Archives 2006

Shanghai Top Marques earn 500 million yuan

Chinanews, Shanghai, Oct. 19 ¨C The four-day Shanghai Top Marques 2006 was closed yesterday, earning 500 million yuan (US$63 million). Currently luxuries are easily found in Chinese mainland. Extravagant merchandises popular in the Western world have also become fashionable in China.

Yang Qingshan, General Secretary of China Brand Strategy Research Association, reveals that 13% of total population in Chinese mainland can afford to buy luxuries. But numbers of rich people in China are actually increasing slowly compared with the West. However, many investors earn regard China as the most important luxury market in the world.

Luxuries such as 50-million-yuan painting, 20-million-yuan jade, 10-million-yuan racing car and 5-million-yuan article of furniture will never be considered as astonishing gadgets.

But who bought these luxuries at the Top Marques? According to its organizers, buyers are those billionaires listed in Forbes, people who never show off their real wealth, and managers from Chinese private or foreign owned enterprises.

Billionaires from cities like Yiwu, Wenzhou, and Ningbo, in Zhejiang Province enjoy collecting expensive limousines. They are not social celebrities, but they can allocate large sum of money. Some 80% of trade volume of the Top Marques last year were contributed by these people. A staff assistant from the exhibition says these billionaires are frequenters of the Top Marques.

How to get to grips with the dragon

China’s ultimate evolution as a fully-formed commercial market has been fuelling many pound and dollar-filled fantasies ever since the country opened its doors to foreign investment.

But while numerous Western companies have already set up shop in the world’s most populous country, employment issues continue to puzzle and confound many a corporate transplant, and none more so than than the issue of recruitment.

Recruiters who expect to do business in China will need to adopt a new mindset about pay and benefits packages, social concerns, status issues and even old national rivalries as local values colour candidates’ perspectives about job opportunities.

Students are sought after

The UK provides fertile ground for recruiting educated Chinese who plan to return to their homeland, says Ting Zhang, chief executive of Cambridge-based China Business Solutions (CBS). As many as 50,000 students from China are currently studying in the UK. Recruiting a UK-educated Chinese person for a job with a UK company operating in China will generally mean getting a person who speaks good English and is familiar with British culture.

Employment costs are typically 30-50% higher in China’s coastal area, where many of the major cities are located, than in its inland regions. But with mid-level engineers only earning an estimated £400 per month in coastal regions, pay levels are generally lower in China than in the UK. However, companies should expect to pay 13-month salaries, annual increases of 8-10%, and up to 50% of a person’s salary in benefits, says Ling Ling Bravo-Escos, also of CBS.

Since the 1990s, social insurance benefits will include money for housing (to buy, renovate or build a house), pension, medical and heating, among others.

The ‘one child per household’ rule in mainland China also means a special consideration for women employees where time off is concerned. As well as maternity leave, women also must be given time off to end pregnancies, Bravo-Escos says.

To recruit top candidates, the points having most impact, according to CBS, are a company’s brand and local awareness of that brand, the job description, job title, a pleasant working environment, a competitive salary and benefits. High emphasis is also placed on long-term career opportunities.

That emphasis on the long-term means that permanent work is still the favoured form of employment in China. Contracting as an employment choice has yet to catch on, says Patricia Leech, sales director for SAP recruitment specialist Portland Resourcing, London.

Foreign contractors

Leech says that most of the contractors her company recruits to work on multinational projects in China come from Malaysia and Australia. So far, the company has recruited but one local hire, for the position of functional team lead consultant.

One unique aspect Leech has discovered to recruiting in the Chinese marketplace is the strength of consultant networks. “Consultants’ networks are very strong,” she says. “What you tend to find is that they’re all asking each other if they know someone for a particular job.”

Lacking in market awareness

She has also found a certain naivete among local candidates as to their market worth. “People within China aren’t aware of what they could be getting. They aren’t very savvy to the market,” she says.

The world of online recruitment in China is growing steadily but online analysts believe the market is still years off achieving its full potential. US job board operator CareerBuilder.com last month signed an exclusive agreement with Chinese job board www.51job.com that will give the US operator access to the Chinese online recruitment market.

The American giant has begun to expand its global reach with its own country-specific job boards, but company leaders felt that the Chinese market has not yet evolved sufficiently to install its own branded site. CareerBuilder wanted entry to China, nevertheless.

“We spent the last year looking at the Chinese marketplace,” says Farhan Yasin, president of CareerBuilder’s international group. “Our estimate is that online recruitment there is worth $150m, and it’s growing at 43-48% a year.”

The greatest hurdle in China, Yasin told Recruiter, is “first and foremost, the country’s infrastructure”. While major cities have embraced the internet, most Chinese live in rural areas where internet access may be limited.

It’s a cliche that China’s economic potential is as vast as its landscape. But equally as vast as the landscape is the labyrinth of cultural idiosyncrasies, regulation and growth challenges that will require years of manoeuvring and optimising before China’s economic potential can be realised.

Electronic Design Engineer

Company introduction:
Our client commitment to the industrial automation sector is reflected by a successful business reality which has been established for over 70 years. With over 300,000 drives operating all over the world, the client offers the most advanced control solutions. Its current success is the result of a constant desire to involve ourselves in the most important industrial sectors, and is based on specialised research, the serious nature of our customer relationships and our internationally recognised technological thinking. Now they want to develop their centre in Shanghai and welcome the talents to join in.

Requirements:
1.Experience: 3 to 5 years of experience in design or service of high technology electronic devices or systems. Better if coming from Drives, UPS, Power Supply, Air Conditioning, Traction, Soldering machine or similar Industries.
2.Skill: Good capacity to handle IT technology, good inter-person communication, easy to use simulation program (Mathcad, Simulink, Spice, Orcad or similar), good knowledge of high level programming language such C, C++, Visual C, etc.
3.School: University Degree (at least Bachelor or Master) in Electronics (IC design, Signal, Communication), Control System, Power Electronics or Electrics or similar. Physicians or Computer Science graduated are also welcome but with Electronics specialization or experience.
4.Language: Fluent English as well as the native Chinese, others are welcome.
5.Other: Availability to travel in Europe and Asia for short/medium period of time.

* Please send us your complete resume (both in Chinese and in English) to: ‘topjob_eng034sh@dacare.com’

Finance Supervisor

Company introduction:
Our client is a global, diversified company that provides vital products and services to customers in manufactory. Fortune 500 company with 2004 revenue of $40 billion, employs approximately 260,000 people worldwide.

Responsibilities:
1.Manages all aspect of financial and accounting matter of the entire manufacturing site, including taxation and treasury.
2.Prepares management reports and carry out in-depth analysis to improve operating efficiency,
3.Monitors factory performance to insure effectiveness and efficiency of the operation,
4.Compile manufacturing budget at plant level.
5.Quick in learning and using computerized software to deliver monthly HQ reporting. Currently we are using Hyperion Enterprise for reporting to HQ.
6.Implements HQ and local policies, procedures, standards and systems for the company and
7.Directs and leads the finance team to develop ERP system.
8.Establishes and maintains internal control for overall assets management, procurement, revenues, expenditures, and financial reporting.
9.Prepares ad hoc financial analysis for new investment and capital expenditure.
10.Prepares a variety of detailed accounting, statistical, and narrative financial statements or reports requiring analysis and interpretation.

Requirements:
1.3-6 years of working experience in manufacturing environment of which at least two years in managerial responsibility.
2.Experience in MNC accounting practice and familiar in rigorous HQ accounting reporting.
3.Knowledge of both PRC accounting standards and prior working knowledge in International Accounting Standards/ USGAAP/UK GAAP.
4.Knowledge of China taxation is an advantage
5.Fluent in Madrian and good command of English (at least fluent in read and write)
6.Person with high integrity and be the gate keeper for the factory
7.Good PC skill, hands on person,
8.ERP experience with good knowledge of ERP application to business
9.Ability to perform various finance and investment analysis
10.Good costing background
11.Team player and be able to lead, train and motivate the finance team
12.University Graduate with major in accounting.

* Please send us your complete resume (both in Chinese and in English) to: ‘topjob_fi114sh@dacare.com’

Shanghai and Beijing lead national living standard

A latest evaluation report on social development released by State Statistics Bureau reveals that Shanghai and Beijing take the lead in national living standard in China.

The comprehensive social development index is made by State Statistics Bureau. Twenty-three items that reflect social developments are divided into four parts: population, living condition, social welfare and commonweal service. The average value that reported by local governments is calculated with 1 as the base, which can be used as comparison for social developments in different regions.

Places that have high social development scores are Shanghai, Beijing, Tianjin, Zhejiang, Guangdong, Jiangsu, Fujian and Liaoning.

3.7bln foreign capital flows into Shanghai property market

According to the “2006 Shanghai Finance Stability Report” issued by the central bank, in 2005 some 3.763 billion US dollars of foreign capital flowed into the property market in Shanghai, increasing by 40% over 2004. Among the four major types of foreign capital flows, a large proportion went to the group of people who were not Shanghai local residents and spent their money directly buying real estate.

Although Chinese government had issued a regulation on limiting foreign capital’s access to domestic property market, foreign capital still kept flowing into the Shanghai property market. Many foreign-fund management companies are enthusiastic about using their money to buy office buildings or luxury apartments in Shanghai.

On July 24, a month after the central government published related regulation on limiting foreign capital¡¯s activities in China, the Hopson Group announced that it had sold all the shares of the Hopson International Mall to the Pacific Delta Investments limited at a total price of 300 million US dollars. The Hopson International Mall is located in the finance and trade area in Lujiazui. Two months later, the Genting Berhad Group in Malaysia announced that they had controlled the Changshou Commerical Plaza in Shanghai by the acquisition of the Rich Field Group at a price of 572.7 million Hong Kong dollars.

“The short-term changes in the investment market will cause investors to make some adjustment. However, for the long-term investors are still optimistic about the property market in Shanghai,” said Zhang Zhenpin£¬ president of the Colliers International Group.

His words showed that the regulation might affect their investment activities for a short period. However, it won¡¯t change their long-term investment prospect.

Floating exchange-rate regime is successful, PBC official

Chinanews, Beijing, Oct. 17 – Yi Gang, Assistant Governor of the People’s Bank of China (PBC), said recently that with one year¡¯s operation, that China’s floating exchange rate regime, which is based on market demand, has been proved successful. In 2006, China’s export competitiveness is still very strong. China’s GDP and consumption are still increasing.

He made the remarks when delivering a speech at the School of Economic Management in Beijing University of Technology. In his speech, Yi says that overall, the Renminbi exchange rate regime will remain stable at a reasonable, balanced level, and its value will rise slowly in response to the Renminbi appreciation pressure.

Since July 2005, the Renminbi value has raised by 4.7% in total. Some people once worried that Renminbi appreciation would affect China’s export competitiveness. However, the real situation has proved that such worries are unnecessary, since the trade surplus for the first nine months of this year has exceeded the total trade surplus for the whole of last year. This shows that China’s export competitiveness is still very strong, Yi claims.

China to become the second largest IC market

Chinanews, Beijing, October 17 ¨C The most advanced 6-inch IC production line has started operation in Shenzhen, in the factory of Founder Micro Electronics.

The four centers of IC industry in China are the Yangtze River Delta, with the most complete industrial chain; the region near the Bohai Sea, with advantage of research and development; the Zhujiang River Delta, the biggest IC producer in the country, where most of China¡¯s information products are exported; the area including Sichuan and Shaanxi, which is rich in natural resources.

Being the most potential IC market in the world, China will very probably rank No.2 before 2010, even to rival the USA with many famous brands and competitive enterprises.

Female entrepreneur tops China’s rich list

SHANGHAI, Oct. 11 (Xinhua) — A female entrepreneur has topped a list of China’s richest people, the first time a woman has headed the list in the country.

Zhang Yin, 49-year-old founder and chairwoman of Guangdong-based Nine Dragons Paper Industries Co., Ltd., has amassed a fortune of 27 billion yuan (3.375 billion U.S. dollars).

“She is the wealthiest self-made woman in the world,” said Rupert Hoogewerf who set up the list known as the Huran Report in 1999. According to Hoogewerf, Zhang is richer than the U.S. television host Oprah Winfrey and author of the Harry Potter series JK Rowling.

Zhang Yin was born to a soldier’s family in northeast China’s Heilongjiang Province as the eldest sister of seven. She went to Hong Kong in 1985 and started her career in waste paper trading with 30,000 yuan.

Zhang defied financial hardship, cheating business partners and intimidation from local mafia to build up her wealth in the subsequent five years before moving to the United States with her husband in February 1990 to pursue her dream of becoming an “empress of waste paper”.

In 1996 she set up the Nine Dragons Paper Industries Co., Ltd. in Dongguan of Guangdong. Her product is now used by multinational companies, such as Coca Cola, Nike, Sony, Haier and TCL.

Zhang deems luck as the most important factor in her success, adding that her down-to-earth personality has helped her career.

Falling to second place is Huang Guangyu of China’s household electronics giant GOME Electrical Appliances with a fortune of 20 billion yuan (2.5 billion U.S. dollars) after occupying the top spot for the last two years.

Huang started his career on a roadside stall in Beijing selling radios and gadgets. GOME now has 560 branches in over 160 cities on the Chinese mainland and 12 in Hong Kong and Macao.

Ranked in third place is Zhu Mengyi, 47-years-old and CEO of the Hopson Development Holding Limited, with 16.5 billion yuan (2.06 billion U.S. dollars). After graduating from a middle school, he built up his fortune from being a foreman in a township in Guangdong.

Of the 500 people on the list, 35 are female, seven percent of the total. The new list suggests that women are showing increasing talent in business, Hoogewerf said.

Six people in the top ten are involved in real estate and four are from southeast China’s Guangdong Province.

People are getting rich quickly, noted Hoogewerf, who added that last year, the person ranked No. 400 had 500 million yuan (62.5 million U.S. dollars), while this year, the 400th person had800 million yuan (100 million U.S. dollars). Enditem

Corporate talent much sought after in China

SHANGHAI: Minutes after the news he had quit as chief financial officer of KongZhong Corp, J.P. Gan took a call from a headhunter.

On offer was a top spot at a venture capital-backed Chinese company with plans for an overseas initial public offering.

Chief financial officers and top level executives are in high demand across the globe as cash-rich investment companies put their money to work buying companies, changing management teams, and growing the businesses.

In China, the effect is amplified. Young, western savvy CFOs who have language skills, regulatory knowledge and international experience are highly sought after and hard to find. “Talent is limited, in general. That’s just the way things are in China,” said Jixun Foo, a Shanghai-based managing director of venture capital company Granite Global Ventures.

Aggravating the shortage is the flow of Western educated executives out of the corporate and investment banking sectors and into private equity firms and hedge funds.

While talented chief executives are in demand in China, many investors view equally talented CFOs as more significant and harder to find, given the increased accounting demands required by global securities markets.

Chinese companies need CFOs who can put in place or modernise their financial infrastructure to satisfy investors and regulators.

Gan is leaving KongZhong, a US$250mil Chinese wireless services company, for venture capital firm Qiming Venture Partners in Shanghai. He said he knew at least 10 venture-backed companies hunting for CFOs.

One key executive requirement is solid English skills.

A CFO of a foreign-listed or Hong Kong-listed Chinese company can expect to earn anywhere from US$150,000 to US$500,000, plus options, said several people interviewed for this article, with CEO’s earning slightly more.

Also fuelling CFO demand is a string of successful new China listings, which have sparked a rush to the initial public offerings market. – Reuters