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Chinese auction. A Chinese auction is a combination of a raffle and an auction that is typically featured at charity, church festival and numerous other events. Can also be known as penny social, penny sale, tricky tray or pick-a-prize according to local custom, or to avoid causing offense.
Qingdao Haier (SH: 600690), the Shanghai-listed company of Haier Group, was recently recognised as one of Forbes Asia Fab 50 Companies, an annual list of the best publicly traded companies in the Asia-Pacific. After their initial inclusion in 2011, Qingdao Haier made the list again for a fourth time in a row. This year, the company's market value soared to $8 billion from last year's $5.2 billion; sales revenue also jumped to $14 billion from $12.6 billion.