State fund shifts from coal power investments

ONE of China’s largest State investment companies has vowed to stop plowing money into new coal-fired plants, joining a global shift by financiers away from the polluting fossil fuel.

Although State Development & Investment Corp.’s withdrawal is in line with the country’s ambition to use less coal and more cleaner fuels, it doesn’t mark a broader shift from the cheap and plentiful energy source that will provide the bulk of China’s power for years to come. China, the world’s biggest coal consumer, is seeking to bolster use of natural gas and is spending more on renewable energy than any other country.

Geely Automobile’s full-year profit jumps 18%

GEELY Automobile Holdings on Thursday posted an 18 percent jump in annual net profit, driven by higher sales of its sedans and sports utility vehicles, but forecast flat sales growth in 2019 due to uncertainty about domestic demand.

Geely, China’s most high-profile carmaker globally thanks to the Geely group’s investments in European automakers Volvo and Daimler, posted a record 2018 net profit of 12.55 billion yuan (US$1.88 billion), up from the previous year’s 10.63 billion yuan. Total revenue for the year was a record 106.60 billion yuan, up from 92.76 billion yuan in 2017.

Baby formula maker Feihe revives US$1b IPO

CHINA Feihe Ltd., an infant formula producer, is restarting preparations for a Hong Kong initial public offering that could raise as much as US$1 billion, people with knowledge of the matter said.

The Heilongjiang-based company plans to sell shares as soon as this year, according to the people. Feihe is working with China Merchants Securities Co. and JPMorgan Chase & Co. on the deal, the people said. Feihe went private from the New York Stock Exchange in 2013 amid a wave of delistings by U.S.-traded Chinese firms.

Rolls-Royce sees record sales in China

ULTRA luxury carmaker Rolls-Royce is predicting record sales in China for this year, confident it can navigate the world’s biggest auto market’s worst slowdown in a generation.

The unit of BMW AG is seeing strong demand from wealthy clients such as entrepreneurs and celebrities who aren’t as affected by a slowing economy as the broader consumer base, Rolls-Royce CEO Torsten Mueller-Oetvoes said Wednesday. He also expects the company’s new Cullinan sport-utility vehicle to help boost sales.