Air China partners with Rolls-Royce for Beijing maintenance facility
Air China and manufacturer Rolls-Royce have announced they are entering a new 50:50 joint venture for a maintenance, repair, and overhaul (MRO) facility in Beijing, China. The new facility is named Beijing Aero Engine Services Company Limited (BAESL) and will provide MRO support on the Rolls-Royce Trent 700, Trent XWB-84, and Trent 1000 aero engines. Air China currently has all three engine types in its fleet.
Hong Kong officials target end to hotel quarantine in November
Hong Kong is targeting an end to hotel quarantine in November, ahead of a summit of global bankers and an international rugby competition, even as a resurgence in Covid-19 cases prompts health officials to push back on the plan, according to people familiar with the debate. Chief Executive John Lee is leaning toward scrapping hotel quarantine before the November events to signal Hong Kong is back in business, despite the objections of some in his administration.
IHG marks 600th hotel opening milestone in Greater China
IHG announced the opening of its 600th hotel in Greater China with the debut of Kimpton Bamboo Grove Suzhou. Jolyon Bulley, Chief Executive Officer, IHG Greater China, commented: "Greater China remains our second largest market and a future growth engine for our global business."
Apple quietly gives up its Didi board seat after turmoil
Adrian Perica, Apple’s vice president of corporate development, has resigned from Didi’s board, according to a one-sentence release posted on Didi’s website this month. Didi didn’t respond to requests for comment. Apple declined to comment.
Hong Kong gets nod for reverse quarantine into China’s mainland
Hong Kong Chief Executive John Lee has secured China’s support for a “reverse quarantine” program to boost travel into the mainland, after two years of strict Covid curbs thwarted cross-border ties. The city leader said at a Thursday news briefing that officials from neighboring Guangdong province had backed his plan for travelers to first isolate in Hong Kong and then enter China quarantine-free during a virtual meeting.
Q2 proves to be turbulent as well as promising for H World
H World Group (formerly Huazhu Group) focused on a balanced approach with respect to expenditure and cost control in the second quarter (Q2) of this year, a phase which was marked by the massive spreading of the Omicron variant in China. The company's mixed performance came in considering that the company’s European operations recovered to attain 2019 levels.
World’s longest canal opens to tourism in China
The Cangzhou city downtown section of the world’s oldest and longest man-made river, the Beijing-Hangzhou Grand Canal, is open to navigation for tourism on 1 September. It will give visitors a chance to appreciate the masterpiece of ancient China’s artificial waterway, announced an official with the Cangzhou city government of north China’s Hebei Province.
Private equity firm snaps up Japanese theme park for $720 million
Hong Kong-based private equity firm PAG agreed to buy Huis Ten Bosch, one of Japan’s biggest theme parks for an equity valuation of about 100 billion yen (USD 720 million), doubling down in Asia’s second-biggest economy as Covid protocols are eased on incoming travelers.
Eight Chinese airlines recorded combined losses of $10 billion in first half of 2022
Eight listed Chinese airlines recorded combined losses of nearly 70 billion yuan ($10.16 billion) in the first half of 2022, latest company reports showed, as Covid-19 related pressures kept carriers in the negative territory. Passenger revenue fell sharply for all major carriers, with China Eastern recording the lowest passenger revenue. The Shanghai-based carrier said restrictions put in place from middle of March to the end of May significantly impacted commercial traffic with the number of flights departing and arriving at Shanghai's two airports suffering an acute decline.
Jinjiang International seeks to list on SIX Swiss Exchange
Shanghai-based state-owned hospitality giant Jinjiang International announced that it sought to raise capital overseas by listing Global Depository Receipts (GDR) on Zurich-based SIX Swiss Exchange, Switzerland's principal stock exchange.
At the end of July, four Chinese listed companies already raised USD 1.6 billion in total with their GDRs from investors, according to a press release of the SIX Swiss Exchange as reported by Xinhua. The four Chinese companies are GEM, Gotion High-tech, Keda Industrial Group and Ningbo Shanshan.
Delisting risk for US-listed Chinese stocks nearly halves after audit deal, Goldman says
China and the United States agreed last Friday a preliminary deal on cooperation on audit standards that could have an impact on circa 150 Chinese companies. The risk of Chinese stocks delisting from US exchanges has nearly halved after regulators reached an audit agreement, Goldman Sachs analysts said in a report Monday. US-listed Chinese travel companies include Trip.com Group, H World Group, Tuniu.com, GreenTree Hospitality and more.