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Bao Anrong, who retired from the company's procurement division last year, still remembers the first batch of 100 Santanas that rolled off the production line in 1983. After the groundbreaking ceremony of the Sino-German joint venture, one of the top executives told him that soon there would be more cars on the roads than he could imagine and that he himself would be the proud owner of one.

Basing on the "welcoming climate" in China, the author Adam Minter concluded that many of the world's innovations in sharing businesses may start coming out of China rather than Silicon Valley.

Baoneng has also been rumored to have become a major shareholder of Qoros Auto, a joint venture between Chinese automaker Chery and Kenon Holdings.

Based on the scheme, the proposed insurance fund manager will collect premiums from member financial institutions.

Barnes & Noble last month ended its partnership with Microsoft and bought back the Redmond company’s stake in the Nook e-reader?business for .4 million in cash and 2.7 million Barnes & Noble shares, adding up to?roughly 5 million based on the share price at the time. Barnes & Noble also bought back Pearson’s stake in the Nook business.