Chinalco Cuts Alumina Price
Aluminum Corporation of China Ltd (NYSE: ACH, SHA: 601600, HKG: 2600) lowered its price of alumina by 6.7% to ¥2,800/ton after keeping it stable for 11 months. The company declined to give reasons for the cut, but analysts say this indicates Chinalco's pessimism over the aluminum industry's future amid a faltering global recovery.
SMIC, Elpida Reach Settlement Deal
Semiconductor Manufacturing International Corp (NYSE: SMI) said it agreed to pay Elpida Inc $21 million to settle all pending arbitration claims and counterclaims relating to the parties' Amended and Restated 200mm Wafer Products Business Agreement dated August 30, 2007.
Rongsheng Heavy Industries Seals Deal with Global Union Shipping
China Rongsheng Heavy Industries Group Holdings Ltd (HKG: 1101), the nation's biggest privately-owned shipbuilder, said it has received an order of 10 oil tankers from Global Union Shipping Ltd, without mentioning the value of the deal. The 10 oil tankers will be delivered from the end of 2013 through 2014. Rongsheng has signed contracts to build 40 ships worth more than $2 billion since the beginning of this year. It agreed to build $2.26 billion worth of ships last year.
Gemdale Targets ¥6b Wealth Management Plan
Gemdale Corp (SHA: 600383), a Shenzhen-based property developer, said it plans to buy ¥6.1 billion worth of wealth management products to beef up capital return amid a cooling real estate market.
Moutai Expands Prince Liquor Output
Kweichow Moutai Co (SHA: 600519), the distiller of China's most well-known white liquor, said it plans to invest ¥437 million increasing production of its Prince white liquor to 2,800 tons per year. The project is expected to generate ¥288 million in yearly net profits.
Shenzhen Development Bank Eyes Presence of 1,000 Sub-Branches
Shenzhen Development Bank Co (SHE: 000001) has been given regulatory approval of a rights offer to raise ¥20 billion from Ping An Insurance Group Co of China (SHA: 601318, HKG: 2318), its second largest shareholder and the nation's second biggest insurer, to fund its plan to boost the number of its sub-branches to 1,000 during the next five years, chairman Richard Jackson said.
TCL Reports Strong LCD TV Sales
TCL Corp (SHE: 000100), a leading Chinese appliance and electronics manufacturer, said it sold 1.19 million LCD TV sets and 4.64 million cellphones in November, up 75.7% and 5.8% year on year respectively.
$1 = ¥6.34