Chinese Valve Maker Lets Off Steam In Acquisitions
China's largest industrial valve maker Neway Valve said this week it will withdraw its acquisition deal with Germany's Econosto International Holding - primarily because of changes in the market environment as a result of coronavirus, China Securities Network reported.
Neway Valve planned to offer $12.5 million for the Germany flow control product maker through an equity transfer deal. It would have expanded its overseas markets, according to the company's statement in December.
Instead, Neway Value said it would pay $594,000 in compensation for scrapping the plan. However, the company said this act wouldn't affect its business-development plan to enrich its product categories and increase its international market share.
Founded in 1997, Neway Valve has subsidiaries in Singapore, Italy, Dubai, the Netherlands and the U.S.
Shanghai Shoots, Shanghai Scores
The Shanghai government has given 50 expats from 19 countries and regions the Magnolia Silver Award for their contributions to the city, Shanghai Daily reported.
The recipients work in education, culture, finance, economy and trade, the arts, science and sports. Senior managers of companies were also on the list. Rheinland Shanghai reportedly raised 500,000 yuan ($74,000) for the treatment of COVID-19 patients at Zhongnan Hospital in Wuhan, Hubei Province. Its managing director was among those awarded.
Captain of Shanghai Greenland Shenhua football team, Colombian Giovanni Moreno, is the one sportsman to be awarded.
The award was established in 1989 and to date 1,266 expats have received it.
Taiwan Students Flock To China For Study
This year, about 6,800 Taiwan students applied for mainland universities and colleges, said Ma Xiaoguang, the spokesman for the Taiwan Affairs Office of the State Council, Xinhua News Agency reported.
Despite admissions still in progress, Ma congratulated those who received enrollment.
Addressing a regularly scheduled news conference, Ma said Taiwan students would resume classes together with their mainland counterparts after completing quarantine - in accordance with local regulations.
The difficult and complicated situation they face is one reason for the Ministry of Education suspending mainland students from studying in Taiwan this year, he said. The mainland will continue to support its students in Taiwan in safeguarding their rights and interests.
Taiwan lifted an entry ban on returning international university students in August - easing pandemic restriction before the start of the new term in September.