US urged to abandon trade unilateralism

CHINA’S Ministry of Commerce said Thursday that the United States should abandon trade unilateralism and adopt a consultative approach via dialogue.

If the “wrong actions” taken by the United States were left unchecked, the authority of the world’s multilateral trade system will be harmed, ministry spokesman Gao Feng told reporters at a regular briefing in Beijing. Gao reiterated that China opposes all forms of unilateralism and protectionism.

Solid revenue growth boosts Vanke profit

CHINA Vanke Co., the country’s second-biggest property developer by sales, Wednesday reported a 22.1 percent rise in first-quarter core profit on solid revenue growth.

Shenzhen-based Vanke’s core profit, which excludes revaluation gains, climbed to 825.9 million yuan (US$130.72 million) in the January-March quarter. Net profit rose 28.7 percent to 894.9 million yuan. Revenue gained 65.8 percent to 30.8 billion yuan. The company, which lists shares in Shenzhen and Hong Kong, reported contracted sales of 154.3 billion yuan during the period, 2 percent higher than a year ago.

Two biotech firms drop US listing plans

TWO Chinese mainland biotech firms have axed plans to list in New York and instead aim to raise up to US$800 million in Hong Kong initial public offerings, seeking to cash in on new rules to woo early-stage drug developers, sources said.

Fidelity Investments-backed Innovent Biologics and Ascentage Pharma both plan to float in the second half of this year and are working with several advisers, the sources said. Both Innovent and Ascentage have yet to log any revenues.

Import curbs put pressure on scrap metal firms

SCRAP metal regeneration companies in China are likely to come under “huge pressure” after the country moved to ban imports of more types of solid waste, the head of a Chinese metal recycling body said Thursday.

The country’s recycled metal output would grow more slowly, or even decline in some years, following the introduction of new rules from the end of 2018, said Shang Fushan, president of the recycling branch of the China Nonferrous Metals Industry Association. China tightened impurity thresholds on imported solid waste from March 1 this year. Next year, imports of 16 products will be banned.