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The 2,062 mainland-listed companies posted a combined ¥17.44 trillion in revenues and ¥647.18 billion in net profits for 2010, up 35.5% and 39.2% respectively from the year before, according to the China Securities Regulatory Commission.
Baidu Inc (NASDAQ: BIDU), China's most used search engine, said its Q2 profit jumped 95% on strong growth in traffic and advertising sales. Profit for the three months ended June 30, 2011 was $252.6 million, and total revenue rose 78.4% from a year earlier to $528.4 million.
SORL Auto Parts Inc (NASDAQ: SORL), a Chinese supplier of brake and control systems to the global commercial vehicle industry, said it has signed supply agreement with a new customer, Changsha Zoomlion Heavy Industry Science & Technology Development Co (SHE: 000157, HKG: 1157), a leading Chinese manufacturer of construction machinery equipment. SORL will supply braking air processing unit (APU) technology for Zoomlion's crane trucks. Annual sales from this APU module to Zoomlion are expected to approximate ¥10 million in 2011.
Zijin Mining Group Co (SHA: 601899, HKG: 2899), China's largest gold producer by output, said it would spend $30 million subscribing to 138 million shares of Australia's Norton Gold Fields Ltd at $0.2183 apiece to increase its gold reserves. The deal will increase Zijin's holding in the Australian firm to 16.98%.
Huayi Electric Co (SHA: 600290), a manufacturer and distributor of wind power generation equipment and high voltage electrical appliances, posted ¥698 million in revenues and ¥38.48 million in net profits for 1H 2011, down 8.2% and 21.9% respectively from the same period a year ago after wind power equipment manufacturing division – its second biggest business – saw a 30.3% decline in revenue that scaled back to ¥276 million.
Guodian Nanjing Automation Co (SHA: 600268), a manufacturer and distributor of power automation equipment, said its subsidiary Nanjing Guodian Nanzi New Energy Engineering Co won a ¥1.76 billion contract to build a 200MW wind power plant in Xinjiang.
Beijing Haohua Energy Resource Co (SHA: 601101), a coal producer and seller, posted ¥3.2 billion in revenues and ¥722 million net profits for 1H 2011, up 76% and 66.4% year on year respectively on strong coal sales.
Tangshan Jidong Cement Co (SHE: 000401) said it plans to inject ¥240 million into its concrete subsidiary to boost its business. Jidong Cement's parent will invest ¥250 million in the plan.
Beijing Capital International Airport Co (HKG: 0694) said passenger and cargo traffic at its 30-plus airports totaled 74.24 million people and 1.15 million tons in 1H 2011, up 9.8% and 4% respectively from the same period a year ago.
$1 = ¥6.45
@2011 China Economy @ The China Perspective.
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