Sinopec's Refineries to Reverse Losses
Sinopec Corp (NYSE: SNP, HKG: 0386, SHA: 600028), Asia's biggest refiner, said its crude oil production rose 1.4% year on year to 165.44 million barrels in 1H 2013, including 11.78 million barrels made overseas which was up at a faster pace of 5.8%. Goldman Sachs said this underlines the benefits of injecting more overseas assets from the parent company in order to sustain growth. In 2013, the company's natural gas production was up 11.8% year on year to 324.14 billion cubic feet; its refinery output was up 5.2% year on year to 115.44 tons. Goldman Sachs predicted Sinope's pretax refining earnings would return to profit in 2013 after 2 years of loss as China tries to make the government-set oil product prices more interactive with the international markets.
China Telecom, NetEase Said to Launch Joint App
China Telecom Corp (NYSE: CHA, HKG: 0728) and NetEase Inc (Nasdaq: NTES) will launch a jointly developed mobile instant messaging app by the end of August, a person with knowledge of the matter said. China Telecom will distribute and preinstall Ding Ding, as the app is known, while NetEase will take charge of follow-up services such as technical support and updates.
China Unicom Prepares Budget Phone
China Unicom Ltd (NYSE: CHU, HKG: 0762, SHA: 600050) is ready to launch its first own brand handset, according to a document from the Ministry of Industry and Information Technology. The Wo801, as the phone is known, runs the Android 4.1.1 system and features a 4.5-inch screen, a 1.2GHz single-core processor, a 512MB random access memory, a 2 megapixel rear-facing camera, and a 0.3 megapixel front-facing camera. It is expected to sell for just 399 yuan.
Lianhua Launches E-Commerce Site
Lianhua Supermarket Holdings Co (HKG: 0980) launched its e-commerce site LHmart.com, which offers fast moving consumer goods as well as movie tickets and cellphone recharge services. The site currently distributes in Shanghai only and will expand to other cities.
CMB Gets Green Light for Rights Offer
China Merchants Bank Co (SHA: 600036, HKG: 3968) said it had received the China Securities Regulatory Commission's approval to sell 3.07 billion additional A-shares in its rights offer, which was proposed 2 years ago. The bank said it plans to issue up to 2.2 rights shares for every 10 existing shares and will have it done in 6 months. Nomura forecasts the bank's capital adequacy ratio to be boosted by 1.4 percentage points upon completion of the rights issue.
You are currently reading
total words in this article.
To continue reading this article, you must be a subscriber. Log in now..