China National Chemical Corp (ChemChina) plans to buy a stake in Pirelli, the world’s fifth-largest tire maker, in a €7.1 billion deal. ChemChina also envisages taking Pirelli private. If successful the deal will give state-owned ChemChina access to technology to make premium tires, which can be sold at higher margins, and give the Italian firm a boost in the huge Chinese market. It would be China’s fifth-biggest outbound deal by a state-owned firm, according to Thomson Reuters data, and the first major acquisition since China’s MMG led a consortium last year to buy the huge Las Bambas copper mine in Peru from Glencore. Under the proposed deal ChemChina’s tire making unit, China National Tire & Rubber, will enter into a joint venture which will first buy the 26.2% stake that Italian holding firm Camfin owns in Pirelli. The venture will then launch a mandatory take-over bid for the rest of Pirelli. Pirelli, the sole tire supplier to Formula One motor racing, has an annual global sales revenue of more than €6 billion. Chinese outbound acquisitions in Europe have been rising in the past four years, with total deal value growing steadily from €39.3 billion in 2011 to €53.2 billion last year, according to data provider Dealogic. About €15.9 billion worth of deals have been recorded so far this year, including the one with Pirelli.

Developer Sunac China might drop plans to buy a stake in troubled Kaisa Group as the firm it is buying is in much worse shape than expected. “If creditors do not cooperate, the deal will not go through and we will surely give up,” Chairman Sun Hongbin said. Kaisa had total debts of over USD10 billion as of the end of last year. Sun said Sunac had spent almost HKD10 billion on Kaisa, which could otherwise have not survived through February. If Kaisa fails to pay the estimated USD52 million interest that was due March 18 and March 19 on its 2017 and 2018 notes after a 30-day grace period, it would become the first Chinese real estate company to default on its U.S. currency debt. Sunac China Holdings reported a 1.4% rise in net profit to CNY3.22 billion for last year, after the Chinese developer met its full-year contract sales target of CNY65.84 billion. Core profit was CNY3.73 billion, against CNY3.96 billion expected in a Bloomberg analyst poll. Gross profit margin fell to 17.3% from 23.3% in 2013.

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China’s high-end cosmetics market has long been dominated by European and Japanese firms. But South Korean beauty brands have gained popularity in recent years, drawing an increasing number of Chinese users with their innovative products and value for money. More than 60% of Chinese users of Korean cosmetic products learned about the brands only within the past two years, according to a study by global consulting firm Nielsen. About 40% of them said they planned to buy more in the next six months.

The Shanghai and Shenzhen stock exchanges were jointly ranked first in the number of initial public offerings (IPOs) globally in the first quarter as the Chinese securities regulator quickened approvals of new listings. Seventy companies listed on the two exchanges in the first three months of this year, accounting for 28% of total new listings worldwide, Ernst & Young (EY) said in its quarterly global IPO trends report. They reaped total proceeds of USD7.8 billion, making up 20% of the global total. The Shanghai bourse topped globally with USD5.4 billion raised. The accounting firm attributed the robust pace to faster IPO approvals by the securities regulator. It said the rapid pace of new approvals will continue this year to finish with over 200 IPOs. “The launch of the Shenzhen-Hong Kong Stock Connect and the switch from an approval-based system to a registration-based system in the A-share market will significantly boost activity in the second half of the year,” said Terence Ho, EY’s China strategic growth markets leader. As of March 19, 612 companies were waiting for approval to list on the two Chinese bourses, according to the China Securities Regulatory Commission (CSRC). Globally, there were 252 IPOs in the first quarter, down 4% year-on-year, raising USD38.2 billion, down 19% from a year earlier, the Shanghai Daily reports.