Archive for April, 2009

China Gengsheng Minerals announces expansion of production line

Monday, April 27th, 2009

Nevada-registered China Gengsheng Minerals, Inc., a materials technology company which is a full owner of British Virgin Islands-based Gengsheng International Corporation, announced on April 27 that it has doubled its capacity for fracture proppants from 30,000 tons per year to 60,000 tons per year.

The newly completed production line provides more efficient production technology, which cuts down production time and costs by up to 10%, and is capable of making new varieties of the proppant products. Also, it is housed in a facility adjacent to the existing one.

Mr. Shunqing Zhang, Chairman and CEO of China Gengsheng Minerals, commented the expansion of production line (Phase II), “The new line uses a leading technology in materials manufacturing and together with Phase I, we now hold one of the largest capacity proppant production lines in China. This new capacity will allow us to pursue more market opportunities to satisfy the needs for more efficient oil drilling in mature wells both domestically and overseas.”

London firm offers BVI-domiciled Modern Art Fund for Investments

Sunday, April 19th, 2009

The UK-based company Castlestone Management, which established the Collection of Modern Art fund, – a mutual fund registered in the British Virgin Islands,- has begun its marketing to foreign investors. The BVI fund was set for launch as eight-year art investment vehicle at the end of May. Now it is positioned as the only one currently available to individual investors at the low minimum investment requirement of $10,000, or £10,000, to attract investors from the U.K., Europe, Asia, Middle East and South America.

Castlestone said it has already secured $25 million for the BVI fund, plus another $25 million in commitments. The firm is going to create a diversified collection of museum-quality modern art including impressionist works, sculpture, post-war art, urban art and photography. Also, the firm is designed to run for eight years in order to get long-term returns, not a quick trading scheme.

Castlestone said, “The fund’s manager has been advising on modern art investment since 2000. We will be supported by representatives from top auction houses, dealers and artists themselves.” According to the firm’s information, current prospects for art prices look very good, as increasing urbanization around the world has led to a global boom in museum construction.

Nam Tai Electronics issues cash offer with purpose to privatize its subsidiary

Thursday, April 9th, 2009

Nam Tai Electronics, Inc., a BVI company working in the sphere of electronics manufacturing and design services, announced some weeks ago that, along with its 74.88%-owned subsidiary Nam Tai Electronic & Electrical Products Limited, listed on a HK Stock Exchange, jointly announced the issuance of Nam Tai’s formal conditional cash offer to the independent shareholders of NTEEP, to purchase for US$0.19 per share the shares of NTEEP that are not already owned by Nam Tai.

Nam Tai’s cash offer follows its intent to privatize its subsidiary, and is conditional upon Nam Tai receiving acceptances and/or purchases totaling at least 90% of the NTEEP shares held by its independent shareholders. If successful, the total cash consideration to privatize NTEEP will amount to approximately US$43 million.

BVI-registered Yucheng Technologies receives High-Tech Enterprise Certificate

Wednesday, April 1st, 2009

BVI-registered Yucheng Technologies Limited, IT and outsourced services provider to the  banking industry in China, has announced that Yucheng, as well as two of its wholly-owned subsidiaries, have been granted High-Technology Enterprise Certificates by China’s Ministry of Science and Technology, Ministry of Finance and the State Administration of Taxation.

The Certificates are valid for at least three years, and are open for renewal in 2012. High-Technology Enterprise Certificates are awarded to qualified enterprises that meet strong criteria, including developing core intellectual property rights, receiving over 60% annual revenues from high technology products/services, and performing high percentage of research and development.

After receiving the Certificate, Yucheng Technologies (BVI) company continues to receive preferential treatment, including, first of all, a three-year corporate tax reduction. By words of BVI company’s CEO Mr. Weidong Hong, tax benefits will ensure that they continue to maximize their financial performance.