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Company Report: Maotai, Huaxia Bank

Guizhou Maotai, a Chinese liquor maker, said its net profit rose 16.4% to 13.16 billion yuan in the first quarter of this year from the same period last year. Revenue grew 12.76% to 24.41 billion yuan.

Huaxia Bank, a Shanghai-listed company, said it had gained approval from the China Banking and Insurance Regulatory Commission (CBIRC) to set up a wealth management arm, Huaxia Wealth Management Co Ltd. The company said it will seek another approval from the CBIRC when the new unit is ready to commence operations.

The Bank of China said in a statement on Monday that it had adjusted some of its foreign currency spread for its Wai Hui Bao, or literally “foreign exchange treasury,” products for the period between this Monday and Friday due to extra volatility in the global forex market. The bank urged its customers to beware of market risks.

The Industrial and Commercial Bank of China said it had stopped opening positions for the trading of commodities including crude oil, natural gas, copper and soybean from Tuesday. The bank said customers can still close and transfer positions.

Alibaba Group said Jiang Fan, one of its 36 partners, had been removed from his position due to an “improper handling of family problems,” which had a negative impact on the company’s reputation. Jiang, reportedly a rising star at Alibaba, was demoted from senior group vice-president to group vice-president and forfeited his bonuses for the last financial year.

Jiang had previously apologized for an alleged extramarital affair and said he was willing to face an internal inquiry by the company.


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