adb takes 10pc stake IN CREDIT orienwise group The Asian Development Bank (ADB) has paid US$10 million for a 10 per cent stake in China's largest privately owned credit guarantee firm, Shenzhen-based Credit Orienwise Group. The move is seen as a boost for the cash-starved small- and medium-sized enterprises (SMEs) Credit Orienwise works with. The investment is the ADB's first in the mainland credit-guaranteeing sector. It will be used to expand Credit Orienwise's capital base as well upgrade its information technology and internal management systems. With 1.2 billion yuan in net assets, Credit Orienwise has guaranteed 9.2 billion yuan in credit for SMEs since it was established in 1999. Toru Shibuichi, ADB's chief representative in China, said: 'SMEs are key drivers of jobs, economic growth and development for China.' China has about 1,000 licensed credit-guarantee companies. Alice Yan artfolio bids $53m for 50pc of jewellery chain Japan-based Artfolio Corp has offered $53.64 million for a 50.2 per cent stake in jewellery retailer Lai Fai International Holdings. Artfolio will buy 64.73 million shares at 80 cents apiece and 2.66 million options at 70 cents each from Lai Fai chairman Li Shui and two other shareholders - Yoshitaka Kitao and Softbank Finance Corporation. The offer price represents a premium of 14.29 per cent to Lai Fai's closing price of 70 cents before trading was suspended on the Growth Market Enterprise on April 1. Artfolio, which already has a 21.68 per cent stake in Lai Fai, will be obliged to make a general offer for the remaining shares once the purchase is complete as its stake would exceed the 30 per cent Takeovers Code trigger point. Foster Wong HK Express gets nod for mainland destinations Hong Kong Express has been granted a licence to fly to secondary destinations on the mainland, opening the door for the start-up carrier to step up its lobbying of the government for route rights. The approval by the Air Transport Licensing Authority (Atla) apparently signals an end to the long-running dispute between Hong Kong Express and rival start-up CR Airways, which had applied to Atla for licences to many of the same destinations. CR Airways had also applied for rights to fly to Changsha, Chongqing, Guilin, Haikou, Hangzhou, Kunming, Nanjing, Sanya, Tianjin and Wuhan, but Hong Kong Express did not say yesterday how those destinations were divided. Russell Barling
