Archive for October, 2009

Techfaith enters into agreements with Chinese mobile phone branding companies

Friday, October 30th, 2009

China Techfaith Wireless Communication Technology Limited announced in October the signing of agreements with Chinese mobile phone branding companies aigo, Doov, AMT, QiGi and Flyfot. By terms of these agreements, the BVI corporation, through its wholly-owned gaming subsidiary 798 Entertainment Limited, will provide game content services to these companies.

The mobile phone branding companies will build game contents built in by 798 Entertainment into their mobile phones. Also, mobile phone users can also download other 798 mobile phone games after purchasing such mobile phones. The mobile phone branding companies will pay service fees to 798 Entertainment. The mobile phone customers can play the games free of charge, and will be charged additional fees when they purchase accessories for the games.

Mr. Defu Dong, Chairman and CEO of BVI-registered China TechFaith, said in his comments that the agreements signed by the company confirmed their view that “there will be an increasing convergence of mobile phone contents and handsets as mobile network operators and mobile handset branding companies seek to better differentiate themselves for a competitive advantage.”

Tongxin International Ltd. signed a contract for manufacturing of commercial vehicles

Monday, October 26th, 2009

Tongxin International, Ltd., BVI-registered and China-based manufacturer and supplier of engineered vehicle body structures, announced the signing of a new contract in October. The BVI company signed an agreement with a leading Chinese commercial vehicle manufacturer to manufacture and assemble Tongxin’s cab model 1280 for heavy duty commercial trucks on-site and in the customer’s production facilities in China.

By terms of the contract, Tongxin will design the dies and moulds and ship them to the customer where manufacturing and assembly team of Tongxin staff will work on the customer’s production line to assemble the model. Tongxin will assemble its cabs on-site instead of delivering the complete cab bodies directly to the customer, because of customer’s wish to reduce shipping expenses and capitalize on company’s expertise in building electric vehicle battery systems.

The contract will run for three years through September 2012, and Tongxin has already started assembly in October 2009 at the manufacturer’s facility.

In addition to the manufacturing of this model, Tongxin will continue to ship the customer several other models. This customer is among the “top ten” customers of the company’ s customer base that is comprised of more than 130 customers and 21 sales regions in China.

China Cablecom Holdings provides update on Hubei assets

Thursday, October 22nd, 2009

British Virgin Islands-registered China Cablecom Holdings, Ltd., the cable network operator and acquirer in China, provided an update on forecasted digital subscriber number for the year ended December 31, 2009. The company made a forecast of 190,000 digital subscribers by the end of the year, but as of today it has already surpassed this count by 11%. Now China Cablecom is revising its guidance for the end of the period to 250,000 digital subscribers.

Pu Yue, CEO of China Cablecom, commented on the results saying that, after the company announced the consummation of its debt restructurings and new financing, it received the flexibility to fulfill the remaining payment obligations to Hubei joint venture and make a significant repayment to the note holders. Also, by his words, “assets in Hubei are undergoing an aggressive digital conversion and continue to organically expand a subscriber base at approximately 8 to 10 percent year-over-year.”

Due to the digitilization growth, the company expects the increase of the total revenues by 18 to 20 percent compared to last year.

China Cablecom originally acquired operating rights of the Binzhou Broadcasting network in Shandong Province in September 2007, but this year it has consummated the acquisition of a 55 per cent economic interest in a cable network in Hubei province, with paying subscribers exceeding 1,100,000. Total amount of paying subscribers of 23 operating networks in Hubei is currently 1.16 million, including 210,000 digital subscribers.

Asian company establishes subsidiary in BVI

Saturday, October 17th, 2009

CapitaLand Limited, a company headquartered and listed in Singapore, has established an indirect wholly owned subsidiary in the British Virgin Islands.  On October 16 the company made an announcement on the incorporation of Wealthy Victory Investments Ltd. in BVI.  Principal activity of the BVI subsidiary is investment holding. 
The issued and paid-up share capital of the company is US$1, comprising one share.  The company informed that announced transaction is not expected to have any material impact on the profit of the CapitaLand Group for the financial year ending 31 December 2009. Also, the company informed that none of the directors or the controlling shareholder of CapitaLand has any interest, direct or indirect, in the transaction.

CapitaLand is one of Asia’s largest real estate companies, its businesses concentrated in the cities in Europe, Asia Pacific and the countries of Gulf Cooperation Council (GCC). The company is involved in developing real estate financial products and services in Singapore and the region.