via XinHuaNet.com
“Help my son!” cried the mom.
At a middle school in HanWang town, Sichuan. 5.13, 2008
声援阿蔼
米娅.法罗不是要抵制北京奥运
她是希望中国对苏丹施加压力来解决达尔富尔危机。她认为中国在这个人道危机上有不可推卸的责任，希望问题能解决，最终能令奥运之光照耀到达尔富尔。
是她达尔富尔诉求的主网站。
Salaries of China’s Top Executives
A Shanghai-based consulting firm recently published a report on the annual salary of top executives in China’s listed companies.
According to the report, in 2006, the average annual salary of those top executives increased 18% compared with that of year 2005.
The happy man below is the top earner.
He is the chairman of Shenzhen Development Bank. He got US$ 1.3 million for his salary last year.
The second person in the list is the General Manager of CIMC, a container manufacturer. He earned US$ 760,000 salary last year. The top executive from Bank of China follows with a salary of US$ 730,000.
These figures do not include the share value they have.
The annual salary of the least-earners maybe more interesting. If we make a list with the least-earner of the China’s listed companies, we can have these three on top.
1. ST. TongCheng (Retailing), US$ 2,500
2. XianChengShiYe(Textile), US$2,600
3. JinHuaLuJian (Chemicals), US$ 2,610
They earn less than manager’s monthly income in Singapore.
The consultant makes a special statement in the report, “Retain a suspicion of the integrity of these companies and the authenticity and integrity of the information disclosed.”
Maybe these executives are China’s Lee Iacocca.
Who knows.
An Angola’s contract leads to investigations in China
The awareness of stock markets has grown in last couple of years and amount of people participating in stock trading has grown. Chinese companies are also using the stock market to raise money to fund projects outside China. Chinese construction companies are very active in Africa. So when Hangxiao Steel company announced that have won a construction project in Angola worth 30 billion RMB, the shares went up six times the initial value.
Amidst allegations of wrongdoing, The China Securities Regulatory Commission (CSRC) decided to investigate the company.
http://www.cctv.com/program/bizchina/20070405/102823.shtml
There were also reports that a senior company executive may have leaked information about the contract to workers at an entertainment venue before the official announcement and the boss of the venue traded in Hongxiao’s stocks.
The Chinese state owned television network launched its own investigation in to the case. They figured out the GDP of Angola and its foreign exchange reserve.
The contract is worth 4.3 billion USD, while Angola’s GDP in 2005 was about 30 billion USD. So the contract is worth approximately 14% of Angola’s GDP. Angola’s foreign exchange reserves is about 6.5 billion USD. The contract worth about 2/3 of its foreign exchange reserves.
CCTV tried asking the official bodies responsible for development projects in Angola if they had any information on this project. The 16 agencies they contacted refused to confirm this project. The company downplayed CCTV’s report saying that the Angolan authorities had not outright denied the existence of the project. They are still insisting that they have the contract.
http://www.shanghaidaily.com/sp/article/2007/200704/20070424/article_313861.htm
The latest news is that the Chinese Stock regulators have stated that they plan to punish Hangxiao stell for inaccurate and incomplete information disclosure. Several people involved with the case have been asked to stay put in China.
http://www.cctv.com/program/bizchina/20070429/102189.shtml
We are not sure how this issue will play out but it wont be the last case where a company uses an African project to raise its profile. Would this issue affect legitimate companies trying to fund their overseas projects? Would the media take the role of doing homework for the investors in such cases in the future?
– by Preetam Rai
Technorati tags: Hibiscus Project, Angola, China