China's business press carried the following stories on Wednesday. China.org.cn has not checked the stories and does not vouch for their accuracy.

Ping An gets approval on stake deal–21cbh.com

Chinese insurer Ping An said on Wednesday that China's securities regulator had approved its takeover of TPG's 16-percent stake in Shenzhen Development Bank.

The insurer plans to issue 299 million H-shares in exchange for 520 million shares of Shenzhen Development Bank held by TPG.

The acquisition will promote internal cooperation at Ping An, said vice chairman Sun Jianyi.

Ping An shares dropped 0.2 percent to 49.3 yuan yesterday; Shenzhen Development Bank dropped 2.72 percent to 20 yuan.

Adidas Q1 sales in China down 15 percent—yicai.com

Adidas sales in Greater China fell 20 percent to €198 million (US$256 million) in the first quarter. Adidas sales increased in all regions except Greater China and other Asian markets, suffering most in Greater China.

Adidas' slumping sales in China is mainly because its hard hit sales channels haven't recovered fully yet.

Adidas closed more than 200 stores of its 5,000 stores in mainly China last year.

Zhu Min takes post as IMF advisor—National Business Daily

Zhu Min officially assumed office as advisor to the IMF on Monday, reportedly leaving his vice governor post at People's Bank of China to Du Jinfu, former assistant of governor.

Zhu Min attended the spring meeting of the World Bank and IMF on April 14. At the meeting, China's voting power in the World Bank increased to 4.42 percent from 2.77 percent, making it the third largest shareholder behind the U.S. and Japan.