Bourse takes action against Evergrande accounts

    THE Shenzhen Stock Exchange said Friday that it has taken measures against accounts related to conglomerate China Evergrande Group regarding abnormal trading activities in stocks including property giant Vanke.

    Stock accounts related to Evergrande, whose business spans real estate to insurance, have been involved in possible short-term speculation in several stocks, as well as abnormal trading in Vanke’s Shenzhen-listed shares that had an obvious impact on the stock’s trading volume and price, the exchange said.

    Dong Mingzhu removed as chief of Gree Group

    CHINA has removed Dong Mingzhu, one of China’s most prominent businesswomen, from the post of chairperson of State-owned conglomerate Gree Group, but retained her as the head of its electronics arm, Xinhua reported.

    The move was ordered by the State-owned Assets Supervision and Administration Commission of Zhuhai in Guangdong Province, where Gree is based, Xinhua said. Citing sources with the commission, Xinhua said the changes to Dong’s role was “normal” because she was not allowed to serve as both group chairperson and the head of its listed subsidiary, Gree Electric Appliances Inc.

    Great Wall Motors to launch new high-end brand

    GREAT Wall Motor, maker of China’s top-selling sport utility vehicle (SUV), plans to launch a new “high-end” brand this week, the latest attempt by a Chinese automaker to shake its association with cheap cars.

    The WEY brand will be launched Wednesday ahead of the Guangzhou motor show, China’s second-most prominent auto exhibition of the year. Great Wall was an early mover in China’s craze for SUVs with its H6 model topping sales charts going back to 2014. But thus far the brand has not been able to command the higher prices of foreign marques.

    SAIC Motor, Audi weigh making Audi cars

    AUDI AG and China’s SAIC Motor Corp. have signed an agreement that will likely pave the way for the German luxury-car maker to produce cars in China with SAIC, a source said.

    Executives of Audi and SAIC formally signed the “cooperation framework agreement” Friday. The two sides agreed to continue to talk and try to nail down details of a deal for Audi to produce cars in China with SAIC, the source said.