Archives 2007

Citic Bank’s IPO may be world’s largest sale

CHINA Citic Bank Corp may raise as much as US$5.7 billion in a simultaneous Hong Kong and Shanghai initial public offering, the world’s largest stock sale so far this year, three sources said.

The Beijing-based bank plans to offer 2.3 billion new shares in Shanghai at 4.66 yuan to 6.1 yuan to raise up to 14.03 billion yuan (US$1.82 billion), the people said. The company may raise a further HK$30.17 billion (US$3.86 billion) selling 4.89 billion shares in Hong Kong at HK$4.72 to HK$6.17, they said.

Mainland banks and insurers have sold US$61.1 billion of shares in Hong Kong and Shanghai since June 2005, when Bank of Communications Co became the first domestic bank to go public in Hong Kong. They have been encouraged by high valuations as investors seek to benefit from China’s rapid economic growth, said Bloomberg News.

“This is not a bargain price” for stock in China’s eighth-largest bank by assets, said Wu Xuan, a Shenzhen-based analyst at Penghua Fund Management Co. It “leaves little room for future upside gains if it’s priced at the top end.”

At the upper end, Citic Bank’s sale could be the world’s largest stock sale so far this year, according to data compiled by Bloomberg. It could trump a US$5.5 billion closed-end fund launch in the United States and a secondary share sale by Ping An Insurance (Group) Co, China’s No. 2 insurer, which raised slightly more than US$5 billion in February.

The price ranges value Citic Bank at 2.48 times to 2.81 times its estimated book value this year, according to the three people, who declined to be identified before an official statement. The price ranges have yet to be approved by the China Securities Regulatory Commission.

The new shares to be listed in Shanghai represent a six percent stake in the bank, while those in Hong Kong are equivalent to 12.8 percent. The stock may start trading on April 27, Citic Bank said.

China International Capital Corp, Citigroup Inc, Citic Securities Co, HSBC Holdings Plc and Lehman Brothers Holdings Inc are arranging the sale.

China has the most expensive bank stocks in Asia’s emerging markets, trading at about 3.2 times estimated book value in 2007, compared with 1.7 times for peers in India and 1.4 times for Korea, according to a Morgan Stanley report.

The Industrial & Commercial Bank of China Ltd, the nation’s largest, traded at 2.79 times the consensus book value estimate for 2007 in Hong Kong, higher than 1.7 times for HSBC and 1.94 times for Citigroup.

Citic Bank was China’s seventh-largest by total assets at the end of 2005, according to a preliminary share sale document. The company fell to eighth last month after the Postal Savings Bank of China was established.

Profit this year was expected to gain 53 percent to 5.69 billion yuan, according to an April 4 statement.

The company may achieve loan growth of 20 to 21 percent this year and in 2008, according to Bear Stearns Asia Ltd analysts.

IE Supervisor / Manager – A Top Electronic Company, Fortune 500

Location: Kunshan
A Top Electronic Company, Fortune 500
JOB SUMMARY:
Manage IE section and drive Lean production activity across the plant
Duties & Responsibilities:
1.Manage IE section to achieve the goal.
2.Drive and implement Lean production activity across the plant
3.Responsible for plant layout optimize
4.Drive production efficiency improvement
5.Other tasks assigned by supervisor
Qualifications:
Education/Knowledge: Bachelor Degree, Engineering background
Experience:
1.Minimum 3 years IE experience and 1 year Supervisor experience in Electronics/Automotive Manufacturing Environment
2.Strong IE skills set, including work methods, operator/ work balance, layout, standard time and manufacturing system design is required
3.Lean production experience is a must
4.External & Internal Contacts:

Special Skills or Qualifications that are helpful:
1.Familiar with Office/AUTO CAD
2.Good personality & Team work
3.Excellent communication (written and verbal) and organizational skills
4.Logical mind with good data analysis skill
5.Be responsible and be aggressive

* Please send us your complete resume (both in Chinese and in English) to:
‘topjob_eo092ks#dacare.com'(Please replace “#” with “@”)

Finance Manager

Location: Shanghai
Job Description: Seeking an experienced and proactive finance manager to manage and develop its accounts department.
Reporting to: General Manager – Shanghai

Qualifications:
1.5 or more years accounting experience and at least 2 years management experience in a foreign enterprise.
2.Qualified Accountant with university degree in accounting and/or finance.
3.Familiarity with PRC GAAP requirements for FIEs
4.Strong English communication skills and positive team work spirit
5.Good negotiation skills.

Responsibilities:
1.Creates and manages all the financial details associated with the operations in accordance to PRC GAAP.
2.Drafts the budgets and create financial management reports including international reporting to GM and executive team.
3.Implementation & updating of internal control policies and procedures as set by PRC GAAP.
4.Assures all the necessary professional company operational licenses are up to date as per requirement of the Chinese authorities.
5.Participates in senior management directional meetings as per management schedule.
6.Assists senior executive team in developing effective managerial and business cross-references including control policies.

* Please send us your complete resume (both in Chinese and in English) to:
‘topjob_fi137sh#dacare.com'(Please replace “#” with “@”)

Minimum Wage Standard Implemented In Guangzhou

April 6, 2007
News from Guangzhou Municipal Labor and Social Insurance Department is that from April 1, the minimum wage of RMB7.5/hour has been implemented among all non-full-time employees in Guangzhou, excluding Huadu, Fanyu, Chonghua and Zengcheng.

At the end of last year, GZMLSID released the province’s first minimum wage standard for non-full-time employees. The standard consisted of five categories, ranging from RMB7.5 per hour to RMB4.3 per hour. The standard for Guangzhou is RMB7.5 per hour, which is the same as that of the provincial level minimum wage. The minimum wage for non-full-time workers in Huadu, Fanyu, Chonghua and Zengcheng is RMB6.6 per hour.

A representative from GZMLSID emphasizes that this minimum wage standard is only applicable to non-full-time employees, such as those who work on an hourly basis and work for no more than five hours a day, and no more than 30 hours in a week. The person says that companies should sign full-time labor contracts with those who work for more than 30 hours a week.

At present, Guangzhou’s food and beverage industry uses the most non-full-time employees.

Center For NPOs Opens In Shanghai

A city based development center will open in Pudong, Shanghai this month to serve as an incubator of nonprofit organizations.

“The capacity and accountability of grassroots NPOs are not strong enough. Many of them lack regular offices, stable source of funds and professionals,” said Lu Zhao, director of the incubation center. “So we have established an office center in Pudong for those NPOs for free.”

Funded by the local Pudong government, the center aims to provide support services to Shanghai’s growing not-for-profit sectors, especially grassroot NPOs.

As NPOs in China are still in their infancy, the center will provide professional training programs such as financial management, volunteer management, fundraising and strategic planning.

From this month, NPOs in the city run by members of the public can apply to become members of the incubation center.

Bureau hits target for overseas talents

MORE than 10,000 overseas professionals have been lured to Shanghai in the past 15 months – nine months ahead of a target set by the Shanghai Personnel Bureau.

The bureau said yesterday that as of the end of February, 10,324 overseas professionals had come to work in the city. Half of the number were overseas Chinese who have acquired foreign citizenship. Most come from developed countries including the United States, the United Kingdom and Japan.

“We are glad to see so many overseas talents coming to work for Shanghai’s development, but how to retain them and use their expertise to the fullest remains a challenge that tops our work agenda in the following period,” said Mao Dali, vice director of the bureau.

The bureau launched the recruitment drive in December 2005, and had initially aimed to reach the 10,000 mark before this December.

The city launched a similar drive in August 2003 and reached the 10,000 figure 27 months later in November 2005.

The bureau said yesterday that nearly 34 percent of the incoming professionals hold a PhD, nearly 10 percentage points higher than that of the first recruitment drive.

Shanghai Automotive Industry Corporation (Group) recruited seven doctorate holders from the United States as vice presidents or program directors to develop its own brands and clean-energy cars last year.

To date, more than 68,000 returned overseas Chinese and about 70,000 foreign professionals work in the city, the bureau said.

New bank branch

HANG Seng Bank yesterday opened its seventh outlet in Shanghai, further expanding its network in mainland China to 17 outlets. Occupying 600 square meters over two floors, the branch is located at Jing’an District and provides a full range of banking services.

Internal Audit Manager – A leading consulting company ( big four )

Responsibility:
1.Work closely with and advise CEO in connection with the area of steering the firm`s Internal Control strategies and policies
2.All the normal functions of Internal Audit into any financial and operational area of the firm
3.Assess internal control environment and ensure appropriate Internal Controls are in place
4.Evaluate existing processes, systems and controls, provide recommendation and guidance on improvement of efficiency and effectiveness
5.Carry out regular or ad hoc checks of compliance by visiting all the locations of the firm, prepare and present required reports

Requirement:
Reporting Relationship: To CEO, Deloitte China and Chairman, Finance Committee, Board of Director
6.High degree of judgment, good problem solving skills and be results oriented to ensure sound implementation of control processes and procedures
7.Good communication skills, with an ability to clearly and diplomatically articulate issues, solutions and rationale
8.Education: University Graduate
9.Experience: Minimum 5 years work experience with good working knowledge of GAAS/GAAP/IAS/FAS, internal controls and business processes
10.Track record of academic and career achievements
11.Professional qualification such as CPA, CIA and ACCA is a must
12.Exposure to Sarbanes-Oxley 404 implementation and compliance is an advantage
13.High energy level and good work ethics
14.Flexible and able to deal with ambiguity

* Please send us your complete resume (both in Chinese and in English) to:
‘topjob_fi135sh#dacare.com'(Please replace “#” with “@”)

Chief – Group Leader, Shanghai Branch (3PL Company)

Job Description:
Company introduction: Our Client is one of the world¡¯s 500 fortune 3PL company, and is recognized as leading logistics provider, serving customers all over the globe. It offers customized and integrated solutions for: supply chain management, warehousing and distribution, landside services, ocean freight and airfreight and has more than 200 offices in more than 90 countries.

Report To: Team Leader
Location: Shanghai
Responsibilities:
Purpose & general responsibilities of the position:
1.Ultimately responsible for the service level to all clients within the Customer Service team
2.Act as the single point of entry for the Team Leader on all matters related to the clients
3.Manage the team members to optimize the operation
4.Help the Team Leader to analyze the team P&L and ensure its correctness
5.Responsible of delivering the VAS targets set for the team and assist the Team Leader to achieve the team¡¯s VAS target by developing and execute an action plan.
6.Be responsible for new clients¡¯ implementation and ensure a successful landing and smooth transfer to future client owning teams.
7.Actively manage the financial outstandings and follow up with the team members to ensure all financial procedures are adhered to.
8.Be the first touch point for client visit and present clients with professional introduction about our company and operation.
Specific requirements for the position:
1.Good general understanding and experience Logistics operations.
2.Minimum 4 year¡¯s working experience in logistics field, and with more than 2 year¡¯s in management field;
3.Fluent spoken and written English as well as Mandarin.
4.Open and positive personality with good communication skills.
5.People management skills (6-8 people)
6.Financial insight and understanding.
7.Thrive on constant changes in a fast moving dynamic international environment.

* Please send us your complete resume (both in Chinese and in English) to:
‘topjob_eo090sh#dacare.com'(Please replace “#” with “@”)

LCL Supervisor, Shanghai Branch (3PL Company)

Job Description:
Company introduction: Our Client is one of the world¡¯s 500 fortune 3PL company, and is recognized as leading logistics provider, serving customers all over the globe. It offers customized and integrated solutions for: supply chain management, warehousing and distribution, landside services, ocean freight and airfreight and has more than 200 offices in more than 90 countries.
Report To: LCL Team Group Leader
Location:Shanghai

Responsibilities:
Purpose & general responsibilities of the position:
Customer Service
1)Is responsible for daily operations for about 70% of his/her time and herein acts as a rolemodel for excellent customer service.
2)Is aware of the customer base in his/her group and situation with individual vendors/customers.
3)Drives relationship with CARGO TEAM to improve cooperation.

Business Development
1)Supports the sales team and ensure clients are given complete support and information to meet their needs.
2)Drives the team to make a pro-active role in selling of VAS.
3)Communicates customers¡¯ perception of our company and our service levels to management, translates complaints in opportunities and manages expectations of related parties.
4)Treats overseas offices as clients and ensuring they are given proper and timely service.

Team Management
1)Monitors the service level by measuring the KPI. Uses this report to coach and educate staff. On regular basis and communicates the performance to the team openly and effectively.

Requirements
1.Good general understanding and experience Logistics operations.
2.Minimum 2 year¡¯s working experience in logistics field;
3.Fluent spoken and written English as well as Mandarin.
4.Open and positive personality with good communication skills.
5.Financial insight and understanding.
6.Thrive on constant changes in a fast moving dynamic international environment.

* Please send us your complete resume (both in Chinese and in English) to:
‘topjob_eo091sh#dacare.com'(Please replace “#” with “@”)