OPENING UP The Weifang Port of east coastal Shandong Province is officially opened up to foreign ships on July 28 (ZHU ZHENG)

GEM on the Way

China Securities Regulatory Commission (CSRC), the country's securities watchdog, started to accept listing applications for the Growth Enterprise Market (GEM) on July 26. A total of 108 companies, mostly in the new energy, new material, electric information and biology medical industries, filed applications on the first day, a number far greater than the CSRC had expected.

Not every company that filed applications was guaranteed approval to list on the GEM, said the CSRC in a statement. The first batch of start-up companies are expected to be listed on the GEM in late October or early November, the regulator added.

Australian Acquisition

Sinochem Corp., China's top chemicals trader, is involved in negotiations to take over Nufarm Ltd., an agricultural chemicals producer of Australia. Nufarm now has manufacturing facilities in 14 countries, marketing operations in 20 countries and product sales in over 100 countries.

The two companies are in the early stage of discussions regarding a potential acquisition of Nufarm, but there is no absolute certainty that the talks will progress, said the Beijing-based Sinochem in a recent statement.

This is one of a range of potential growth opportunities that Sinochem is currently exploring, the corporation added.

Flying Abroad

The Shanghai-based Spring Airlines Co. Ltd., one of China's four major private carriers, announced on July 28 that it had received a green light from the General Administration of Civil Aviation of China (CAAC) to operate certain international air routes.

According to the approval, the company can explore the air market on short-distance routes linking the Chinese mainland with Hong Kong, Macao and neighboring countries, like Japan, South Korea and Russia, said Wang Zhenghua, chairman of the company, in a statement.

Spring Airlines is the second private carrier permitted to explore the international market. Another private airline, East Star Airlines Co. Ltd., based in Wuhan of central Hubei Province, won the approval two years ago, but was ordered by the CAAC to suspend flights in March because of prolonged financial and management problems.

Bank Branch Opening

Citibank (China) Co. announced on July 28 that it has received approval from the China Banking Regulatory Commission to open a branch in southwest China's Chongqing Municipality later this year, according to a recent report by Shanghai Daily. This will be the bank's ninth branch on the Chinese mainland.

"China remains one of Citi's highest priority markets anywhere in the world and we are strongly committed to expanding our presence throughout China," said William Rhodes, Senior Vice Chairman of Citigroup and Citibank, in a statement.

"Our business in China is performing well and we are delighted to be in a position to open a new branch in the important city of Chongqing," he added.

Auto Expansion

The German carmaker Audi recently revealed plans to open a new assembly plant this September in China to fulfill growing demands in the world's largest auto market.

The plant, involving an investment of 1 billion yuan ($146.3 million) will be located in Changchun, capital city of northeast China's Jilin Province. It will double Audi's production capacity in China to 200,000 units a year, China Daily reported.

Audi's action is believed to be a strategic move to meet its sales target of 200,000 vehicles annually by 2015. Nearly 120,000 vehicles were sold last year, according to the newspaper.