Wearable device shipments up 20%

China's shipments of wearable devices rose by 20.3 percent year-on-year to 10.35 million units in the first quarter of 2017, according to research firm International Data Corp. Smart wearables posted even stronger growth of 32.3 percent, IDC says in a report. Children's GPS tracking watchmakers Qihoo 360 and Teemo climbed up the best-seller list to grab the fourth-and fifth-largest shares of the wearables market in the quarter, with booming demand for their watches. In the three months, shipments of children's watches rose by 64.9 percent year-on-year to 3.5 million units. The top three brands, including Xiaomi, reported annual declines in shipments due to fierce market competition and the end of sales promotions, it says.

Fosun proposes to buy Gemfields

China's Fosun International Ltd joined the race for Faberge owner Gemfields Plc after it made an initial proposal regarding a possible cash offer for the British precious stones miner. Fosun's proposal values Gemfields, which mines emeralds and amethysts in Zambia and rubies and corundum in Mozambique, at ￡224.6 million ($287.13 million; 255.78 million euros).Mining group Pallinghurst Resources Ltd, the largest shareholder of Gemfields, offered in May to buy out the remaining 52.91 percent it does not already own for about ￡111.9 million.

Commsat aims high with satellite system

In the next three years, China will launch its first commercial low-orbit satellite system, designed to collect real-time data for industries including the heavy machinery and logistics sectors, according to the company behind it. Beijing-based private company Commsat Technology Development Co Ltd says that from 2018 to 2020, it will position 60 satellites in six different orbits, about 600 kilometers above the Earth. Commsat says it has finished testing and has applied for communication bandwidths and orbit positions at the Ministry of Industry and Information Technology's radio communication office. The group says it expects to get approval by early next year, and then the company will apply for additional approval from the International Telecommunication Union. Ultimately, Commsat plans to deploy more than 800 such satellites. Currently, there are about 300 to 400 low trajectory satellites orbiting the Earth, launched mostly by US and European aerospace manufacturers.

Chinese equity fund invests $4.4b in Africa

China-Africa Development Fund, an equity investment fund managed by China Development Bank, has invested in 90 projects in Africa involving $4.4 billion, a senior fund manager said on June 14. As of the end of May, investments had been made in 36 African countries in the areas of industrialization and infrastructure development, among others, CAD Fund Vice-president Wang Yong said at a meeting held in the northeastern China city of Harbin. The fund was set up by the Chinese government more than a decade ago to diversify the financial vehicles that facilitate Chinese investment in Africa. Its capital now stands at $10 billion. Wang said the fund, operating on market principles, has effectively linked Chinese companies with projects in Africa over the past decade. "Many African countries still face challenges of capital shortage and poor infrastructure," Wang said. "China-Africa cooperation has great potential and a bright future." China-Africa cooperation is a win-win situation and the role that the China-Africa Development Fund has played is "enormous", said Mbelwa Kairuki, Tanzanian ambassador in Beijing. "Over the last 10 years, the fund has been investing in different projects in Tanzania and other countries. These projects are very important for African people. It is very beneficial," he told Xinhua during the meeting.

COSCO suspends Qatar services

China's COSCO Shipping Lines Co Ltd has suspended shipping services to Qatar, citing "uncertainties" after Arab countries severed diplomatic ties with the Gulf state and imposed port restrictions. The world's fourth largest shipping line suspended services after Saudi Arabia, Egypt and other Arab nations cut ties with Qatar over its alleged support for terrorism, an accusation the country denies. COSCO told customers about the suspension of services to and from Qatar's Hamad Port in a notice issued on June 7, a spokeswoman for COSCO's parent company said on June 12. "In view of the uncertainties as the situation develops, in order to protect the interests of customers, our company is from now on suspending booking services and deliveries for Qatar," it says in the notice. It adds that it has launched a contingency plan that it will inform customers about as soon as possible.

Chinese firm to build industrial park in Ethiopia

China Civil Engineering Construction Corp is to build an industrial park in the resort city of Bahir Dar, 552 km north of the Ethiopian capital of Addis Ababa at a cost of $60 million. The agreement was signed in Addis Ababa on June 9 between Chief Executive Officer of the Ethiopia Industrial Park Development Corp Sisay Gemechu and Li Wuliang, general manager of CCECC Ethiopia. This will be the first industrial park to be constructed in BahirDar, the capital of Amhara regional state well known for its lakeside attractions and as a center for conference tourism. Li says CCECC will strive to finish the 75-hectares industrial park, which will have eight factory sheds and basic infrastructure utilities, within the agreed nine month period. CCECC is already constructing an industrial park in Adama, 99 km southeast of Addis Ababa. It also constructed Ethiopia's flagship the Hawassa Industrial Park located 275 south of Addis Ababa at a cost of $250 million. Gemechu says that, once operational, the BahirDar Industrial Park will use a workforce in excess of 20,000 people, producing value-added agricultural products for export. Ethiopia is on a massive industrialization drive with plans to develop 100,000 hectares of land annually for a 10-year period ending in 2025.

Alliance set for mobile internet of things

An alliance on the mobile internet of things was established in Jiangxi province on June 12.More than 140 leading companies and research institutions on the internet of things have joined the alliance, which is engaged in creating an industrial system of research and development, production, certification, testing, training and services. ZTE, Huawei, China Mobile, China Unicom and China Telecom are among the members. Zhou Hongren, executive deputy director of government thinktank Advisory Committee of State Informatization, serves as secretary-general of the alliance. Zhou says the alliance is the world's first based on NarrowBand-IoT, or NB-I-oT, an international technical standard for the mobile internet of things led by China.

Belarus signs food, agriculture deal

The Belarusian Agriculture and Food Ministry signed on June 12 a road map with two Chinese companies on agricultural and food cooperation. According to the road map, the two Chinese companies, Xinrongji Holding Group and DRex Food Group, will invest an estimated $1 billion in modernizing the enterprises in Belarus and building new ones, according to local media. A joint venture soon to be established with China in Belarus will export Belarusian agricultural products and food to China, with a monthly turnover of around $10 million, says Belarusian Minister of Agriculture and Food Leonid Zayats. In the future the joint venture will be authorized to purchase stakes in Belarusian dairy plants and expand the product range.

(China Daily European Weekly 06/16/2017 page24)