Written by admin on May 18th, 2012
In a move that will certain interest many, China’s Finance Ministry just unveiled rules that will require foreign accounting firms to put Chinese citizens in charge of the local operations. It also requires such firms to make sure that their top tier is dominated by accountants who have Chinese qualifications.
As Reuters said, “The changes come at a difficult time for the Big Four, grappling with the fall-out from a string of accounting scandals at Chinese companies listed in the U.S. that has left investors questioning the quality of auditing in China.”
The rules, as may be of interest to companies that deal in China like New York Global Group (NYGG) with Benjamin Wey and others, don’t address issues of audit quality or oversight. Learn more about these recent developments and their impact.
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Tags: Ben Wey, Benjamin Wey, China's Finance Ministry, New York Global Group, NYGG
Written by admin on May 11th, 2012
For those who invest in the Chinese market like the New York Global Group (NYGG) with Benjamin Wey, the next area of interest just might be the entertainment business. The Avengers, the new superhero movie from Walk Disney’s Marvel unit, just opened to record-breaking results in the US and China.
As Rich Gelfond, IMAX chief executive explained, the new growth in China’s film industry and interest has led IMAX to invest in new screens there. Gelfond explained that when Avatar opened in China in 2009, they had 13 theaters. Now, as he said, “This year, when The Hobbit opens [in December] we will show it on more than 100 theatres in China.”
China has quickly become Imax’s second-largest market only after the US. At the moment there are 91 IMAX screens in the country and an additional 129 are on the way. As Mr. Gelfond said, “When we used to announce new screens in China our investors would scratch their heads. But our per screen average in China is the best in the world.”
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Tags: Ben Wey, Benjamin Wey, IMAX, New York Global Group, NYGG, Rich Gelfond
Written by admin on May 4th, 2012
Wal-Mart has recently moved to increase its holding in the online retailer Yihaodian to 51%. They have said that the move is simply awaiting the approval of the Chinese regulatory authorities. Their goal with this move, as will certainly interest companies like NYGG with Benjamin Wey, is to increase their online sales in the Chinese market.
Yihaodian chairman and founder Yu Gang has reassured customers that Yihaodian will remain a separate unit and will remain independent in China. Peng Jianzhen, the deputy secretary-general of the China Store and Franchise Association said that Wal-Mart’s increased investment in Yihaodian will help traditional brick and mortar stores to maintain their profitability.
As he said, “Generally, price differences will exist for the same products when sold online and in traditional brick-and-mortar stores, and that has a negative impact on the sales performance of traditional stores. However, the dual-brand development strategy will help Wal-Mart to maintain profitability in traditional brick-and-mortar stores and help it to better develop in the e-commerce sector.”
As Neil Ashe, the president and CEO of Wal-Mart Global eCommerce said, “This investment further enables Wal-Mart to deliver a superb customer experience to Chinese consumers that are already connected to the world through smartphones and social media. We are on track to create the next generation of e-commerce, offering the latest in online innovations to give our customers a unique shopping experience.”
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Tags: Benjamin Wey, NYGG, Peng Jianzhen, Wal-Mart, Yihaodian, Yu Gang
Written by admin on April 27th, 2012
In recent news, Goodbaby Group, which is China’s number one manufacturer and retailer of baby care products, has just announced an online retail partnership with Nike Inc. Goodbaby will be able to sell Nike’s children’s wear through its own website, haohaizi.com, according to the agreement.
As President of Goodbaby Group, Song Zhenghuan, explained, the change will help Goodbaby to hit its target revenue goal of 10 billion yuan (US $1.6 billion) by 2015. As Song said, "The collaboration with Nike has been fruitful in the past decade, where we own and operate about 900 franchised Nike Young Athletes stores nationwide. I hope the cooperation in the virtual world will usher in a new chapter," said Song.
Craig Cheek, the vice president of Nike Sports China Co Ltd. Said, "We at Nike are very excited about the opportunities that lie in e-commerce. We believe that the digital space will be a key factor in our growth in the coming years, one that opens up an entirely new channel through which we can connect with our consumers."
For companies like New York Global Group (NYGG) with Benjamin Wey, Goodbaby Group is one to keep an eye on. They are the largest supplier of strollers in North America, Europe and China today and they have a 40% share of the baby carriage market in the US and an 80% share in China.
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Tags: Ben Wey, Benjamin Wey, Craig Cheek, Goodbaby Group, New York Global Group, Nike Inc., NYGG, Song Zhenghuan
Written by admin on April 20th, 2012
In an interesting move that could increase the interest in those who invest in China, like NYGG with Ben Wey, two companies plan to raise at least $150 million together to finance U.S.-Chinese film productions. Serenity Media Group and China Lion Culture Media Co. are teaming up to finance between two and four movies a year.
In a recent emailed statement, the two explained their plans and their goals. Serenity is a Beverly Hills based company, while China Lion is based in Beijing. In general, this is part of a move by Hollywood studios to increase their ties with Chinese film production and finance companies.
China Lion Culture Media is affiliated with China Lion Film Distribution Inc. They distribute Chinese films to U.S. cinemas.
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Tags: Ben Wey, Benjamin Wey, China Lion Culture Media Co., New York Global Group, NYGG, Serenity Media Group
Written by admin on April 12th, 2012
The Chinese public is not only spending more in stores – but they are spending more online than ever before. For the first time, China’s online luxury goods shopping has moved beyond the 10 billion yuan mark (US $1.59 billion). According to findings from iResearch Inc., the online high-end shopping increased by 68.8% compared with the figures for 2010.
As many who focus on China, like the New York Global Group (NYGG) with Benjamin Wey would like to hear, the market is predicted to continue with this pattern, increasing at a rate of 30% over the next few years.
As Ding Jiaqu, an analyst at iResearch said,
“Current online luxury purchasing was confined to top-class brands such as Hermes, Gucci and Louis Vuitton. Many second- and third-tier brands are not yet being sold in China. When they enter the market, online selling would be the best channel for them.”
The Boston Consulting Group Inc. predicts that, by 2015, China will become the world’s biggest e-commerce market in terms of its turnover. According to data from Analysys International, Chian’s online retail market had a total turnover of 583.5 billion yuan during just the first three quarters of 2011.
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Tags: Ben Wey, Benjamin Wey, Chinese online sales, Ding Jiaqu, iResearch Inc., New York Global Group, NYGG
Written by admin on April 5th, 2012
Good news for those who invest in China’s continued growth like the New York Global Group (NYGG) with Benjamin Wey. DBS Group Research reports that the consumer sector is continually growing. The Chinese government is working to rebalance its economic growth and to focus more on consumption. In pursuit of these goals, they are increasing the minimum wage, limiting medical costs for individuals and building more urbanization with affordable housing and transportation systems.
DBS Group reports that the yuan has continued to appreciate, allowing more mainland consumers to cash in on the growing economy. The Chinese Government introduced energy saving subsidies in 2011, and it is projected that the home appliance industry will benefit greatly from these. Similarly, high-end merchandise retailers like those who sell gold and luxury watches, are set to benefit in the coming year.
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Tags: Ben Wey, Benjamin Wey, DBS Group, DBS Group Research, New York Global Group, NYGG
Written by admin on March 28th, 2012
It is worth keeping an eye on CIC, China Investment Corporation in the coming weeks, as they just recently acquired a minority stake in Thames Water. Thames Water is the largest water supply and waste water treatment company in the UK, and CIC explained on its website that it purchased an 8.69% stake in the company.
Certainly, this news is of interest to private equity firms like New York Global Group (NYGG) with Benjamin Wey and other firms like them. CIC Chairman Lou Jiwei said that they plan to invest in infrastructure in European countries and in the U.S. The CIC was first established in 2007 with the aim of improving returns on the foreign exchange reserves in China, which totaled US$3.18 trillion as last year closed.
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Tags: Ben Wey, Benjamin Wey, China Investment Corporation, CIC, New York Global Group, NYGG, Thames Water
Written by admin on March 21st, 2012
For those who focus on the Chinese economy and on investments there like the New York Global Group with Benjamin Wey, the recent data from China’s National Bureau of Statistics is of interest. They show that the income gap between those in the country and urban residents has narrowed even more in 2011.
The per-capita income for rural residents rose 17.9% year-on-year in 2011 while that for urban residents rose 14.1% from the same time in 2010. The wage income or rural residents also rose, with a 21.9% increase. China continues to be an incredible player in the global market and one that economists and business people around the world are watching and tapping into.
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Tags: Benjamin Wey, National Bureau of Statistics, New York Global Group
Written by admin on March 14th, 2012
For those who invest in China, like the New York Global Group (NYGG) with Benjamin Wey, the recent news is very positive. China’s economy grew 8.9% in the fourth quarter as compared to the same period last year, as reported by the statistics bureau in Beijing. According to SinoPac Financial Holdings Co. this is above the 8% that signals a “soft landing” for China. It also exceeds the predictions made by 26 economists who were surveyed by Bloomberg News recently.
As Jim O’Neill, chairman of Goldman Sachs Asset Management said, “There are two ways of dealing with exchange-rate issues, one is moving the nominal exchange rate; the second is to raise your prices and wages higher than everybody else, and the Chinese are deliberately doing that with wages.”
Putting their current economic situation in a global perspective, O’Neill explained that China’s economy generates the equivalent to Greece’s gross domestic product every four months.
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Tags: Benjamin Wey, Jim O'Neill, New York Global Group, NYGG, SinoPac Financial Holdings Co.
