Archive for October, 2008

China’s new regulations on foreign investment in advertising firms

China’s newly-revised administrative regulations on foreign investment in advertising enterprises takes effect on Wednesday.
Under the new regulations, foreign-invested advertising enterprises can engage in design, production, publication and some other types of advertising businesses for both domestic and overseas costumers after receiving official approval.
A Sino-foreign advertising joint venture can be established on the condition that all investing parties are the enterprises engaging in advertising business and having been operating for more than two years.
For the establishment of a wholly foreign-owned advertising enterprise, the investor is required to be an enterprise with advertising as its main business and also has been in operation for over three years.
A foreign-invested advertising enterprise is qualified to apply the establishment of a branch in China, only if it has the full amount of its registered capital paid up, and with a minimal annual operating turnover of 20 million yuan (2.9 million US dollars).

China Merchants Bank completes purchasing acquisition of Wing Lung Bank

China Merchants Bank announced on Tuesday that it had completed the 17 billion yuan (2.48 billion U.S. dollars) purchase for 53.12 percent of Wing Lung Bank’s equity.
Wing Lung Bank was incorporated in 1933, which has developed into the fourth largest bank in the special administrative region of China.