DAIMLER AG plans to increase its sourcing of automotive components from China by nearly eight-fold within four years as it expanded production to meet growing market demand.

The world's second-largest luxury car maker will buy 22 billion yuan (US$3.25 billion) worth of car components in China, up from the 2.8 billion yuan for this year, the company said in a statement yesterday.

The sourcing will also be shared by Daimler's domestic partner, Beijing Automotive Holdings Ltd, including its passenger car and commercial vehicle subsidiaries.

Value Partners GroupLoses 23% of managed assets

Value Partners Group Ltd, the Hong Kong-listed fund manager minority-owned by Ping An Insurance (Group) Co, lost 23 percent of its assets under management in the first 17 days of October, it said yesterday in a statement.

Assets overseen by the Hong Kong-based firm dropped by US$1 billion since the end of September to US$3.3 billion on Friday, it said in a statement to the Hong Kong stock exchange, Bloomberg News reported.