Shanghai revokes 778 licences from foreign-funded firms

Shanghai's municipal government revoked the business licences of 778 foreign-funded firms in the first 11 months of this year because of irregularities, the China News Service said yesterday. Most of the companies were small and had run foul of the authorities by failing to put promised funds into operations or to do any business for a long time. By the end of October, Shanghai had more than 16,500 foreign-funded firms, joint ventures or firms solely invested in by foreign companies, the agency said.