Sinopec Takes 30% of Galp Energia for $3.5b
Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386) said that it has signed an agreement to buy a 30% stake in the Brazilian unit of Portuguese oil company Galp Energia SA for $3.54 billion, the Wall Street Journal reported. The transaction, which requires approval from the Chinese government, would allow Sinopec to obtain the equivalent of 21,300 barrels of oil a day in 2015, climbing to a peak of the equivalent of 112,500 barrels a day in 2024.
Renren Posts $1m Loss for Q3
Renren Inc (NYSE: RENN), a leading Chinese social networking service provider, posted $1.2 million in net losses for Q3 2011 as its Nuomi.com, a deal-of-the-day site, lost $6.4 million during the period. Renren recorded a net profit of $7.3 million a year earlier.
SouFun Q3 Profit Up 137%
SouFun Holdings Ltd (NYSE: SFUN), a leading Chinese real estate service provider, posted $108.6 million in revenues and $42.9 million in net profits for Q3 2011, up 89.2% and 136.6% year on year respectively. It expected this year's revenue to grow 56% to 61% to between $330 million and $340 million.
Fosun Increases Stake in Simcere
Shanghai Fosun Pharmaceutical Group Co (SHA: 600196) said it spent $30.33 million purchasing a 6.45% stake in Simcere Pharmaceutical Group (NYSE: SCR), a Nanjing, Jiangsu province-based generic drug maker.
Yingli Q3 Shipments Up 20%
Yingli Green Energy Holding Co (NYSE: YGE), a Chinese integrated photovoltaic producer, said its shipments grew 20% in Q3 2011. The company also revised down its full-year shipments from 1.7GW-1.75GW to 1.58GW-1.63GW.
Tencent to Boost Investment in Its Search Engine
Tencent Holdings Ltd (HKG: 0700) has invested ¥1.2 billion in its search engine, Soso.com, over the past five years and plans to invest ¥1 billion next year, Tencent chief technical officer Xiong Minghua said. As many as 375 million Chinese netizens, or 81.9% of the total cyber population, use search engine in China, where the market was worth ¥4.32 billion last year.
Sinochem Set for This Year's Largest IPO in China
Sinochem Corp, China's biggest chemicals producer, plans to raise ¥35 billion in its IPO to fund the establishment of an oil refinery in Quanzhou, a port city in Fujian province. The initial stock sale in Shanghai will likely be the nation's largest this year and sixth largest in history.
LeTV Gets ¥1b Credit Line
Leshi Internet Information & Technology Corp (SHE: 300104), a Chinese online video site, said Agricultural Bank of China Co (SHA: 601288, HKG: 1288) agreed to offer a ¥1 billion credit package to support its growth. Leshi currently has over 50,000 TV drama episodes and 4,000 movies.
Sunner Invests ¥2.7b in New Chicken Farm
Sunner Development Co (SHE: 002299), a Fujian-based chicken producer, said it plans to invest ¥2.7 billion building a farm that is expected to produce 120 million chickens a year. It currently produces 100 million chickens a year and has already started building a farm that is expected to produce an additional 69 million chickens a year when operational by the end of 2012.
Shanghai Port Posts Growth in Oct Traffic
Shanghai International Port Group Co (SHA: 600018) said it handled 40.63 million tons of cargo and 2.68 million TEU shipping containers in October, up 21.1% and 14.3% respectively from the same period a year ago.
$1 = ¥6.34