Chinalco Considers Float of More Units
Aluminum Corporation of China, the parent of Aluminum Corporation of China Ltd (NYSE: ACH, SHA: 601600, HKG: 2600), plans to list some of its other competitive units in Hong Kong to fund its global operations, president Xiong Weiping said, without specifying the units. The company said last month that it planned to raise $1 billion in a Hong Kong stock sale of its mining business in Peru.
Temasek Said to Have Taken 1/3 of CCB Stake Sold by BoA
Singapore's Temasek Holdings Pte bought a third of Bank of America Corp's (NYSE: BAC) stake in China Construction Bank Corp (SHA: 601939, HKG: 0939), and two Chinese institutions will buy the remaining two thirds of the $1.8 billion selloff, Bloomberg reported, citing a person with knowledge of the matter.
China Life Insurance Posts ¥282b in Premium Through Oct
China Life Insurance Co (NYSE: LFC, SHA: 601628, HKG: 2628), the nation's biggest insurer by premium income, said its premium income totaled ¥282.1 billion in the first 10 months, without offering comparisons with historical figures.
Evergrande Property Sales Top China
Evergrande Real Estate Group Ltd (HKG: 3333) said it sold 11.86 million m2 in floor space valued at ¥77.87 billion in the first 10 months, up 79.9% and 89.2% respectively from the same period a year ago. Its areas sold and turnover growth were ranked first among all Chinese property developers.
Tencent's Microblogging Service Hits 310m Users
Tencent Holdings Ltd (HKG: 0700) had 310 million registered users of its microblogging service as of the end of September 2011, up 70 million from three months earlier, Tencent president Liu Zhiping said. The number of daily active users hovers around 50 million, Liu added.
Cheung Kong Ups Stake in AviChina
Cheung Kong Holdings Ltd (HKG: 0001), an investment company owned by Asia's richest man Li Ka-shing, said it has spent $2 million increasing its stake in AviChina Industry & Technology Co (HKG: 2357), a Chinese aviation equipment manufacturer, from 4.79% to 5.02%.
Ufida Software Has Invested ¥1b in Cloud Computing
Ufida Software Co (SHA: 600588) has invested ¥1 billion building a network for cloud computing services, executive director Li You told Yicai.com.
Qingdao East Tower Wins $20m Contract
Qingdao East Tower Co (SHE: 002545), a steel structure and iron tower manufacturer, said it won a $19.89 million contract from India-based Monnet Power Co. The amount is equivalent to 7.41% of its revenue in 2010.
Semir Garment Eyes Overseas Sourcing
Zhejiang Semir Garment Co (SHE: 002563) said it plans to start overseas sourcing to reduce purchase costs and improve quality.
$1 = ¥6.35