Yum's Little Sheep Takeover Review Cleared
Little Sheep Group Ltd (HKG: 0968), China's largest hotpot restaurant chain, said the Ministry of Commerce has given the go-ahead to Yum! Brands Inc's (NYSE: YUM) takeover of it after four months of antimonopoly review. Yum agreed in May to acquire Little Sheep for $587 million.
Chinalco Explores in Northwestern China
Aluminum Corporation of China (NYSE: ACH, SHA: 601600, HKG: 2600) is stepping up exploration of coal deposits in the northwestern provinces of Xinjiang, Inner Mongolia, Gansu and Qinghai, vice president Liu Xiangmin said, without revealing details. Liu also said that the company's joint venture with mining giant Rio Tinto is currently developing copper resources in China.
Mindray Medical in $100m Share Repo Program
Mindray Medical International Ltd (NYSE: MR), a Chinese developer, manufacturer and marketer of medical devices worldwide, said it will repurchase up to $100 million worth of its issued and outstanding ordinary shares. It will use internally generated funds, or bank borrowings to fund the repurchase.
Xinjiang Goldwind Gets ¥10b Credit Line from ICBC
Xinjiang Goldwind Science & Technology Co (SHE: 002202, HKG: 2208), China's second largest wind turbine maker by capacity, said it has sealed a deal with Industrial & Commercial Bank of China Ltd (SHA: 601398, HKG: 1398), which will offer a ¥10 billion credit package to support its daily operations in the next two to three years.
Zijin Mining Pays ¥1b for Gansu Gold Mine
Zijin Mining Group Co (SHA: 601899, HKG: 2899), China's largest gold producer by output, said its wholly-owned subsidiary, Ding Jin Ltd, has reached a deal with Australia-based Warrior Advances Pty Ltd to purchase 100% of its Long Province Resources Ltd for ¥1.15 billion. Long Province Resources is a Hong Kong-based miner that operates in Gansu province in China's northwest. Zijin said the deal means a lot to its gold reserves.
Gemdale Sales Volume and Revenue Down in Oct
Gemdale Corp (SHA: 600383), a leading Chinese property developer based in Shenzhen, sold 190,000m2 in floor space valued at ¥2.67 billion in October, down 38.1% and 29.4% year on year respectively. In the first 10 months, it sold 1.65 million m2 worth ¥22.4 billion, down 2.3% and up 13% respectively from the same period a year ago.
CSR Approves ¥9b Rights Offer
CSR Corp (SHA: 601766, HKG: 1766), one of China's top two railway equipment manufacturers, said its board has approved a ¥9 billion financing plan. It said ¥1.46 billion of this amount would be used to replenish capital and the rest would fund production of trains for intercity railways and urban subway systems.
Septwolves to Raise ¥1.8b to Build More Stores
Fujian Septwolves Industry Co (SHE: 002029), a menswear maker, said it plans to raise ¥1.8 billion from a private placement to fund its sales network project. The project, which will add 1,200 stores covering 180,000m2 in floor space, is expected to bring in ¥1.4 billion in revenues and ¥279 million in net profits per year. The company had 3,576 stores as of June 30, 2011.
Everbright Securities Posts ¥156m in Oct Earnings
Everbright Securities Co (SHA: 601788) posted ¥324 million in revenues and ¥156 million in net profits for October. It had ¥21.65 billion in net assets as of October 31, 2011.
$1 = ¥6.32
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