Shanghai Bourse Gears Up for Foreign Listing
The Shanghai Stock Exchange said it is basically ready to let foreign issuers sell stock, paving the way for companies from HSBC Holdings Plc to Coca-Cola Co (NYSE: KO) to list in the world's second biggest equity market, Bloomberg reported. Trading should start as soon as possible when the time is ripe, according to Xu Ming, the executive vice president in charge of the international stocks board. While there is no timetable, the exchange has finished work on technological and regulatory requirements, Xu said.
Ctrip Q3 Gross Margin Drops to 77%
Ctrip.com International Ltd (NASDAQ: CTRP), China's largest online travel service provider, posted ¥975 million in revenues and ¥325 million in net profits for Q3 2011, up 20% and 2% year on year respectively. Its gross margin dropped one percentage point from a year earlier to 77%.
ICBC to Keep Lending in Check in Q4
Industrial & Commercial Bank of China Ltd (SHA: 601398, HKG: 1398) will maintain its current pace for bank loans into Q4 2011, vice president Wang Lili said on the sidelines of the Asia-Pacific Economic Cooperation summit over the weekend. She predicted the bank's lending growth would not exceed 8% this year.
Ping An Premium Income Nears ¥102b Through Oct
Ping An Insurance Group Co of China (SHA: 601318, HKG: 2318), the nation's second biggest insurer, said its premium income totaled ¥101.7 billion in the first 10 months, without offering comparisons with historical figures.
Zhongjin Gold to Buy 3 Shaanxi Mines
Zhongjin Gold Corp (SHA: 600489), China's top gold producer, said its subsidiary, Shaanxi Jiusheng Mining Investment Co, plans to pay ¥212 million for a 69.09% stake in Shaanxi Xinyuan Industry and Trade Co, which has the rights to three gold mines with proven reserves of 658,000 tons of metals, including 6,562kg of gold. Shaanxi Xinyuan posted ¥48.51 million in revenues and ¥2.99 million in net profits for 1H 2011.
National Chemical Secures ¥89b of Contracts Through Oct
China National Chemical Engineering Co (SHA: 601117) said it signed ¥89.39 billion worth of contracts during the first 10 months, including ¥14.27 billion from overseas projects, up significantly from ¥51.33 billion in overall contacts and ¥8.93 billion in offshore contracts from the same period a year ago.
China Nonferrous Metal Plans ¥2.5b Rights Offer
China Nonferrous Metal Industry's Foreign Engineering and Construction Co (SHE: 000758) said it plans to issue additional shares to raise ¥2.5 billion. The proceeds will be used to repay ¥1.2 billion in bank loans and replenish capital.
Beiqi Foton Posts Fewer Output and Sales Volume
Beiqi Foton Motor Co (SHA: 600166), a leading Chinese truck maker, said it produced 516,000 trucks and sold 546,000 trucks in the first 10 months, down 7.5% and 4.4% respectively from the same period a year ago.
Intime Department Store Eyes 60 Openings by 2015
Intime Department Store Group Co (HKG: 1833) plans to increase the number of its stores in China from its current 40 to 100 in five years, chairman Shen Guojun said.
Zhejiang Zhongda Backs Auto M&A
Zhejiang Zhongda Group Co (SHA: 600704), a merchandise trade company, said it plans to inject ¥400 million into its subsidiary, Zhejiang Yuantong Group Co, to support its mergers and acquisitions in the auto industry. Zhejiang Yuantong's registered capital will increase to ¥1.065 billion after the injection.
Hengbao Wins a ¥106m Contract from China Telecom
Hengbao Co (SHE: 002104), a Chinese intelligent card maker, said it received orders worth ¥106 million from China Telecom Corp (NYSE: CHA, HKG: 0728). Revenue from China Telecom accounted for 27.9% of Hengbao's total revenue in 2010.
$1 = ¥6.33