Shandong Haihua Co (山東海化), a Chinese maker of soda ash and other chemicals, said a planned venture with Carlyle Group was called off because the firms failed to reach an agreement by the deadline yesterday. Haihua said it will keep seeking strategic investors.
An initial memorandum had been signed by the Chinese company's parent -- the Weifang city State-owned Assets Supervision and Administration Commission, the group's controlling shareholder -- and by Washington-based Carlyle.
"To date, discussions have yielded no substantial agreements on cooperation," Shandong Haihua said in a statement to the Shenzhen stock exchange yesterday, citing a notice from the Weifang city commission.
"Large uncertainties still exist as to whether cooperation with Carlyle would be successful," it said.
Carlyle's expansion in China has been set back before as the government tightens rules on foreign investments. The US buyout company had to scale back plans to buy shares in a construction machinery maker and was rejected from acquiring part of a bank.
Soda ash, one of Haihua Group's main products, is used to make glass. The company, located near northern China's Bohai Sea, uses ocean water to make about 40 chemicals, including raw salt and bromide, which is used as an antiseptic in public baths, according to its Web site.
China issued new rules in January that tightened control over sales of state assets to overseas buyers, saying the government should retain absolute control in "key industries," the official Xinhua news agency said.
Carlyle was turned down for a 7.99 percent, 326 million yuan (US$43-million) stake in Chongqing City Commercial Bank (重慶商銀) because it "didn't meet existing regulations," the bank said in its annual report.
The buyout company is still waiting for government approval to invest in Xugong Group Construction Machinery Co (徐工築路機械) after it scaled back its planned investment in the company to 45 percent from an earlier plan to take a more than 50 percent stake.
Two Japanese virtual YouTubers (VTubers) were suspended by their employers on Sunday after mentioning Taiwan and showing the national flag during a livestream, stoking controversy that was inflamed further when it was discovered that their management company issued distinct apologies in Japanese and Mandarin. While reading YouTube analytics over livestream on Thursday and Friday last week, Hololive VTubers Kiryu Coco and Akai Haato named Taiwan as contributing a high percentage of viewers. Users on the Chinese video streaming platform Bilibili were quick to criticize the two and report their accounts, prompting Hololive’s parent company, Cover Corp, to suspend the streamers for three
NO SIGN OF WAR: Only if Taiwanese showed determination to defend the nation would others be willing to help in the event of a Chinese attack, the premier said Should China launch a war against Taiwan, the military would fight to the last standing person, Minister of National Defense Yen De-fa (嚴德發) said yesterday, adding that the nation has fully fleshed-out defense strategies. “Beijing has continued its acts of provocation against Taiwan, but there are currently no signs that it is ready to launch a full-scale war,” Yen said at the Legislative Yuan in Taipei. Asked how long Taiwan could withstand an attack from China, Premier Su Tseng-chang (蘇貞昌) said: “Taiwan will not fall.” Any belligerent force that initiates acts of war would pay a heavy price, and so too would Beijing,
MISTAKE: The Global Covenant of Mayors for Climate and Energy is not a UN body, and the government is committed to protecting the nation’s name, Joseph Wu said The Ministry of Foreign Affairs yesterday condemned the Global Covenant of Mayors for Climate and Energy for listing Taiwanese cities as belonging to China on its Web site, and asked that it correct the error. The organization was inaugurated in Brussels in 2016 as a global coalition of mayors committed to reducing greenhouse gas emissions. Six Taiwanese cities at the time joined the coalition as cities in “Taiwan,” the ministry said. However, officials from the Kaohsiung City Government — one of the organization’s members — last week noticed that the city was now listed on the organization’s Web site as a
MOTHERLAND? Taiwanese who take part in China’s National Day celebrations could be fined NT$100,000 to NT$500,000 if found to have contravened Taiwanese laws The Ministry of Culture yesterday cautioned China-based Taiwanese artists against breaching Taiwanese law by taking part in China’s National Day celebrations. The ministry issued the statement following media reports that Ouyang Nana (歐陽娜娜) is to sing a popular Chinese patriotic song titled My Motherland (我的祖國), and Angela Chang (張韶涵) is to sing Protect (守護) with Chinese entertainers at an event to mark China’s National Day on Thursday. The Mainland Affairs Council is investigating whether such behavior contravenes regulations in the Act Governing Relations Between the People of the Taiwan Area and the Mainland Area (臺灣地區與大陸地區人民關係條例), the ministry said. If the behavior involves matters