US urged to lift export curbs on ZTE

    CHINA’S Ministry of Commerce said Friday it hoped telecom equipment maker ZTE Corp. could be removed as soon as possible from a U.S. list of companies slapped with tough export restrictions this month.

    On Tuesday, the U.S. Department of Commerce said it would give ZTE a three-month reprieve on export restrictions imposed on the company earlier in March for allegedly breaking U.S. sanctions against Iran. “We hope that both sides will continue to appropriately handle this matter through dialogue and consultations, and that ZTE can be removed from the ‘entity list’ as soon as possible,” China’s Ministry of Commerce said in a statement on its website.

    Great Wall Motor cancels share sale plan

    GREAT Wall Motor Co., China’s largest sport-utility vehicle maker, will terminate plans for a 12 billion yuan (US$1.84 billion) share sale after its stock slumped below the designated offer price.

    The automaker had planned to use funds raised to expand development and production of new energy vehicles and will now use its existing capital for those projects, the company said in a statement Friday. Great Wall said it won’t seek a new share placement within three months and will raise money using other channels if needed.

    Zijin profit falls on weak gold, base metal prices

    ZIJIN Mining Group Co., China’s biggest listed gold producer, reported Friday a 29.4 percent fall in its 2015 net profit as a weak global economy pressured metal prices.

    Zijin Mining posted a net profit of 1.7 billion yuan (US$261 million), down from the previous year’s 2.3 billion yuan. The mining group, which also produces other metals such as copper, lead and zinc, aims to increase its production this year as it expects demand and prices to improve for its products.

    Former Kweichow Moutai exec probed for graft

    A FORMER senior executive at Shanghai-listed liquor giant Kweichow Moutai Co. is being investigated for suspected corruption, the Communist Party’s disciplinary watchdog said Friday.

    The Central Commission of Discipline Inspection is investigating Tan Dinghua, former deputy general manager at Moutai, for “serious violations of discipline,” a euphemism for corruption. Moutai is China’s top seller of premium “baijiu,” a fiery liquor traditionally associated with banquets and gifting.