China Everbright restructuring approved

    SHANGHAI and Hong Kong-listed China Everbright Bank said Saturday that the State Council, China’s Cabinet, has approved the proposed restructuring of its parent company China Everbright (Group) Corp.

    According to the restructuring proposal, the company will be transformed from a wholly State-owned enterprise to a joint stock company and will be renamed China Everbright Group Corp. Set up in 1983, the group had 2.6 trillion yuan (US$420 billion) in assets last year, pre-tax profits of 37 billion yuan and almost 50,000 employees, according to its website.

    New general manager named for Baosteel

    CHINA’S Baosteel Group, which owns the country’s biggest listed steelmaker, has named Chen Derong as its general manager, replacing He Wenbo, the company said Saturday.

    Chen, 53, used to be the vice general manager of Zhejiang Metallurgical Group and the vice governor of eastern Zhejiang Province, Baosteel Group said. The 59-year-old He also resigned as the chairman of Baoshan Iron and Steel Co., it said. He, who has been working in Baosteel since 1982, will be assigned a new job, it said, without elaborating.

    Alibaba to invest in U.S. game maker

    ALIBABA Group Holding Ltd. has invested US$120 million in San Francisco-based mobile games studio Kabam, the latest in a string of U.S. investments intended to build up the Chinese online retailer’s presence in the world’s biggest Internet arena.

    Alibaba, which will make its highly anticipated Wall Street debut this year, has grown its pool of U.S. investments in content, e-commerce and social media over the past 18 months. It has built a scouting team in the United States and forged ties in Silicon Valley.

    Rongsheng issues first-half profit warning

    CHINA Rongsheng Heavy Industries Group, the country’s largest private shipbuilder, said Friday that it expects to post a significantly higher first-half loss compared with last year.

    The firm, which faced possible insolvency last year before agreeing in March with banks to extend loans and other financing worth 10 billion yuan (US$1.62 billion) to 2015, attributed the widening loss to a further fall in production activity as shipowners revised or canceled their contracts. Rongsheng, which has suffered as orders slumped amid a global shipping downturn, posted a first-half net loss of 1.3 billion yuan last year.