PetroChina, Sinopec to Invest ¥160b in Zhejiang
The parents of PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857) and Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386), China's oil duopolies, have both signed an agreement worth ¥80 billion with the Zhejiang government to refine and distribute oil and natural gas in the province.
Shenhua Energy Plans Huge Power Plant for Guangxi
Shenhua Group Corp, the parent of China Shenhua Energy Co (SHA: 601088, HKG: 1088), the nation's biggest power producer, plans to build Asia's biggest coal-fired power plant in Guangxi Zhuang Autonomous Region to help reduce regional electricity shortages caused by droughts, Bloomberg reported, citing the official Xinhua News Agency. Shenhua signed an agreement with the local government to build an 8GW plant in the city of Beihai within five years. China relies on coal to generate 80% of its electricity.
Cosco Joins Forces with Peers to Stabilize Shipping Rates
China Cosco Holdings Co (HKG: 1919), Asia's largest shipping firm, Evergreen Line and three others will form a partnership for Asia-Europe trade to counter a slump in cargo rates and overcapacity, Bloomberg reported. The five shipping lines will provide 12 weekly services to Europe and to the Mediterranean on vessels that can each carry 13,000 20-foot containers, according to one of the companies. Container shipping rates may rise next year as owners join hands to overcome the collapse in fees amid slowing trade growth, according to RS Platou Markets AS.
Citic Gets Green Light for Group Float
State-owned Citic Group, the parent of China Citic Bank Corp (SHA: 601998, HKG: 0998) and Citic Securities Co (SHA: 600030, HKG: 6030), received regulatory approval for listing after a restructuring. Founded in 1979, Citic Group is principally engaged in the finance and real estate industries. It posted ¥33.4 billion in net profits for 2010 and had ¥2.54 trillion in total assets as of the end of 2010.
CSR Wins ¥270m Malaysia Contract
CSR Corp (SHA: 601766, HKG: 1766), one of China's big two railway equipment manufacturers, said it won a ¥270 million contract from Malaysia's transport authority to offer maintenance services to the country's intercity trains.
Wuhan Steel Eyes Double Digit Growth
Wuhan Iron & Steel Group Corp, the parent of Wuhan Iron & Steel Co (SHA: 600005), China's fourth largest steelmaker, expected its revenue and profit to climb 14.3% and 17.4% respectively in 2011 from a year earlier. It posted ¥185 billion in revenues and ¥3 billion in profits last year. The group also estimated it would produce 35.57 million tons of pig iron and 37.65 million tons of steel this year, up 3.2% and 3% respectively from last year.
Jinggong Steel Seals $103m Saudi Deals
Changjiang & Jinggong Steel Building Group Co (SHA: 600496) said its subsidiary, Jinggong International Steel Structure Ltd, secured two contracts worth a combined $102.6 million from the Saudi government. The amount is equivalent to 12.2% of the parent company's revenue in 2010.
Jiangsu Zhongtian Signs $27m Contract
Jiangsu Zhongtian Technology Co (SHA: 600522), a communications product maker, said its subsidiary, Zhongtian Technology Hailan Ltd, signed a contract with Italy's Saipem to supply $27 million worth of submarine cables by March 2013.
LeTV Expects Earnings to Surge 90%
Leshi Internet Information & Technology Corp (SHE: 300104), the operator of Letv.com, a video site, expected its net profit to soar 78% to 90% to between ¥124.78 million and ¥133.19 million this year thanks to China's booming online video market.
$1 = ¥6.31