Baosteel Group Corp, the parent of China's most profitable steelmaker Baoshan Iron & Steel Co (SHA: 600019), is in talks to buy a stake in a steel unit of Malaysia's Lion Group for $1 billion, Bloomberg reported, citing two people with knowledge of the matter. The size of the holding in Amsteel Mills to be sold has yet to be determined, one of the people said, declining to be identified because the negotiations are private.
ZTE Corp (SHE: 000063, HKG: 0763), a leading Chinese telecom equipment maker, will invest $150 million beefing up its cloud computing service over the coming 12 months, said Wang Wei, who is second in charge of the company's cloud computing division. ZTE is expected to increase the headcount of its cloud computer center in Nanjing to 5,000 in the coming 12 months from currently 3,000.
China UnionPay, the nation's sole bankcard network operator, said it has signed a strategic deal with Datang Telecom Group, the parent of Datang Telecom Technology Co (SHA: 600198), for cooperation in mobile billing services.
Shenzhen MTC Co (SHE: 002429), a video and audio consumer electronics maker, said it plans to invest ¥600 million in bank wealth management products with a 5.7% yield and a period of seven days to one year.
Xinyu Iron & Steel Co (SHA: 600782) said it plans to raise ¥2.5 billion in a private placement to acquire four iron ore mines from its parent.
$1 = ¥6.47
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