20151118 CNDY omPrintsite BSECT CHN-BRO BUS 001 013 ... · saying that the brokerage will face...
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BUSINESS CHINA DAILY » CHINADAILY.COM.CN/BUSINESS Wednesday, November 18, 2015 13 CULTURE Shanghai to quench thirst for art New center within FTZ to boost China’s global credentials By SHI JING in Shanghai [email protected] An artwork exchange cen- ter, located within the China (Shanghai) Pilot Free Trade Zone, will enhance China’s competitiveness in interna- tional art trading when it opens its doors later this month. The Shanghai FTZ Interna- tional Artwork Exchange Cen- ter, which will have the world’s largest bonded warehouse of artworks, will also be equipped with a highly advanced security system, according to FTZ authorities. Though the existing rules do not allow the trade of cul- tural relics now, expectations are high that the policies would be relaxed. Hu Huanzhong, general manager of the Shanghai FTZ International Culture Invest- ment and Development Co Ltd, which is the operator of the new center, said current regulations restrict foreign auction houses from conduct- ing such auctions in the main- land. “The Shanghai FTZ will make continuous efforts to loosen the policy and we expect a breakthrough soon,” he said. Hu said that giving the green light to foreign auction houses will not result in an outflow of Chinese cultural relics, but would rather lead to an inflow of cultural relics which had left the country a long time ago. “Foreign auction houses enjoy a higher reputation and have more credit with buyers and sellers. Most of the sellers are willing to hand over the long-lost cultural relics to internationally highly cele- brated auction houses such as Sotheby’s or Christie’s. This will largely increase the chan- ces of more cultural relics returning to the Chinese mar- ket,” he said. The opening up of the cul- tural relics auction market will also be an important mile- stone for the Shanghai FTZ Artwork Exchange Center, which will officially open for business on Nov 28. Auction of cultural relics will boost trade volumes and make Shanghai a center for global art, said Hu. Citing the recent instance of a night-time auction held by Christie’s in Hong Kong, Hu said the total proceeds were nearly HK$3 billion ($387 million), while a similar auction held on the Chinese mainland would net only 100 million yuan ($15 million). The reason for the stark dis- parity is the absence of cultur- al relics in the Chinese mainland auctions. “We need to have an open mind if we want the artwork exchange center to be a suc- cess in Shanghai,” he said. The center has till date col- lected about 2,000 pieces of artworks, among which near- ly 600 will be displayed on the opening day. In the future, interested collectors can look up for detailed information on the center’s digital data- base. For artworks bought within the center, consumers do not have to pay any duty if they keep them within the FTZ or directly deliver them over- seas. But if they would like to take the artworks outside of the zone, duties will be levied. Kong Dada, the chief plan- ner of the center, said they have signed agreements with Bank of China Ltd and Bank of Shanghai Co Ltd to start artwork pledge financing within the center. The total sales revenue of the artwork industry in China reached $5.65 billion last year, making it the largest consumer of artworks global- ly, according to the Annual Art Market Report in 2014, co-released by global art mar- ket information provider Art- price and Art Market Monitor of the Shenzhen-based cultur- al group Artron Art (Group) Co Ltd. A pedestrian walks past an auction billboard of Shanghai FTZ International Culture Investment and Development Co Ltd in this file pho- to. The sales revenue of the artwork industry in China reached $5.65 billion last year. JIN RONG / FOR CHINA DAILY By LI XIANG [email protected] CITIC Securities Co, China’s largest securities brokerage, said on Tuesday that its chair- man is retiring, raising ques- tions about the direction of the firm that is under government investigation for alleged insid- er trading. Wang Dongming, 64, will step down from his position as chairman “for the reason of his age”, the securities firm said in statement to the Shanghai Stock Exchange. State-owned CIT- IC Group Corpora- tion, the largest shareholder of the firm, has named Zhang Youjun, 50, a senior executive of the group, as a candi- date for the new chairman. Wang will contin- ue to serve as the chairman of CITIC Securities until the next board election, according to the statement. The personnel changes at CITIC Securities come close on the heels of several top executives of the firm, includ- ing its general manager Cheng Boming, facing government probes for possible market malpractices. The brokerage, one of the so-called national teams to stem the summer market rout that erased $5 trillion of mar- ket value, has been accused of using advance knowledge of the government’s market res- cue plan to its own advantage, earlier media reports said. On Tuesday, Bloomberg cit- ed sources close to the firm as saying that the brokerage will face tighter control from its parent company CITIC Group, which will likely push a restricting and personnel shake-up within the firm. A CITIC Securities press officer in Hong Kong said the elec- tion of a new board would mark a “new chapter” for the company, but declined to com- ment on any tight- ening of CITIC Group’s control or prospects for restructuring, Bloomberg report- ed. Industry ana- lysts said the latest government inves- tigations and departures of its key executives could have substantial impact on the future business devel- opment of CITIC Securities. “Chinese securities firms are heavily reliant on a few key people in the management team. Their departures can even have a disruptive influ- ence. But the rigid and mod- ern internal system at CITIC Securities could help mitigate some of the negative effects,” an analyst at a leading global consulting firm said on condi- tion of anonymity. EQUITIES CITIC Securities revamp on cards Zhang Youjun, tipped to head CITIC Securities Wang Dongming, retiring chairman of CITIC Securities Inside See more > p16 Company special By ZHAO RUIXUE [email protected] To tap the global market for high-end agricultural machin- ery, Lovol International Heavy Industry Co presented its state- of-the-art Arbos-branded trac- tors at Agritechnica, the world’s leading exhibition for agricul- tural machinery and equip- ment, in Hanover, Germany, from Nov 8 through 14. Lovol, China’s largest pro- ducer of agricultural equip- ment displayed its Arbos 5000, 6000 and 7000 series, with the 5000 series being shown for the first time on the global stage. A jury of journalists from 23 European countries selected the Arbos 5130 from the world’s best tractor models to win the silver prize in the Tractor of the Year 2016 Best Utility contest. More than 2,900 exhibitors from 52 countries including America, Germany, France and Italy presented agricultural machinery at Agritechnica. An Italian jury member said the color and elegant lines of Arbos 5130 — featuring the red letter A logo — give it a mod- ern and practical look, while the cab provides broad vision and its advanced systems make steering and routine mainte- nance easy, combining style and functionality. “The Arbos tractors shoulder Lovol’s commitment to devel- oping into a world leader in the off-road machinery equipment industry,” said Wang Guimin, president and general manager of Lovol. “These tractors will secure a substantial place in the global middle and high- end market with their superior quality.” Arbos tractors are indepen- dently developed by Lovol Arbos Group Spa, which is located in Bologna, Italy, and wholly owned by Lovol. With five years’ efforts and a com- bined investment of 200 mil- lion euros ($214 million), the tractors feature many high-end technologies including a power shift transmission with pro- prietary intellectual property rights owned by Lovol. ‘A Plan” evolution An antique-class tractor bearing the Arbos brand was also on show at Agritechnica, introducing the story of how the brand grew from a small family firm into a world-class company. According to the company, Arbos was developed from Bubba, a workshop founded by the Italian Bubba family in 1896 to manufacture farm implements such as threshers. Arbos renamed the company Arbos Bubba and its business was streamlined in 1956 to focus on agricultural machin- ery and products bearing the Arbos brand. Last year, Lovol took over Arbos. During the past century, the Arbos brand presented many classic products to the world. In Europe, Arbos owners drive their tractors and harvesters to the Arbos Bubba fair every year, demonstrating the important influence of Arbos products across the continent. China’s connection with Arbos dates back to the 1970s when China sent its first official delegation to Italy after the two countries established diplomat- ic ties in 1970. The delegation visited Arbos, hoping to learn from the company’s advanced technology to introduce agri- cultural machines to China. Pace accelerated By showing tractors bearing the Arbos “A” logo at the Agri- technica exhibition, Lovol’s plan for globalization was offi- cially unveiled after five years’ preparation. Four years ago, Lovol started a research center in Europe to develop new technologies for producing tractors, harvest- ers and high-end agricultural implements. The company also formed a team with more than 200 high-end profession- als working in research and development, production and marketing. To upgrade its technologies and product quality, Lovol pur- chased both Arbos and Mater- Macc in 2014. After first purchasing Arbos, Lovol bought MaterMacc, also based in Italy, in December. MaterMacc focuses on the design and production of precision pneumatic sowing machines to sow vegetables in open fields and greenhouses and sow grain, inter-row weed- ers and fertilizer spreaders. In buying MaterMacc, Lovol inherited property rights for electronic control equipment and sowing machines. By acquiring the two Euro- pean agricultural machinery brands, Lovol is able to sharp- en its global competitiveness in the sector of high-end agricultural equipment by integrating Arbos and Mater- Macc’s advanced technologies and the European elements of the Arbos and MaterMacc brands to enrich Lovol’s brand profile. Lovol has advanced global digital factories producing agricultural equipment in China, an efficient marketing service network covering both Chinese and overseas markets and the company enjoys a good reputation in the field. Meanwhile, Arbos has near- ly 100 years of history and a sound foundation. The Arbos and MaterMacc design philos- ophies will provide immeasur- able value to Lovol, said Wang. Armed with world-class technologies, Lovol founded the Lovol Arbos Group on Sept 15. Wang said the company’s “A Plan” is the first stride in Lovol’s plan to become a global first-class agricultural machine producer. Brand globalization Lovol will develop the Lovol Arbos Group into a center for the company’s European and American business, integrat- ing research and development, purchasing, manufacturing, marketing and management. Experts regard Lovol’s pro- cess of going global as an ideal model of the Chinese equip- ment manufacturing industry upgrading its development structure to be competitive on the global stage rather than merely being large in terms of industrial scale. In brief, Lovol’s globalization course is driven by technology and brands as the company sets its sights on technology, research and development, innovation and product qual- ity, Wang said. “Compared with those that directly establish plants over- seas and those simply depen- dent on domestic teams to merge with overseas compa- nies, Lovol’s ‘A’ Plan requires less capital and is much steadi- er,” he said. “This process can achieve cultural integration in an efficient way.” Lovol, located in Weifang, Shandong province, is an equipment manufacturing enterprise engaging in agricul- tural equipment, construction machinery, vehicles, core com- ponents and financial services. The company’s sales revenue reached 21.98 billion yuan ($3.45 billion) in 2014. Lovol has been identified as a National Key High-Tech Enterprise and its engineering and technology research insti- tute is identified as a National Certified Enterprise Technology Center. Lovol takes ‘A Plan’ for tractors to international stage A Lovol Arbos tractor is tested in a field. PHOTOS PROVIDED TO CHINA DAILY The Arbos tractors shoulder Lovol’s commitment to developing into a world leader in the off-road ma- chinery equipment industry.” Wang Guimin, president and general manager of Lovol Lovol presented its state-of-the-art Arbos tractors at Agritechnica, the world’s leading exhibition for agricultural machinery and equipment.
Transcript of 20151118 CNDY omPrintsite BSECT CHN-BRO BUS 001 013 ... · saying that the brokerage will face...
BUSINESSCHINA DAILY » CHINADAILY.COM.CN/BUSINESS Wednesday, November 18, 2015
13
CULTURE
Shanghai to quench thirst for artNew center withinFTZ to boost China’sglobal credentials
By SHI JING in [email protected]
An artwork exchange center, located within the China(Shanghai) Pilot Free TradeZone, will enhance China’scompetitiveness in international art trading when itopens its doors later thismonth.
The Shanghai FTZ International Artwork Exchange Center,whichwillhave theworld’slargest bonded warehouse ofartworks, will also beequipped with a highlyadvanced security system,according to FTZ authorities.
Though the existing rulesdo not allow the trade of cultural relics now, expectationsare high that the policieswould be relaxed.
Hu Huanzhong, generalmanager of the Shanghai FTZInternational Culture Investment and Development CoLtd, which is the operator ofthe new center, said currentregulations restrict foreignauction houses from conducting such auctions in the mainland.
“The Shanghai FTZ willmake continuous efforts toloosen the policy and weexpect a breakthrough soon,”he said.
Hu said that giving thegreen light to foreign auctionhouses will not result in anoutflow of Chinese culturalrelics, but would rather lead to
an inflow of cultural relicswhich had left the country along time ago.
“Foreign auction housesenjoy a higher reputation andhave more credit with buyersand sellers. Most of the sellersare willing to hand over thelonglost cultural relics tointernationally highly celebrated auction houses such asSotheby’s or Christie’s. Thiswill largely increase the chances of more cultural relicsreturning to the Chinese market,” he said.
The opening up of the cultural relics auction marketwill also be an important milestone for the Shanghai FTZ
Artwork Exchange Center,which will officially open forbusinessonNov28.Auctionofcultural relics will boost tradevolumes and make Shanghai acenter for global art, said Hu.
Citing the recent instanceof a nighttime auction heldby Christie’s in Hong Kong,Hu said the total proceedswere nearly HK$3 billion($387 million), while a similarauction held on the Chinesemainland would net only 100million yuan ($15 million).The reason for the stark disparity is the absence of cultural relics in the Chinesemainland auctions.
“We need to have an open
mind if we want the artworkexchange center to be a success in Shanghai,” he said.
The center has till date collected about 2,000 pieces ofartworks, among which nearly 600 will be displayed on theopening day. In the future,interested collectors can lookup for detailed informationon the center’s digital database.
Forartworksboughtwithinthe center, consumers do nothave to pay any duty if theykeep them within the FTZ ordirectly deliver them overseas. But if they would like totake the artworks outside ofthe zone, duties will be levied.
Kong Dada, the chief planner of the center, said theyhave signed agreements withBank of China Ltd and Bankof Shanghai Co Ltd to startartwork pledge financingwithin the center.
The total sales revenue ofthe artwork industry in Chinareached $5.65 billion lastyear, making it the largestconsumer of artworks globally, according to the AnnualArt Market Report in 2014,coreleased by global art market information provider Artprice and Art Market Monitorof theShenzhenbasedcultural group Artron Art (Group)Co Ltd.
A pedestrian walks past an auction billboard of Shanghai FTZ International Culture Investment and Development Co Ltd in this file photo. The sales revenue of the artwork industry in China reached $5.65 billion last year. JIN RONG / FOR CHINA DAILY
By LI [email protected]
CITIC Securities Co, China’slargest securities brokerage,said on Tuesday that its chairman is retiring, raising questionsabout thedirectionof thefirm that is under governmentinvestigation for alleged insider trading.
Wang Dongming,64, will step downfrom his position aschairman “for thereason of his age”, thesecurities firm saidin statement to theShanghai StockExchange.
Stateowned CITIC Group Corporation, the largestshareholder of thefirm, has namedZhang Youjun, 50, asenior executive ofthe group, as a candidate for the newchairman.
Wang will continue to serve as the chairman ofCITIC Securities until the nextboard election, according tothe statement.
The personnel changes atCITIC Securities come closeon the heels of several topexecutives of the firm, including its general manager ChengBoming, facing governmentprobes for possible marketmalpractices.
The brokerage, one of thesocalled national teams tostem the summer market routthat erased $5 trillion of market value, has been accused ofusing advance knowledge ofthe government’s market res
cue plan to its own advantage,earlier media reports said.
On Tuesday, Bloomberg cited sources close to the firm assaying that the brokerage will face tighter control from itsparent company CITIC Group,which will likely push arestricting and personnelshakeup within the firm.
A CITIC Securities pressofficer in HongKong said the election of a new boardwould mark a “newchapter” for thecompany, butdeclined to comment on any tightening of CITICGroup’s control orprospects forr e s t r u c t u r i n g ,Bloomberg reported.
Industry analysts said the latestgovernment investigations anddepartures of itskey executives
could have substantial impacton the future business development of CITIC Securities.
“Chinese securities firmsare heavily reliant on a few keypeople in the managementteam. Their departures caneven have a disruptive influence. But the rigid and modern internal system at CITICSecurities could help mitigatesome of the negative effects,”an analyst at a leading globalconsulting firm said on condition of anonymity.
EQUITIES
CITIC Securitiesrevamp on cards
Zhang Youjun,tipped to headCITIC Securities
Wang Dongming,retiring chairmanof CITIC Securities
Inside
See more > p16
businessCHINA DAILY CHINADAILY.Com.CN/busINess | PAGe 13
RMB6.8257
HKD7.7577
JPY93.30
EUR0.7361
GBP0.6500
AUD1.0781
INR44.39
CAD1.0078
KRW1114.00
THB32.36
BRL1.7686
pqoNeu$DeQuALs p p p q qq p q pSource: reuterS, 9PM Monday
WeDNesDAY, NoVembeR 18, 2015
HeADs uPAn African hairdresser’s Beijing dream turns true > page 18
JoIN THe CLubFeng Shanshan is first mainlander to US golf title> page 23
A FeW WoRDsFeng Shanshan is first mainlander to US golf title> page 23
company special
By zhao [email protected]
To tap the global market for high-end agricultural machin-ery, Lovol International Heavy Industry Co presented its state-of-the-art Arbos-branded trac-tors at Agritechnica, the world’s leading exhibition for agricul-tural machinery and equip-ment, in Hanover, Germany, from Nov 8 through 14.
Lovol, China’s largest pro-ducer of agricultural equip-ment displayed its Arbos 5000, 6000 and 7000 series, with the 5000 series being shown for the first time on the global stage. A jury of journalists from 23 European countries selected the Arbos 5130 from the world’s best tractor models to win the silver prize in the Tractor of the Year 2016 Best Utility contest.
More than 2,900 exhibitors from 52 countries including America, Germany, France and Italy presented agricultural machinery at Agritechnica.
An Italian jury member said the color and elegant lines of Arbos 5130 — featuring the red letter A logo — give it a mod-ern and practical look, while the cab provides broad vision and its advanced systems make steering and routine mainte-nance easy, combining style and functionality.
“The Arbos tractors shoulder Lovol’s commitment to devel-oping into a world leader in the off-road machinery equipment industry,” said Wang Guimin, president and general manager of Lovol. “These tractors will secure a substantial place in the global middle and high-end market with their superior quality.”
Arbos tractors are indepen-dently developed by Lovol Arbos Group Spa, which is located in Bologna, Italy, and wholly owned by Lovol. With five years’ efforts and a com-bined investment of 200 mil-lion euros ($214 million), the
tractors feature many high-end technologies including a power shift transmission with pro-prietary intellectual property rights owned by Lovol.
‘a plan” evolutionAn antique-class tractor
bearing the Arbos brand was also on show at Agritechnica, introducing the story of how the brand grew from a small family firm into a world-class company.
According to the company, Arbos was developed from Bubba, a workshop founded by the Italian Bubba family in 1896 to manufacture farm implements such as threshers. Arbos renamed the company Arbos Bubba and its business was streamlined in 1956 to focus on agricultural machin-ery and products bearing the Arbos brand. Last year, Lovol took over Arbos.
During the past century, the Arbos brand presented many classic products to the world. In Europe, Arbos owners drive their tractors and harvesters to the Arbos Bubba fair every year, demonstrating the important influence of Arbos products across the continent.
China’s connection with Arbos dates back to the 1970s when China sent its first official delegation to Italy after the two countries established diplomat-
ic ties in 1970. The delegation visited Arbos, hoping to learn from the company’s advanced technology to introduce agri-cultural machines to China.
pace acceleratedBy showing tractors bearing
the Arbos “A” logo at the Agri-technica exhibition, Lovol’s plan for globalization was offi-
cially unveiled after five years’ preparation.
Four years ago, Lovol started a research center in Europe to develop new technologies for producing tractors, harvest-ers and high-end agricultural implements. The company also formed a team with more than 200 high-end profession-als working in research and development, production and marketing.
To upgrade its technologies and product quality, Lovol pur-chased both Arbos and Mater-Macc in 2014.
After first purchasing Arbos, Lovol bought MaterMacc, also based in Italy, in December. MaterMacc focuses on the design and production of precision pneumatic sowing machines to sow vegetables in open fields and greenhouses and sow grain, inter-row weed-ers and fertilizer spreaders. In buying MaterMacc, Lovol inherited property rights for electronic control equipment and sowing machines.
By acquiring the two Euro-pean agricultural machinery brands, Lovol is able to sharp-en its global competitiveness in the sector of high-end agricultural equipment by integrating Arbos and Mater-Macc’s advanced technologies and the European elements of the Arbos and MaterMacc brands to enrich Lovol’s brand profile.
Lovol has advanced global digital factories producing agricultural equipment in China, an efficient marketing service network covering both Chinese and overseas markets and the company enjoys a good reputation in the field. Meanwhile, Arbos has near-ly 100 years of history and a sound foundation. The Arbos and MaterMacc design philos-ophies will provide immeasur-able value to Lovol, said Wang.
Armed with world-class technologies, Lovol founded
the Lovol Arbos Group on Sept 15.
Wang said the company’s “A Plan” is the first stride in Lovol’s plan to become a global first-class agricultural machine producer.
Brand globalizationLovol will develop the Lovol
Arbos Group into a center for the company’s European and American business, integrat-ing research and development, purchasing, manufacturing, marketing and management.
Experts regard Lovol’s pro-cess of going global as an ideal model of the Chinese equip-ment manufacturing industry upgrading its development structure to be competitive on the global stage rather than merely being large in terms of industrial scale.
In brief, Lovol’s globalization course is driven by technology and brands as the company sets its sights on technology, research and development, innovation and product qual-ity, Wang said.
“Compared with those that directly establish plants over-seas and those simply depen-dent on domestic teams to merge with overseas compa-nies, Lovol’s ‘A’ Plan requires less capital and is much steadi-er,” he said. “This process can achieve cultural integration in an efficient way.”
Lovol, located in Weifang, Shandong province, is an equipment manufacturing enterprise engaging in agricul-tural equipment, construction machinery, vehicles, core com-ponents and financial services. The company’s sales revenue reached 21.98 billion yuan ($3.45 billion) in 2014.
Lovol has been identified as a National Key High-Tech Enterprise and its engineering and technology research insti-tute is identified as a National Certified Enterprise Technology Center.
Lovol takes ‘A Plan’ for tractors to international stage
A Lovol Arbos tractor is tested in a field. PHotoS ProVIded to cHIna daILy
The Arbos tractors shoulder Lovol’s commitment to developing into a world leader in the off-road ma-chinery equipment industry.”Wang Guimin, president and general manager of Lovol
Lovol presented its state-of-the-art Arbos tractors at Agritechnica, the world’s leading exhibition for agricultural machinery and equipment.
