Wing Lung Bank to buy 45% of goodwill impairment

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by Zou cheaponsale

Wing Lung Bank will be lucrative this year, at the fresh recital of China Merchants Bank 2008 annual group debate, in order that the bank management.

2008, China Merchants Bank to a total of about 32 billion yuan to buy 100% stake in Wing Lung Bank. By the business environment, investment, such as the impact of impairment, Wing Lung Bank in 2008 a loss of 816 million yuan Hong Kong dollars. 53 percent for premium acquisition formed part of the goodwill of 10.18 billion yuan, China Merchants Bank 580 million yuan provision.

China Merchants Bank leader Ma Weihua said that the design in 2013 in the thriving culmination of strategic integration, making cross-border Yonglong with an benefit on the Hong Kong market in the world of integrated financial banks.

Vice president of China Merchants Bank, Wing Lung Bank, said Zhu Qi, confidence makes the Wing Lung Bank to profitability this year, the next three years to achieve profitable growth in a number of indicators than the average level of the industry in Hong Kong, China Merchants Bank led the next five years, the acquisition of Wing Lung Finance on value for money.

Li Hao, vice president of China Merchants Bank, said the acquisition of Wing Lung Bank China Merchants Bank is a sub-acquisition, of which 47 percent stake in the second part of the premium part of the acquisition of about 8.7 billion yuan in the capital reserve can be offset in full; and through the The first part of the acquisition of 53% stake in the premium part of the formation of the goodwill impairment test, the end of last year in the provision of 580 million yuan. "The sum of two parts, 45% of all the goodwill has been offset, we have adopted more conservative measures, the level of impairment provision is not low." Li said.

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Tata Steel designs to invest in China

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by Professional editor working for Tata Iron and Steel Co., Ltd.

General Manager and CEO Raman Mutu (B. Muthuraman) said it will not invest in China, he said that appearing markets are not concerned about protectionism.

April 19 in Boao, Hainan, an interview with writers, Mutu Raman remove that there is no equity money in China.

Iron and steel companies in India, into China is the fastest pace of Mittal. At present, the world's largest steel producer Arcelor Mittal Group (ArcelorMittal, under the Mittal) is held by Hunan Valin Iron & Steel Company Limited (Shenzhen Stock Exchange code: 000932) 33.02% stake in the company's second majority shareholder. Mittal has also tried to acquire another Hong Kong-listed Chinese steel enterprises - China Eastern Group Holdings Limited (HKEx code: 00581), but has not been approved by Chinese government departments.

The Chinese central social family members has been the metallic industry as an noteworthy strategic industry, in spite of excess size in the industry, but foreign metallic business to participate in opportunities difficult to obtain.

Shanghai Baoshan Iron and Steel Group Co., Ltd. Xu Le Jiang, chairman of the day to attend a meeting of the Boao Forum, said that China currently has 660 million tons of steel production capacity, supply the whole industry, there are many backward production capacity. China steel structure needs to be adjusted in order to allow the healthy development of the industry as a whole.

"If you do not adjust for the upstream signal is also misleading. Ore you need so many? Do not need to." Xu Lejiang said.

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