China Telecom gets new chairman

    CHINA’S State assets supervisor said yesterday a new chairman had been appointed for the parent of China Telecom Corp. after its previous chairman resigned amid investigation for alleged disciplinary violation.

    General manager and acting head Yang Jie will become chairman of the firm, according to the official microblog of the State-owned Assets Supervision and Administration Commission. China Telecom said in December that former chairman and chief executive Chang Xiaobing had resigned, just days after the Communist Party’s anti-corruption watchdog said he was “suspected of serious violation of discipline.”

    Fosun to buy Dead Sea cosmetics maker Ahava

    SHANGHAI-BASED conglomerate Fosun Group said it has agreed to buy Dead Sea cosmetics manufacturer Ahava for 290 million shekels (US$77 million), a deal that will help it tap increasing demand for health-focused and personal care products in China.

    Fosun will wholly own Ahava, which makes skin care products from Dead Sea minerals and mud. The deal comes after some setbacks for Fosun, whose huge appetite for mergers and acquisitions has seen it amass interests in sectors from pharmaceuticals to mining and hospitality.

    Authorities probe Nanjing peer-to-peer lender

    REGULATORS are investigating Nanjing Easy Richness Financial Information Service Co., a regional peer-to-peer lender that has raised at least 10 billion yuan (US$1.6 billion) from investors, people familiar with the matter said yesterday.

    The firm’s branch in Shaoxing was checked by authorities last week and the probe may be extended to other outlets, said the sources. The probes don’t mean the firm violated any rules, according to the sources.

    China International Marine plans share sale

    CHINA International Marine Containers Group Co., the world’s biggest maker of shipping containers, plans to raise as much as 6 billion yuan (US$928 million) by selling shares to fund an expansion of a business park in Shenzhen and other assets.

    The company, also known as CIMC, will sell yuan-denominated shares to a maximum of 10 investors. The money from the share sale, which requires regulatory approval, will be used to fund the development works of CIMC’s financial leasing arm.