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

Salary rises for foreign firms continued in China

According to a new wage survey published in Shanghai recently, professionals and executives with foreign enterprises in China saw their salaries rise by nearly 7 per cent on average last year.

The survey published recently by the international Hewitt Associate Consulting Corp, included 800 foreign firms in major cities, such as Beijing, Shanghai and Guangzhou, and also many secondary cities in China.

According to Qi Xu, a senior consultant for Hewitt, only 7 per cent of the firms said salaries did not rise in 2003. Four percent said salaries would probably remain the same in 2004. According it Qi Xu, “Such a drastic increase rate is an epitome of foreign enterprises’ confidence in investing in China.¡± Throughout China, Shanghai toted up the highest wage hikes at 8.3 percent with both Beijing and Guangzhou following at about 7.5 percent. According to the survey, the annual per-capita income of a senior executive in a foreign enterprise in China is 645,000 RMB (approx. US$77,700). A mid-level executive makes by comparison 297,000 RMB (approx. US$35,780).

To give an example of the spread in salaries in a foreign firm in China, a professional employee could earn an annual salary of approximately 100,000 RMB (approx. US$12,000) while a factory worker or an ordinary employee could expect about 36,000 RMB (approx US$4,340).

Qi attributed the increase to ¡°the increasing pressure on foreign firms to draw talent, foreign enterprises in China had to keep the percentage of volatile salary and long-term encouragement rewards in their salary systems.” He also stated that “The growing salaries in foreign enterprises also reflect the soaring direct investment in China¡±.

In 2003, despite SARS and other concerns, more and more multinational firms and global research organizations entered China. Many foreign firms have moved their China headquarters from Hong Kong or elsewhere to Beijing and a larger number are choosing Shanghai according to most reports. By early 2004, the number of foreign firms in China had increased to 468,200 with a total investment of US$953.3 billion and actual investment of US$505.55 billion.

Chinese rich with $1.59 trln worth of wealth

Chinanews, Beijing, October 16 ¨C Recent statistics show that there are about 320 thousand rich people in the Chinese mainland, with a total wealth $1.59 trillion, making China second on the top-10 list of rich people in Asia, the first being Japan.

Although of the rich Chinese from Hong Kong have the highest personal wealth, the Chinese mainland still ranks second, with each of the rich there having an average wealth of $5 million.

Though China only contributes 13.5% of rich people to the Asian-Pacific Region, their impressive personal wealth gains them a high mark, thanks to the rapid economic growth of the country. The number of extremely rich people in China is growing very fast, too. As a matter of fact, 29.1% of Asian extremely rich people came from the country, especially the big cities in 2005, according to a probe that year.

Rich people in China gained their wealth through industrial and commercial investment, funds and stock right. However, only 14% of their investment is used to buy stock shares, the lowest in the eight world markets.

Recruiting Firm Sues Akin Gump for Fees In Partner Placement

By Anthony Lin
New York Law Journal
October 13, 2006

In May, just one month after Akin Gump Strauss Hauer & Feld announced Chang-Joo Kim had joined its New York office as a partner, the law firm cut a check to recruiting firm Boston Executive Search for $227,500.

But did it pay the right recruiter? New York search firm Sivin Tobin Associates says it sent Akin Gump a package about Mr. Kim last December, along with a term sheet. Sivin Tobin is now suing the law firm, alleging breach of an implied contract. Manhattan Supreme Court Justice Jane S. Solomon (See Profile) last month denied Akin Gump’s motion to dismiss.

The dispute highlights the frequently less-than-well-oiled mechanics of the legal recruiting process, even as firms have become increasingly reliant on lateral partners and associates for growth. Though actual lawsuits are rare, both firms and recruiters agree clashes are common.

In an Aug. 7 affidavit he submitted as part of the suit, Sivin Tobin co-founder Eric Sivin said he spoke to Akin Gump’s then-New York office head, Steven M. Vine, in 1995, at which time Mr. Vine said the firm was interested in hearing about partners with portable business. Since then, Mr. Sivin said, Sivin Tobin had forwarded 10 candidates, three of whom Akin Gump had interviewed.

One of those partners was Mr. Kim, a corporate lawyer specializing in Korean transactions who was then working in the New York office of Dorsey & Whitney.

“Sivin Tobin had several meetings with Mr. Kim,” Mr. Sivin said in his affidavit. “We helped Mr. Kim prepare and edit his business plan and provided him with general advice regarding the law firm interview and evaluation process. Eventually Mr. Kim permitted us to submit his resume, along with materials highlighting his professional experience and qualifications.”

Sivin Tobin’s package to Akin Gump was accompanied by a detailed and personalized letter. Signed by Mr. Sivin and addressed to Mr. Vine, the Dec. 19, 2005, letter said: “Mr. Kim believes that at a firm such as Akin Gump, with its strong infrastructure practice and presence in the Middle East and Asia, could provide the right platform for his client base and enable him to generate work at his historic levels.”

The letter was accompanied by a term sheet that stated Sivin Tobin’s fee for the placement would be 25 percent of the candidate’s total compensation in his first 12 months at the firm.

Mr. Sivin said he received no response to the letter or to subsequent followup calls. After learning that Mr. Kim was contacted by an Akin Gump partner and an offer was likely, Mr. Sivin sent Mr. Vine a Feb. 16 e-mail stating that Sivin Tobin would expect to receive a fee should Mr. Kim join Akin Gump.

Though the law firm did not respond to Mr. Sivin at the time, it stated in court documents supporting its motion to dismiss the recruiter’s suit that, at the time Mr. Sivin proposed Mr. Kim as a candidate, the firm had already been introduced to the lawyer by another recruiter, Boston Executive Search.

‘Contemporaneous’ Approach

Akin Gump argued that Sivin Tobin’s submission was unsolicited and the law firm never intended to be bound by the recruiter’s terms.

“Plaintiff’s suggestion that Defendant obligated itself to two recruiting firms is not supported by any legal authority,” the law firm said in court papers. “Defendant was approached contemporaneously by two different firms with respect to the same candidate. It was Defendant’s choice as to which of those firms it chose to discuss Mr. Kim.”

According to Akin Gump, the Boston firm was the “procuring cause” of Mr. Kim’s hiring and therefore the only firm entitled to a fee under New York case law.

“Plaintiff did not provide any services to Akin Gump,” the firm says in court papers. “The only thing it did was send an unsolicited resume. Plaintiff never discussed the resume with anyone at Akin Gump, arranged for any interview or negotiated any details of employment.”

In a Sept. 28 decision, Justice Solomon said Mr. Sivin had adequately pleaded breach of contract, unjust enrichment and quantum meruit claims against Akin Gump.

The judge said the numerous resumes that Sivin Tobin sent to Akin Gump over the past decade demonstrated a course of conduct between the parties.

“This sufficiently pleads the existence of an implied-in-fact agreement between the parties for Mr. Kim’s placement,” she wrote in Sivin Tobin v. Akin Gump, 107123/06.

The decision will be published Wednesday.

For obvious reasons, legal search firms have generally avoided taking law firms to court.

“Suing a client is not something we’ve ever done before,” Mr. Sivin said yesterday. “It’s not something we like to do and it’s not something we’re excited about.” He declined further comment on the matter.

Sivin Tobin is being represented by John M. Brickman of Ackerman, Levine, Cullen, Brickman & Limmer in Great Neck, N.Y.

Akin Gump is represented by James J. Maloney of Kavanagh Maloney & Osnato in Manhattan.

Potential for Friction

But other firms and recruiters said the overheated lateral market, especially in New York, had created greater potential for friction.

Walter B. Stuart, the partner in charge of Vinson & Elkin’s New York office, said his firm signed engagement letters with a handful of recruiters it used on a regular basis. But he said other headhunters regularly “parachuted in” with candidates, and partners at the firm sometime cultivated their own contacts with recruiters.

“In those cases, you just work out the details later on,” said Mr. Stuart. But such ad hoc arrangements were more likely to lead to problems later, he said, and the firm was trying to more carefully coordinate its intake process.

The firm’s lateral committee tries to identify duplicate candidacies early on, said Mr. Stuart, contacting the relevant recruiters as soon as possible. Many such cases, he said, turn out to involve a fly-by-night recruiter pitching a candidate without the candidate’s permission. In other cases, he said, the firm asked the two recruiters to settle matters between themselves before the candidacy moved forward.

Brian Trust, the head of Mayer Brown Rowe & Maw’s New York office, agreed that the best solution was for the recruiters to work out the problem, with the firm paying nobody until the situation had been resolved.

“Everyone in this community is well served to avoid litigation,” he said.

Mark Henley of New York search firm Smythe Masterson and Judd said he now only handles partners on an exclusive basis, partly to avoid such disputes. In a number of cases, he said, the candidates are at fault.

“The candidates themselves, in their desperation or strong desire to get into a firm where they feel they belong, don’t watch out for how they’re being presented,” he said.

But Mr. Henley agreed that disputes need to be handled swiftly, even when litigation results.

He said Smythe Masterson had mostly maintained amicable relations with firms through four lawsuits over placement fees, including one several years ago against Kramer Levin Naftalis & Frankel.

“And we still do work for them,” he said.

– Anthony Lin can be reached at alin@alm.com.

IBM moves key US unit to China

SHANGHAI, Oct. 13 – Computing giant IBM Corp said it was transferring its chief purchasing operations to China, a move that highlights Asia’s growing importance in the global supply chain.

The decision to transfer its chief procurement office from New York to Shenzhen marks the first time the headquarters of a global IBM division has been located outside the US, the company said in a statement on Thursday.

The leading American technology and software group began shifting its Asia-Pacific headquarters from Tokyo to China’s commercial hub of Shanghai in 2004, a process it completed earlier this year.

It also has major research, software, hardware and computer services operations in India which make it that nation’s sixth largest technology-related employer.

The addition of its global procurement office to Shenzhen, where it has operated for over a decade and many of its 1,850 employees in Asia are based, is aimed at reshaping the company’s supply base in the region, IBM said.

The firm that revolutionized office work with electronic typewriters and then personal computers collaborates with 3,000 suppliers across Asia that account for about 30 percent of the 40 billion dollars IBM spends on annual procurement.

“The demand for software and services skills — across Asia and worldwide — is growing,” said the group’s global procurement chief John Paterson.

“To meet the demand, it will require developing relationships with new partners and suppliers and working with existing ones to help them build skills, processes and management practices to compete globally in the services market.”

IBM, once a leading hardware maker, struggled to transform itself over the past decade into a software producer but now earns about half of its revenues from outsourcing and IT consulting.

In May last year, it sold its personal computer unit to Chinese group Lenovo for 1.75 billion dollars, leaving the US company focused on business mainframes and consultancy services.

Paterson said it illustrated a shift underway at IBM from a multinational corporation to a new model — a globally integrated enterprise.

“In a globally integrated enterprise, for the first time, a company’s worldwide capability can be located wherever in the world it makes the most sense, based on the imperatives of economics, expertise and open environments,” he said.

For the first six months of the year, IBM recorded a 15.4 percent rise in net profits to 3.73 billion dollars, on a revenue drop of six percent to 42.55 billion dollars.

US losing international clout to China – Poll

Asians see the United States losing its undisputed international influence in 50 years to possibly China amid waning trust in Washington to act responsibly in the world, a poll showed.

The study is carried out by the Chicago Council on Global Affairs (CCGA), an independent US think tank.

In the immediate term, US power in the eyes of Asians remains secure.

US influence today is “substantially above any other country” even as others have gained clout, and Asians do not predict much of decline in US influence over the next decade, according to the survey in partnership with US-based Asia Society.

In half a century, however, a majority in all countries covered by the poll — China, India, South Korea and the United States — believed “another nation” will become as powerful or surpass the United States in power.

“There is a clear agreement across the board that over the next half century Asians see the United States no more the sole superpower that it is or considered to be today,” CCGA president Marshall Bouton told a news conference in Washington.

The survey did not specify in its questions which nation people believe will match or overtake the United States.

“We can only infer what nation people had in mind when they answered that question,” Bouton said. When asked whether it was China, he said “I guess so.”

China has become a global manufacturing power and is already displacing the United States as the primary trading partner for many nations.

China has also amassed the world’s largest trade surplus and world’s largest foreign exchange reserves. Its current account surplus has already surpassed that of Japan, the world’s second richest economy after the United States.

The poll also found Asians, including the Chinese, still wanting the United States to remain engaged in the region though they express low trust in the United States to act responsibly.

Trust in the United States to act responsibly in the world is “low,” according to the poll.

Biggest bio diesel oil factory to be built in China

Chinanews, Nanjing, October 12 – The biggest bio diesel oil factory will be built in Nantong, Jiangsu Province in China, and the foundation stone laying ceremony having been held on October 10.

BIOLUX biological fuel Co., Ltd, the famous Austrian bioenergy enterprise, invested 120 million Euros on the project, making it the best present to celebrate the 35th anniversary of the establishment of diplomatic relations between the two countries.

The new factory will have the capacity of processing 700 thousand tons of rapeseeds every year after completion in 2007, producing 265 thousand tons of bio diesel oil and about 400 thousand tons of protein, which will mainly be shipped to EU.

Being the biggest rapeseed producer, China has nearly unlimited potential to extract bio diesel oil. What’s more, nearly 75% of China’s rape fields are located in the Yangtze River basin, near the new factory. With the help of expressway and ocean shipping, the factory will surely play a very important part in the world bio diesel oil market.

China to reduce its trade growth

Chinanews, Beijing, Oct. 13 ¨C The Ministry of Commerce (MOC) has mapped out China¡¯s trade prospect for the eleventh five-year period. According to this plan, by 2010, the total trade volume will reach 2.3 trillion US dollars, increasing by 10% on a yearly basis, but far lower than the 24% actual annual trade growth rate during the tenth five-year period.

A person in charge at MOC explained that during the eleventh five-year period, China would no longer maintain the trade scale.

¡°If we set the figures too high, we won¡¯t be able to focus on the quality of the trade,¡± he said.

For many years, the high trade volume had been backed by large quantities of processing trade, which occurred in China because global economy had shifted its manufacturing base to China. After ten years of high growth, it is expected that such processing trade volume will begin to slow down. On the other hand, China¡¯s high foreign trade growth is largely prompted by its huge export volume, which is driven by a strong demand in the international market. After a certain number of years, such strong demand will also become weaker.

In order to realize the new trade goal, MOC will encourage more private enterprises to explore the international market. It is expected that by 2010, export volume contributed by private enterprises will account for 35% of the total export volume in China, while in 2005, private enterprises accounted for only 20% of the total export volume in China.

China already proceeds rapidly in its currency exchange regime, official

Chinanews, Beijing, Oct. 11 ¨C In a recent interview given to Finance and Economics magazine, Governor of the People’s Bank of China Zhou Xiaochuan said that allowing more flexibility in the Renminbi exchange rate had already become a clear goal for the exchange rate regime, under which supply and demand relations in the market would become more important. Right now, the reference of a basket of currencies to which Renminbi is pegged is diminishing while market factor is playing an increasingly important role.

He said that Renminbi exchange rate regime should be a process which should follow the principles of “proceeding in a controllable and gradual way and keeping the initiative in our own hands”.

The process of the Renminbi exchange rate regime depends on the current conditions of other factors related with it. The reform cannot proceed without considering other related factors. So far, the Renminbi exchange rate regime has already made great progress and the main part of the system has already been changed to be market-oriented. Judging from related factors, it can be said that the reform has already proceeded rapidly enough, Zhou Xiaochuan noted.

He pointed out that the opening of the capital projects in China should be based on two pre-conditions: first, related financial system should be operated in a healthy way — when management is still at a relatively low level and institutional reforms have not been well applied in some micro aspects, we should not hastily open up the capital market; secondly, before we open the capital industry, related legal system should be improved to effectively protect the property rights to prevent large amounts of capital from flowing outside the country.