In Brief

PUBLISHED : Thursday, 10 March, 2011, 12:00am
UPDATED : Thursday, 10 March, 2011, 12:00am

Mitsubishi Electric to set up vehicle parts plant in Jiangsu

Japan's Mitsubishi Electric is investing US$30 million to establish a company in Jiangsu province as part of a plan to expand its vehicle business on the mainland. Mitsubishi Electric Automotive (China), will start operations at a 50,000 square metre site in the Changshu Southeast Economic Development Zone in April next year. It will produce power-steering equipment and other vehicle products. Bien Perez

Changfeng Axle shares down despite 75pc rise in profit

Shares in mainland truck-component manufacturer Changfeng Axle fell 3 per cent yesterday after the company announced its first annual results following its initial public offering in September last year. Changfeng said sales rose 64.6 per cent to 1.32 billion yuan (HK$1.56 billion), while net profit rose 75.5 per cent to 285.68 million yuan. No dividend was declared. Neil Gough

Nokia Siemens Networks' deal for Motorola assets delayed

Nokia Siemens Networks' US$1.2 billion acquisition of certain wireless infrastructure assets of United States firm Motorola has been delayed, pending approval from Chinese authorities. The Finnish-German telecommunications equipment manufacturer yesterday said the deal was still being reviewed by the Anti-Monopoly Bureau of the Ministry of Commerce, and would not be completed this quarter as had been expected. Nokia Siemens Networks said it remained committed to the acquisition. Bien Perez

Reshuffle at chipmaker ASMC puts new president in place

The board of Shanghai-based chipmaker Advanced Semiconductor Manufacturing Corp (ASMC) has named Joseph Xie Zhifeng as president, replacing chief executive Zhou Weiping, effective yesterday because of an overlap in their duties. Xie joined the company from Semiconductor Manufacturing International Corp, where he was corporate vice-president of its Eurasia unit. ASMC yesterday reported a 119.7 million yuan net profit last year, against a 102.8 million yuan loss in 2009. Bien Perez