Beijing LASHES out at Asia's richest man Li Ka-shing via party mouthpiece

Tuesday, 22 September 2015 07:20

Beijing LASHES out at Asia's richest man Li Ka-shing via party mouthpiece 

 

 The mouthpiece newspaper of China's Communist Party has blasted Hong Kong tycoon Li Ka-shing as "ungrateful" for selling assets on the mainland with the world's second-largest economy facing headwinds.
The 87-year-old, nicknamed "Superman" for his sharp business acumen, has been offloading major property investments in China - where growth slowed to a 24-year low last year and has continued to weaken this year - after investing heavily there in the 1990s.
The move, combined with his selling of assets in Hong Kong, has fuelled speculation that the richest man in Asia is losing confidence in the Greater China region.
The People's Daily said on a verified social media account that China's opening up, vast market and favourable policies had been "the key cornerstone" of Li's success, yet he was now leaving his benefactor in the lurch.

"He shared the prosperity while we had good times but could not beat the odds together with us now that we have difficulties. This is indeed unacceptable emotionally," it said in a commentary Sunday on its account on China's mobile messaging application WeChat, a less formal platform than the printed newspaper itself

No 10 Chen Haibin, 46, Zhejiang DIAN Diagnostics Co Ltd No 9 Lv Bo, 52, DHC Software Co Ltd No 8 Jia Yueting, 42, LeTV Holdings Co Ltd No 7 Zhang Yan, 46, Himile Science and Technology No 6 Yang Hongbing, 47, Harbin Gloria Pharmaceuticals Co Ltd No 5 Han Gang, 47, Beijing Jetsen Technology Co Ltd No 4 Li Zhongchu, 52, Beijing Shiji Information Technology Co Ltd No 3 Liu Xianghua, 52, Hunan CHINASUN Pharmaceutical Machinery Co Ltd No 2 Ao Xiaoqiang, 51, Beijing SDL Technology Co Ltd No 1 Liu Chengyan, 51, ChinaNetCenter

While admitting Li's move may have a "negative impact" on confidence in China, the article sought to downplay concerns.

"China's economy accounts for more than 12 per cent of the world's total... Can the withdrawal of a single businessman affect the fundamentals?" it said.

"We don't need to worry that no investors will come after Li Ka-shing.
"What we can do is not to condescend to persuade him to stay or to hurl invectives out of outrage, but to build the country better to make today's departure tomorrow's regret," it said.

Li, who is currently worth US$32.9 billion (S$46 billion) according to the Bloomberg Billionaires index, started out in business as a plastic flower-maker.

He has been reshuffling his business empire since the start of this year and earlier this month announced the merger of his utilities firms, part of an overhaul seen as paving the way for him to hand over the reins to his eldest son Victor, 51, after he retires.

In one of his recent overseas purchases, Li in March acquired British telecom giant O2 from Spain's Telefonica for $15.2 billion.-BusinessAsiaOne

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Segway bought by China company

HONG KONG — Segway, the iconic but struggling U.S. maker of self-balancing personal electric scooters, has been bought by a Chinese rival.
Beijing-based Ninebot, which makes a range of short-distance motorized transport devices, said Wednesday that it bought Segway Inc. for an undisclosed amount. It said it received $80 million from a group of investors to finance the purchase.
Ninebot's purchase of New Hampshire-based Segway is the latest example of a Chinese company acquiring foreign brands or technology. It's also the latest chapter for Segway, which has passed through several owners and generally failed to live up to the great hype surrounding its launch in 2002.
Segway founder Dean Kamen famously promised that his invention would revolutionize transportation, claiming it "will be to the car what the car was to the horse and buggy." But sales of the two-wheeler failed to take off and it earned a goofy reputation thanks to some high-profile mishaps, including President George W. Bush toppling over on one in 2003.
The acquisition comes five months after the U.S. International Trade Commission agreed to investigate Segway's claim that Ninebot and other Chinese companies were infringing on its patents and copyrights.
Segway wanted to block imports of competing scooters into the United States but the deal appears to signal a resolution.
In a statement issued by Ninebot, Segway President Rod Keller said the "strategic alliance with Ninebot will enable us to provide more intelligent and valuable products for our customers."
Ninebot, which was founded in 2012, said it received the $80 million investment from a group including U.S. venture capital firm Sequoia Capital, the Shunwei Foundation and Chinese smartphone maker Xiaomi.
Segway was sold in 2009 to British millionaire entrepreneur James Heselden, who died a year later when he accidentally rode one off a cliff. The company was bought by Summit Strategic Investments LCC in 2013.

 http://www.usatoday.com/story/money/business/2015/04/15/segway-china/25810851/