Wu Changjiang, the founder of NVC Lighting, China's biggest lighting manufacturer, who quit as chairman amid a shareholder battle for control of the Hong Kong-listed firm, has been reappointed chief executive under a three-year contract from January 11, NVC announced yesterday. On August 14, NVC's board said it would be "inappropriate" for Wu to be reappointed chairman given certain of his activities uncovered by an investigation team. Trading in NVC shares, which was suspended on Friday, resumes today. Toh Han Shih
Spain's Santander has received regulatory approval to operate as an independent car financing firm on the mainland, one of the first foreign banks to succeed in doing so. Santander will operate through a 50-50 tie-up between its consumer finance unit and China's seventh-biggest car manufacturer, Jianghuai Auto, the bank said. Reuters