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Greater China Consumer - Food Services
6 March 2020 Greater China EQUITIES Greater China Consumer - Food services Inside Look forward to 2021 HK/China consumer valuation table 2 Key points Restaurants 4 Restaurant remains fragmented but hot pot remains popular. Condiments 7 Leading condiment players keep consolidating with pricing power. Restaurant GPM to normalize in 2H20, Initiate on Haidilao and Angel Yeast. Haidilao, Fuling Zhacai and Angel condiment price hikes in the cards 13 Yeast are our top picks. The China restaurant and condiment industries are in the sweet spot with likely Restaurants high-single-digit growth over the next three years. With rising health Haidilao (6862 HK) 16 consciousness and brand awareness, we expect the branded names will consolidate the market share. We are initiating coverage of Haidilao and Angel Yum China Holdings (YUMC US) 43 Yeast. Along with Fuling Zhacai, they are our top picks in this sector. We believe Xiabuxiabu Catering (520 HK) 47 Haidilao’s high valuation is justified by fast store expansion and high-quality Gourmet Master (2723 TT) 52 mgmt. Fuling’s channel inventory destock is coming to the end, and we expect it will resume growth from new channels and new products. For Angel Yeast, we expect overseas expansion and Yeast Extract will drive sales growth and margins Condiments will expand on price hikes, better product mix and higher operating efficiency. Fuling Zhacai (A-Share) (002507 CH) 57 Restaurant remains fragmented but hot pot remains popular Angel Yeast (A-Share) (600298 CH) 76 China’s restaurant sector will see a material NP impact in 1H20 as many restaurants have faced temporary store closures amid COVID-19. -
Preparing the Shaanxi-Qinling Mountains Integrated Ecosystem Management Project (Cofinanced by the Global Environment Facility)
Technical Assistance Consultant’s Report Project Number: 39321 June 2008 PRC: Preparing the Shaanxi-Qinling Mountains Integrated Ecosystem Management Project (Cofinanced by the Global Environment Facility) Prepared by: ANZDEC Limited Australia For Shaanxi Province Development and Reform Commission This consultant’s report does not necessarily reflect the views of ADB or the Government concerned, and ADB and the Government cannot be held liable for its contents. (For project preparatory technical assistance: All the views expressed herein may not be incorporated into the proposed project’s design. FINAL REPORT SHAANXI QINLING BIODIVERSITY CONSERVATION AND DEMONSTRATION PROJECT PREPARED FOR Shaanxi Provincial Government And the Asian Development Bank ANZDEC LIMITED September 2007 CURRENCY EQUIVALENTS (as at 1 June 2007) Currency Unit – Chinese Yuan {CNY}1.00 = US $0.1308 $1.00 = CNY 7.64 ABBREVIATIONS ADB – Asian Development Bank BAP – Biodiversity Action Plan (of the PRC Government) CAS – Chinese Academy of Sciences CASS – Chinese Academy of Social Sciences CBD – Convention on Biological Diversity CBRC – China Bank Regulatory Commission CDA - Conservation Demonstration Area CNY – Chinese Yuan CO – company CPF – country programming framework CTF – Conservation Trust Fund EA – Executing Agency EFCAs – Ecosystem Function Conservation Areas EIRR – economic internal rate of return EPB – Environmental Protection Bureau EU – European Union FIRR – financial internal rate of return FDI – Foreign Direct Investment FYP – Five-Year Plan FS – Feasibility -
Language, Script, and Art in East Asia and Beyond: Past and Present
SINO-PLATONIC PAPERS Number 283 December, 2018 Language, Script, and Art in East Asia and Beyond: Past and Present edited by Victor H. Mair Victor H. Mair, Editor Sino-Platonic Papers Department of East Asian Languages and Civilizations University of Pennsylvania Philadelphia, PA 19104-6305 USA [email protected] www.sino-platonic.org SINO-PLATONIC PAPERS FOUNDED 1986 Editor-in-Chief VICTOR H. MAIR Associate Editors PAULA ROBERTS MARK SWOFFORD ISSN 2157-9679 (print) 2157-9687 (online) SINO-PLATONIC PAPERS is an occasional series dedicated to making available to specialists and the interested public the results of research that, because of its unconventional or controversial nature, might otherwise go unpublished. The editor-in-chief actively encourages younger, not yet well established scholars and independent authors to submit manuscripts for consideration. Contributions in any of the major scholarly languages of the world, including romanized modern standard Mandarin and Japanese, are acceptable. In special circumstances, papers written in one of the Sinitic topolects (fangyan) may be considered for publication. Although the chief focus of Sino-Platonic Papers is on the intercultural relations of China with other peoples, challenging and creative studies on a wide variety of philological subjects will be entertained. This series is not the place for safe, sober, and stodgy presentations. Sino-Platonic Papers prefers lively work that, while taking reasonable risks to advance the field, capitalizes on brilliant new insights into the development of civilization. Submissions are regularly sent out for peer review, and extensive editorial suggestions for revision may be offered. Sino-Platonic Papers emphasizes substance over form. -
Jon Huntsman, Former U.S
C HINA Fostering business and culturalI harmonyNSIGHT between China and the U.S. VOL. 13 NO. 5 MAY 2014 Jon Huntsman, former U.S. Ambassador to China, part of UM’s China 100 Symposium Asian-Americcan heritage, page 2 By Greg Hugh exchanges, partnerships and opportuni- Barack Obama and George H.W. Bush ties that exist today. Collectively, the and is noted for his ability to infuse various themes tell the stories of people issues of global importance into key and events that help us understand the political and economic concerns facing development of engagement between audiences today.” the University and China. This writer was granted a very brief, During the Opening Plenary held in personal interview with Huntsman prior Memorial Hall, University representa- to his scheduled presentation: Following China Briefs, page 3 tives greeted the gathering, announced are two of the questions time allowed: that Governor Mark Dayton had issued CI: Do you have any advice for Max John Huntsman a proclamation in recognition of the Baucus, the current U.S. Ambassador China 100 Symposium declaring April to China? The McNamara Alumni Center on 22, 2014, as Minnesota China Education JH: I would tell him to do what he the Minneapolis campus of the Uni- Exchange Day. Also introduced was knows best. As the former chair of the versity of Minnesota was abuzz with a panel of Chinese alumni, including Senate Finance Committee, he oversaw activity on the afternoon of April 22. Lawrence Pan, grandson of Pan Wen- tax and trade policy so he could use It was one of the University’s China ping, one of the first Chinese students this experience to develop mutually Passage to China, page 8-9 100 events, followed in the evening by to attend the University in 1914. -
ST/LIFE/PAGE<LIF-005>
| FRIDAY, OCTOBER 2, 2020 | THE STRAITS TIMES | happenings life C5 Eunice Quek Food Correspondent recommends MIN JIANG’S NEW CHAPTER brisket, tendon and radish ($36 or Picks Next Thursday, Goodwood Park $72), and roasted chicken skin with Hotel’s 38-year-old Chinese prawn paste in sesame pockets ($36 establishment Min Jiang will reopen or $72). The chicken skin, crispy after undergoing a refurbishment. beancurd skin, Japanese cucumber Food The elegant restaurant – designed and rock melon are stuffed into a by architect Ernesto Bedmar – now crisp sesame pocket with a boasts a brighter interior accented by deliciously spicy hoi sin sauce. warm honey-hued textile panels, For a noodle dish, try the stewed white marble table and counter tops, wonton noodles (right, $18 a person) and chairs upholstered in patterned with sweet Argentinean red prawns, or mustard fabric. deep-fried wonton topped with tobiko, Start with the new range of dim sum and the quintessential cubes of lard. offerings, exquisitely crafted by Complete your meal with deep-fried Master Chef Chan Hwan Kee. purple sweet potato with a crispy milk SPICY RICE AND NOODLE The Min Jiang Land and Sea Quartet filling ($20 for eight pieces) and BOWLS ($16.80, lunch only) features topped with gula melaka syrup. If you find regular grain bowls too rabbit-shaped steamed prawn and It is hard to stop at one. bland and boring, head to Chengdu carrot dumpling; carrot-shaped WHERE: Min Jiang, Goodwood Park Bowl – a spin-off concept by deep-fried glutinous pastry filled with Hotel, 22 Scotts Road MRT: Orchard Chengdu Restaurant in Amoy pork char siew and crunchy pine nuts; OPEN: From 1pm on Thursday, Street – for a good dose of spice. -
Beijing Daxing International Airport Age-Defying Cai Guoqing
MAR/APR 2019 SKY TIMES 016 The Flavor in the Air Successful First Test Flight at Age-Defying Beijing Daxing Cai Guoqing International Airport Editor’s Letter s a world-renowned project, Beijing Daxing International Airport is set to open this fall. At the beginning of 2019, it embraced its first test flight, with an inspection plane Alanding smoothly on the West One Runway at 10:10 a.m. on January 22nd. This means the construction of Daxing Airport will now enter the acceptance and handover stage. Some 34 days later, Beijing Daxing International Airport completed flight checks when a plane landed safely at 10:20 a.m. on February 24th, 19 days ahead of schedule. Four runways, seven instrument landing systems, seven lighting systems, one navigation system and a flight range finder, as well as a set of flight procedures, went through thorough checks. The completion of the tests means the airport is ready for operation. The new airport is expected to handle 45 million passengers annually by 2021 and 72 million by 2025. In this March & April issue of Sky Times, we bring you to Beijing Daxing International Airport to witness the grand process of flight checks. (page 48) Photo by Air France In our minds, we always have an ambivalent attitude towards in- flight catering. Almost everyone who has traveled by plane has had to make the same difficult choice: “Beef Noodles or Chicken Rice?” After having had to select one of these two equally unpalatable options, it might be hard to muster the courage to call yourself a foodie ever again. -
The Contemporary Chinese Cuisine
Tasting China The Contemporary Chinese Cuisine 京 Beijing 川 Sichuan 滬 Shanghai 粵 Cantonese ABOUT US 關於錦上 Tasting China is a casual dining and social destination created for people who have an active appreciation of Chinese cuisine and arts. Founded by Sichuan’s most influential business entrepreneur, Tasting China is all about having fun and relaxation in a special ambience and vibe while enjoying contemporary Chinese cuisine. Tasting China has over 10 years’ experience creating delicious, well-executed dishes that exceed expectations. In 2016, out team started a new journey in Canberra. We aim at providing both superior dining experience and tremendous value for you. 錦上是一所為熱愛中餐和中國文化的人而設的休閒餐廳。本店由四川具影響力的企業 家所創。這裡設計精緻而具觀賞價值,旨在為客人提供舒適有趣的用餐環境來享用美 食。 錦上有超過十年創造佳餚的經驗,在 2016 年,我們在坎培拉這裡展開了新的美食之 旅。本店菜式保留正宗中菜口感和味道,再以現代手法呈獻,令人食指大動。 FUN BEGINS 小食 Most of our dishes are designed for patrons of one to two and shared dining is encouraged 本店小食設計為適合一到兩位享用 Peking Duck Meet Pancakes 22/4pcs roasted duck, pancake, cucumber, spring onion, homemade sweet bean sauce 四件 北京烤鴨捲餅 Cucumber and Wood Ear Salad V GF 7 with garlic, coriander, black rice vinegar 蒜香木耳拍黃瓜 Chips Cocktail 8 of seafood, wood ear and carrot 脆薯雞尾拌 Veggie Spring Roll V GF 15/4pcs carrots, chinese cabbage, bean curd skin 四件 香脆素春卷 Salt and Pepper 椒鹽 GF tossed with chicken salt, pepper and chilli in cantonese style Soft Shell Crab 軟殻蟹 12 Squid 魷魚 12 Sichuan Bang Bang chicken GF 16 with peanut butter, sesame, chilli oil 四川棒棒雞 Sea Scallop Salad GF 16 with snow peas, ginger, sesame oil 香油荷豆浸帶子 Braised Duck Platter GF limited availability 22 of duck feet, neck, wings and head with dark soy and spices 辣滷鴨斬拼盤 “All your mouthwatering dishes are served on a FIRST READY FIRST SERVE basis. -
Restaurants & Catering Sector
Asian Insights SparX Restaurants & Catering Sector Asian Insights SparX Restaurants & Catering Sector Refer to important disclosures at the end of this report DBS Group Research . Equity 19-Oct-2020 Preparing for a ‘new normal’ HSI: 24,159 STI: 2,524 SET: 1,243 JCI: 5,133 • We interviewed 16 major restaurant groups that operate a Recommendation & valuation total of 20,000+ eateries across China, Hong Kong, Singapore, Thailand and Indonesia to gauge challenges Ta rge t Mkt PE faced and opportunities from COVID-19 Compa ny Na me Pric e Pric e Re c om Ca p 21F • Our worst-case scenario sees new waves of COVID-19 Loc a l$ Loc a l$ US$m x China infections reducing 2020 restaurant sales by 16-32% across Yum China Holdings (Hkg)* 410.00 460.58 BUY 22,172 30.5 these five regions. Government support policies may protect (9987 HK) selected operators from spilling red ink, while leading players Yum China Holdings* 53.34 59.20 BUY 22,355 30.8 (YUMC US) could gain market share as consolidation accelerates Haidilao International Holding* 55.50 68.00 BUY 37,954 54.6 • We prefer the more resilient, mass- to mid-end restaurant (6862 HK) chains like Café de Coral (341.HK), Koufu (KOUFU.SP), and Xiabuxiabu Cater.Man. (China) Hdg.* 10.94 14.30 BUY 1,527 20.1 (520 HK) YUM China (9987.HK / YUMC.US). Hotpot players Haidilao Hop Hing Group Holdings 0.056 n.a. NR 73 n.a. (6862.HK) and Xiabu Xiabu (520.HK) could catch the (47 HK) upcoming peak season for a firm recovery Hong Kong Cafe De Coral Hdg.*# 15.88 20.60 BUY 1,200 19.3 Our survey: Over 60% of restaurant operators believe that a full (341 HK) Tai Hing Group Holdings 1.55 n.a. -
'Kitchen Knowledge', Desperate Foods, and Ritual Healing In
‘Kitchen Knowledge’, Desperate Foods , and Ritual Healing in Everyday Survival Strategies during the Great Famine in China , 1958-62 Zhou Xun , University of Essex Abstract Formatted: Line spacing: single Famine is a social and economic crisis that is commonly accompanied by widespread of malnutrition, starvation, epidemic disease, and increased mortality. This paper focuses on the period of the Great Leap Famine in China between 1958 to and 1962. Based on newly - collected oral interviews and arc hivvhi al evidence, it gives voices to ordinary villagers from different parts of China −― from various counties in one of China’s biggest and most populated Sichuan province in the southwest, to Shandong in the east and Hunan in central China and examines their experiences and their survival stra tgegies in times of hunger, illness, and death. It shows that an integral part of everyday famine culture, particularly in rural China , which was worst hit, concerns the kitchen knowledge and practice of healing and nutrition. Many traditional recipes that were used in previous times were rediscovered and used as everyday hunger - coping techniques. Some are date ed back to the Ming dynasty −― a few were recorded in Materia Medica for Famine Relief (Qiuhuang bencao 救荒本 Formatted: Font: Italic, No underline 草, c. a. 1406).Using the methodology of oral history set against an historical Formatted: No underline background of traditional materia medica, this paper elicits how ordinary people in Formatted: Font: Italic rural China devised complex and plural strategies to cope with fundamental biological crises. Key Words Formatted: Font: Bold Great Leap Forward Famine, Chinese famine foods, survival strategies, cannibalism Comment [ZX1]: They are fine Introduction The Great Leap Forward (1958 -–61) was Mao’s dream for leading China into a Communist Utopia.