Merger cements Deloitte presence on mainland Deloitte Touche Tohmatsu has agreed to buy Beijing Pan-China CPA in its first merger deal on the mainland, putting Beijing Pan-China's clients and more than 300 staff under the umbrella of Deloitte. Peter Bowie, chief executive of Deloitte's China operations, said that the deal could boost the firm's image as a local player. 'It is a key step forward in our goal to be recognised as a localised professional services firm by our clients, our people and the market.' No substance to huaneng power acquisition claims Huaneng Power International yesterday issued a statement claiming chairman Li Xiaopeng's alleged comments about its intention to acquire 300,000kW of wind power plants from Huaneng International Power Development were misquotes by local newspapers. It said Mr Li had not made such statements and stressed that the company had no plans for the alleged acquisitions. Poor sales hit earnings at Brilliance china auto Brilliance China Automotive Holdings warned on Friday last year's earnings were hurt by a slowdown in mainland vehicle sales. The warning sent its shares diving as much as 20 per cent on the New York Stock Exchange. Brilliance listed on the exchange in 1992, the first mainland firm to do so. Jiangsu expressway slips Jiangsu Expressway has for the first time seen its net profit decline, by 0.86 per cent, after earnings of 997 million yuan last year. Management attributed the decline to traffic diversion on the Shanghai-Nanjing Expressway. SNP leefung buys stake Hong Kong-listed printing firm SNP Leefung Holdings entered into a conditional agreement on March 18 to acquire 60 per cent of Yau Yue Paper Products for $68.4 million. Yau Yue makes fax paper, memo pads and other products.