds a 65 percent stake in Marco Polo, with the remainder in the hands of Camfin investors, who include Pirelli boss Marco Tronchetti Provera, Italian banks UniCredit (CRDI.MI) and Intesa Sanpaolo (ISP.MI), and Russia’s Rosneft (ROSN.MM).

The tender offer will be launched at 15 euros per share with the goal to acquire all of Pirelli’s share capital and de-list the tyremaker from Milan’s stock exchange. Marco Polo also decided to launch a voluntary tender offer on Pirelli’s savings shares.

In a separate statement, Tronchetti Provera, who will remain Pirelli’s chief executive, said Camfin would invest more than 1 billion euros in the tender offer and will keep a central role in the tyremaker’s future shareholder structure, along with ChemChina.

He reiterated the Chinese investment would boost the company’s international growth, particularly in the industrial tyre sector.

“In this segment, the integration with ChemChina will allow immediate growth in volumes and market share that Pirelli alone would have taken years to achieve,” he said.

via ChemChina, Camfin to launch tender offer for rest of Pirelli | Reuters.

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01/08/2015

China’s Bohai bids $2.6 billion for aircraft leasing firm Avolon | Reuters

China’s Bohai Leasing Co Ltd 000415.SZ has offered to buy Irish rival Avolon (AVOL.N) for $2.55 billion, a 55 percent premium over its December initial public offering, the Irish firm said on Friday.

Traders gather for the IPO of Avolon Holdings Ltd. on the floor of the New York Stock Exchange December 12, 2014. REUTERS/Brendan McDermid

Avolon said it was considering Bohai’s $31 per share offer and a rival $30 per share bid from an unidentified bidder and was in contact with both parties.

Shares in U.S.-listed Avolon opened up 20 percent on Friday at $29.8, before falling back to $28, compared to a price of $20 when it listed in December.

Bohai, a unit of aviation and shipping conglomerate HNA Group, earlier this month offered to buy 20 percent of Avolon for $429 million at $26 per share, an offer that is now being put to shareholders.

But it offered to buy the whole company when it was informed of the third party bid.

“Avolon’s Board of Directors has not accepted or rejected either offer and continues to carefully evaluate these … and has authorized its financial advisors to continue negotiations with both,” Avolon said in a statement.

The purchase would boost HNA’s access to a global aircraft leasing market dominated by GE Capital and AerCap Holdings NV (AER.N).

Chinese lessors, mostly backed by state-owned banks, have been expanding in recent years as large carriers such as Hainan Airlines Co Ltd (600221.SS), Air China Ltd (0753.HK), China Eastern Airlines Corp Ltd (0670.HK) and China Southern Airlines Co Ltd (1055.HK) opened more routes at home and overseas.

Ahead of Avolon’s IPO, China Investment Corp (CIC) and AVIC Capital Co Ltd (600705.SS) were in talks to acquire Avolon.

Avolon, which was founded by leasing entrepreneurs Domhnal Slattery and John Higgins in 2010, owns or managed 152 aircraft at the end of June and had over 100 more on order.

via China’s Bohai bids $2.6 billion for aircraft leasing firm Avolon | Reuters.

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08/04/2015

China Life, Ping An take majority stake in $500 million Boston property project | Reuters

China’s two biggest insurers are funding the majority of a $500 million commercial real estate project in the United States, a person with knowledge of the deal said, in the latest offshore property investment by China’s cash-rich financial institutions.

China Life Insurance Co Ltd (601628.SS)(2628.HK) and Ping An Insurance Group Co of China Ltd (601318.SS)(2318.HK) have partnered New York developer Tishman Speyer Properties LP in a deal that will see each party invest about $167 million in the first phase redevelopment of Boston‘s Pier 4, the person said.

Tishman Speyer declined to provide immediate comment, while China Life declined to comment and Ping An could not be reached. The Wall Street Journal reported the tie-up early on Wednesday.

Chinese insurers have been on a shopping spree over the past three years since a ban on foreign property investment was lifted. They are permitted to invest abroad up to 15 percent of their roughly 10.5 trillion yuan ($1.69 trillion) in assets.

China Life and Ping An have invested in property in London, and Boston would be their first project in the United States.

via China Life, Ping An take majority stake in $500 million Boston property project | Reuters.

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21/03/2015

ChemChina close to Pirelli deal that would trigger buyout offer | Reuters

China National Chemical Corp (ChemChina) is close to becoming the biggest single shareholder in Pirelli (PECI.MI) in a deal that would trigger a 7 billion euro ($7.5 billion) buyout of the Italian tire company.

The Pirelli logo is pictured at their headquarters in Milan March 18, 2014. REUTERS/Alessandro Garofalo

Three sources familiar with the deal, which would be the latest in a string of Chinese investments in large Italian companies, said ChemChina was discussing a deal with Pirelli’s top shareholders to buy a holding company called Camfin, which owns 26 percent of Pirelli and is 50 percent owned by Russia’s Rosneft (ROSN.MM).

Without identifying the possible buyer, Camfin said it was in talks with an international industrial group to sell its Pirelli stake at 15 euros per share, valuing the tire group at 7.1 billion euros.

It said the stake would be transferred to a vehicle controlled by the new partner, after which a takeover offer for the rest the world’s fifth-largest tire maker would ensue.

If the offer succeeds, Pirelli will be delisted. The deal comes as Pirelli’s rivals Michelin (MICP.PA) and Continental (CONG.DE) look around for growth opportunities in Asia.

State-controlled ChemChina and Rosneft declined to comment.

Previous Chinese investments in Italy include State Grid Corp of China [STGRD.UL] buying into electricity grid company Terna (TRN.MI) and gas network operator Snam (SRG.MI).

Besides Rosneft, Camfin’s owners are a holding company comprising Pirelli chief Marco Tronchetti Provera as well as Italian banks Intesa Sanpaolo (ISP.MI) and UniCredit (CRDI.MI).

via ChemChina close to Pirelli deal that would trigger buyout offer | Reuters.

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06/03/2015

China’s Fosun buys 5 percent stake in British travel group Thomas Cook | Reuters

China’s Fosun International (0656.HK) has bought a 5 percent stake in Thomas Cook Group (TCG.L), deepening its foray into Europe’s tourism sector and potentially helping the British company to compete with travel leviathan TUI Group (TUIT.L)

Fosun paid 92 million pounds ($140 million) for the Thomas Cook stake and will seek to double its holding in the world’s oldest travel group to 10 percent, it said in a filing to the Hong Kong stock exchange on Friday.

News of the investment, which the companies said came after two years of talks, sent Thomas Cook shares soaring by as much as 22 percent in morning trade. At 6.20 a.m. ET the shares were up 18.8 percent at 143 pence.

Thomas Cook said that it expects the tie-up to enhance earnings in the financial year to Sept. 30, 2016, assuming plans under the partnership are implemented in 2015.

One of the plans is to explore collaboration opportunities with Club Mediterranee (CMIP.PA), the French holiday company Fosun bought last month, where it is seeking to turn around a business that is struggling in Europe and move more aggressively into fast-growing markets such as China.

via China’s Fosun buys 5 percent stake in British travel group Thomas Cook | Reuters.

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18/02/2015

Chinese insurer Anbang extends M&A drive with $1 billion South Korea buy | Reuters

China’s Anbang Insurance Group is paying $1 billion to buy a controlling stake in South Korea’s Tong Yang Life Insurance, extending a global acquisitions drive that has already seen it spend $10 billion in under four months.

Anbang agreed to buy a combined 63 percent stake in South Korea’s eighth-largest life insurer from three separate shareholders for 1.13 trillion won ($998 million), or 16,700 won per share, Tong Yang said in a regulatory filing on Tuesday.

This follows once-obscure Anbang’s deal announced just a day earlier to buy an insurance arm of Dutch bank and insurer SNS Reaal for at least 1.4 billion euros ($1.6 billion).

The privately-held insurer and asset manager, which according to a media report is considering an initial public offering this year, recently sealed a $1.95 billion purchase of New York’s landmark Waldorf Astoria hotel. It also bought the Belgian banking operations of Dutch insurer Delta Lloyd NV, for 219 million euros.

The flurry of deals shows Anbang’s global ambitions and comes as China’s financial firms are increasingly targeting assets outside of home for growth.

via Chinese insurer Anbang extends M&A drive with $1 billion South Korea buy | Reuters.

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