CSR Expects Offshore Revenue to Double in 2011
CSR Corp (SHA: 601766, HKG: 1766), a leading Chinese railway manufacturer, said it plans to build a factory in Ethiopia, and expected revenue from offshore operations to double, and to represent 10% of total revenue this year, up from 3.6% in 2010.
Goldwind Subsidiary to Sell Assets
Xinjiang Goldwind Science & Technology Co (SHE: 002202, HKG: 2208), China's second largest wind turbine maker by capacity, said its wholly-owned subsidiary, Beijing Tianrun New Energy Investment Ltd, plans to sell a 50% stake in two subsidiaries for a total of ¥128.05 million. The deal is expected to shore up Beijing Tianrun's investment return.
Lenovo Activates Chengdu Plant
Lenovo Group Ltd (HKG: 0992), China's largest personal computer maker, put into trail use a new plant in Chengdu, Sichuan province. The plant is expected to formally become operational in April 2012 and to roll out 10 million desktop and laptop computers per year in five years.
Orient Landscape Seals Big Contract
Beijing Orient Landscape Co (SHE: 002310), a landscaping designer, said it signed a contract worth ¥1.93 billion, which is equivalent to 133% of its revenue in 2010.
Chenzhou Mining Dumps Loss-Making Subsidiaries
Chenzhou Mining Group Co (SHE: 002155) said it sold 100% of a subsidiary, Xinjiang Tuoli Xinda Golding Ming Co, and 80% of another subsidiary, Xinjiang Tuoli Dadi Baobei Diba Gold Mining Co, for a total of ¥52 million. The two subsidiaries have reported operating losses for years.
Yiwu Huading to Build 50,000-Ton Nylon Plant
Yiwu Huading Nylon Co (SHE: 601113) said it plans to invest ¥630 million expanding the annual capacity of its nylon yarn factory in Yiwu, Zhejiang province to 50,000 tons. The project is expected to generate ¥1.5 billion in revenues and ¥120 million in profits per year once operational.
Zhongyuan Stem Cell Sells Subsidiary
Zhongyuan Union Stem Cell Bioengineering Co (600645), a bioscience and stem cell engineering developer, said it plans to sell 100% of its subsidiary, Tianjin Heep Hong Medical Bioengineering Technology Co, to Tianjin Qingze Investment Consulting Co for ¥12 million. The deal is expected to bring in ¥5.2 million in proceeds.
Huitian Thermal Power to Spin Off Real Estate Unit
Shenyang Huitian Thermal Power Co (000692) said it would put up for sale its subsidiary, Shenyang Huitian Real Estate Development Co, for ¥40.11 million in a move to concentrate on its core business of power, steam and hot water supply. Huitian Real Estate posted a net loss of ¥561,000 in 1H 2011.
Taigang Stainless Steel to Issue ¥6b Bonds
Shanxi Taigang Stainless Steel Co (000825) said the securities regulator has approved its plan to issue ¥6 billion worth of bonds that will expire in 10 years. The money raised will be used to repay debts and replenish capital.
$1 = ¥6.33