Shandong Gold Considering Takeover of Jaguar Mining
Shandong Gold Group Co, the parent of China's second largest gold producer Shandong Gold Mining Co (SHA: 600547), is in talks to spend up to $1 billion in cash buying Jaguar Mining Inc (NYSE: JAG), according to two people familiar with the matter.
PetroChina to Double New Pipeline Length in 2010-2015
CNPC, the parent of PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857), said it plans to build 54,000km of pipeline during the five years through 2015, double the length added in the previous five years. Of the planned 54,000km, 30,000km will be used to carry natural gas, said Kou Zhong, a senior executive from the company's planning division. CNPC currently runs 57,000km of pipeline, accounting for 75% of China's total, and the length is expected to reach 100,000km, or 70% of China's total, by the end of 2015, according to Kou.
Dangdang Posts Loss for Q3
E Commerce China Dangdang Inc (NYSE: DANG), a Chinese online B2C retailer, posted ¥73.4 million in net losses on surged expenses for Q3 2011, compared to ¥32.7 million in net profits a year earlier. Revenue was up 50% year on year to ¥900 million in Q3.
Online Games Bolster NetEase Q3 Earnings
NetEase.com Inc (NASDAQ: NTES), a leading Chinese internet company, posted ¥2 billion in revenues and ¥825.8 million in net profits for Q3 2011, up 42.9% and 41% year on year respectively. The better performance was attributed to its popular self-developed online games, chairman Ding Lei said.
Qihoo 360 Q3 Profit Up 186%
Qihoo 360 Technology Co (NYSE: QIHU), China's most popular security software developer, posted $47.5 million in revenues and $10.9 million in net profits for Q3 2011, up 207% and 186% year on year respectively. Its online ad revenue surged 227% from a year earlier to $35.1 million in Q3.
Youku Loss Shrinks in Q3
Youku.com Inc (NYSE: YOKU), China's biggest online video site, posted ¥263 million in revenues and ¥47.5 million in net losses for Q3 2011, up 129% and down 10.4% year on year respectively. It expected its revenue to grow 90% to 100% from a year earlier in Q4.
Tencent Invests ¥130m in Hangzhou Icafe
Tencent Holdings Ltd (HKG: 0700) said it had invested ¥130 million in Hangzhou Icafe Technology Co (SHE: 300113), a developer of internet entertainment platforms, giving the former a 3.98% stake in the latter. The two sides will cooperate to develop social networking, gaming, audio and video services.
Vanke Buys Shanghai Commercial Block
China Vanke Co (SHE: 000002), the nation's top property developer, acquired a 110,463m2 plot for commercial development in Shanghais Hongqiao business district for ¥1.48 billion, or ¥13,398/m2. A Vanke employee said the deal does not mean the company is shifting to commercial real estate and stressed that residential properties are still the core of its business.
Bank of Comm Opens San Francisco Branch
Bank of Communications Co (SHA: 601328, HKG: 3328), China's fifth biggest lender, opened a branch in San Francisco, its second offshore subsidiary after the first launched in London earlier this month.
China Railway Construction Wins ¥10b Contract
China Railway Construction Corp (SHA: 601186, HKG: 1186) said its subsidiary, China Railway 15th Bureau Group Co, won a ¥10.43 billion contract. The amount is equivalent to 2.22% of China Railway Construction Corp's revenue in 2010.
Dongfeng Auto Builds JV Engine Plant
Dongfeng Automobile Co (SHA: 600006) said it plans to partner with Mianyang Xincheng Power Engine Co to set up a 50:50 company in Changzhou, Jiangsu province to make power-trains and components. The joint venture is estimated to cost a total of ¥800 million and produce 200,000 engines annually once fully operational.
Shaanxi Aero-space Power in ¥1b Private Placement
Shaanxi Aero-space Power Hi-Tech Co (SHA: 600343) said it plans to raise ¥1 billion from a private placement to build a hydraulic torque convertor plant. The project is expected to post ¥2 billion in revenues and ¥200 million in net profits annually once operational three years from now.
Haining Leather Invests ¥1.4b in Chengdu Project
Haining China Leather Market Co (SHE: 002344) said it plans to invest ¥1.36 billion developing a block in Chengdu, Sichuan province for making and selling leather products. The project will be built in two phases, with the first phase to be completed in Q4 2012.
$1 = ¥6.35
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