On November 30, 2007, Zhou Zhengyi was sentenced to 16 years in prison by the Shanghai People's Intermediate Court. Zhou was arrested again by Shanghai authorities on January 21, 2007, on charges of offering bribes and forging value-added tax invoices. He has also been charged with two other counts of bribery and embezzlement.
Zhou Zhengyi (born 1961) is a prominent businessman born and based in Shanghai, People's Republic of China. The flamboyant property developer is described as the 11th richest man in China, with personal assets totalling US$320 million.
Zhou owns an unlisted holding company in Hong Kong, called New Nongkai Global Investments, and 75% of a Hong Kong-listed investment company called Shanghai Land Holdings.
Zhou was detained in June 2003 and placed under investigation for illegally acquiring state land and bank loans. On June 1, 2004, he was sentenced to three years in prison for stock market fraud. This relatively light sentence has given rise to speculation that he is cooperating with authorities in other forensic accounting investigations, especially Chen Liangyu, and then-Shanghai Mayor Huang Ju.
Speculation on Zhou's arrest is centred upon high-level corruption in Shanghai, which may involve protégés of China's former president, Jiang Zemin. China's new leadership team of President Hu Jintao and Wen Jiabao may have decided to make an example of Zhou in order to embarrass Jiang Zemin's associates.
On October 23, 2006, the Independent Commission Against Corruption of Hong Kong obtained approval from a Hong Kong court to arrest Zhou for allegedly providing false information to the city's stock market regulators in relation to his acquisition of a listed company in 2002. In January 2006, Zhou's wife, Sandy Mo Yuk-ping, was sentenced to 3 years' imprisonment in Hong Kong for manipulating the price of Shanghai Land shares with the aim of defrauding investors.
Originally Posted: China Business Daily
Author: Angulo Fu
Tuesday, December 2, 2008
Zhou Zhengyi Got 16 Years Imprisonment
3COM Bought Huawei Stake in H3C
November 29, 2006, Huawei's official website showed that Huawei has accepted the bid offer from 3COM, the two sides have completed the the bid process of Huawei H3C Technologies Co., Limited.
According to the H3C shareholders agreement, 3COM launched the bid process from November 15, 2006. After the bidding, Huawei reply 3COM on November 28, formally accepted the bid offer of 3COM. After carrying out the relevant legal procedures, 3COM will own H3C wholly.
According to foreign media reports, 3COM spent 882 million U.S. dollars on buying the Huawei's 49% stake in H3C. After that, 3COM acquired full ownership of H3C. March of 2006, sources said Huawei and 3COM would sell their joint venture Huawei-3Com (H3C) to Juniper. An initial price was 1.7 billion U.S. dollars, but ultimately the rumors did not take place.
Originally Posted: China Business Daily
Author: Angulo Fu
Chinese People First Time to Registered Top-level Domain Name CN
November 28, 1990, Qian Tianbai registered top-level domain CN in the SRT (the predecessor of Internet's) on behalf of China. And then he established a CN DNS (Domain Name Server) abroad.
Qian Tianbai kept the place on the Internet for China, so that the Chinese domain name was not registered by foreigners.
September 20, 1987, Qian Tianbai sent the China's first e-mail through the Internet to the University of Karlsruhe in West Germany. The content of the e-mail was walking through the Great Wall and towards the world.
Originally Posted: China Business Daily
Author: Angulo Fu
China Decided to Resume Domestic Insurance Business
Approved by the Council of the State, People's Insurance Company of China began to restore the domestic insurance business from 1980. Before that, the domestic insurance business had suspended for 20 years.
The meeting decided that Beijing, Tianjin, Shanghai City could gradually carried out it in 1980; the provinces and autonomous regions should choice 3~5 pilot cities.
The meeting also summed up the experience for foreign insurance business. According to foreign trade and foreign economic relations in the new situation, demanding to further improve service quality.
Originally Posted: China Business Daily
Author: Angulo Fu
InfoHighWay Collective Resignation
November 26, 1998, InfoHighWay, one of the pioneers of the China Internet Network released a big news. 15 senior executives resignd.
On the resignation list, there were vice president Hai Yang, Lu Gao, Song Yizhi and head of the center Wang Nianqing, Wang Yumei, Jiang Xuehai, Shen Chao, Zhou Yu, Meng Limin and the general managers of Shenzhen, Fuzhou, Xi'an, Harbin, Shenyang, Shanghai, Guangzhou and other branches.
In the second half of 1997, the environment of the domestic information service industry was very hard. InfoHighWay faced peer pressure of competition. At the same time, there was a serious shortage of capital to shareholders. The company's original plan which scheduled for rapid development was shelved.
To ease the financial pressure, InfoHighWay announced the beginning of the transition period since October 1997, hoped to increase revenue and reduce expenditure. On the other hand, Zhang Shuxin, the former president was forced to have been removed from office by the end of June. But the company's direction is still not clear. During the long wait, InfoHighWay's situation has been very, very dangerous.
15 people of the management team hoped to continue to adhere to the ISP, but the major shareholders refused for some reasons. The collective resignation have been regarded as a result of the knowledge capital against to the financial capital.
Originally Posted: China Business Daily
Author: Angulo Fu
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