China Mobile to Invest $1.5b in Pakistan
CMPak, a wholly-owned unit of China Mobile Ltd (NYSE: CHL, HKG: 0941), plans to invest $1.5 billion in Pakistan's 3G market in the next four years, CMPak CEO Fan Yunjun told Pakistani premier Yusuf Raza Gilani during a talk. CMPak, the fifth biggest wireless carrier in Pakistan, has 13.2 million local subscribers.
Eastern Airlines Predicts Passenger Traffic Up 5.7%
China Eastern Airlines Corp (NYSE: CEA, SHA: 600115, HKG: 0670) expected its passenger traffic to grow 5.7% to 68.8 million people this year. Its cargo traffic is estimated to total 1.47 million tons, remaining unchanged from last year.
Tencent to Take a Third of China's Gaming Revenue Growth
Tencent Holdings Ltd (HKG: 0700), a leading internet company in China, is expected to post ¥15 billion in revenues from online games this year, up by ¥2 billion from last year, iResearch estimated. The increment may account for almost one-third of the total increase in gaming revenues nationwide.
Fosun Angry Over Soho Land Purchase
Fosun International Ltd (HKG: 0656), a Shanghai-based conglomerate, said it may take legal actions after Soho China Ltd (HKG: 0410) bought a stake of Fosun's partners in a land plot on Shanghai's Bund area because Fosun has the preemptive right to buy the remaining shares. Fosun will indirectly own 50% of the block after Soho agreed yesterday to pay ¥4 billion for the other half from Greentown China Holdings Ltd (HKG: 3900) and Shanghai Zendai Property Ltd (HKG: 0755).
China Railway Seals ¥10b Deals
China Railway Group Co (SHA: 601390, HKG: 0039) said it signed ¥9.94 billion worth of contracts recently. The amount is equivalent to 2.1% of its revenue in 2010.
Midea's Parent Increases Stake
GD Midea Holding Co (SHE: 000527), a leading air conditioner maker, said its controlling shareholder bought 33.73 million of its shares at ¥11.67 apiece, increasing its stake to 41.17%, up almost one percentage point.
Anjie Tech to Expand Chongqing Plant on Rising Electronics Spending
Suzhou Anjie Technology Co (SHE: 002635), a manufacturer of devices for laptops and cellphones, said it plans to invest ¥100 million expanding its factory in Chongqing as spending on electronics in the city is expected to flourish.
Harbin Air Con to Build ¥220m R&D Facility
Harbin Air Conditioning Co (SHA: 600202) said it plans to invest ¥220 million establishing a research and development center to make better products and assembly lines. The project is expected to generate ¥400 million in revenues and ¥63 million in net profits per year once operational in four and a half years.
Ningbo Port Forecasts Double-Digit Growth
Ningbo Port Co (SHA: 601018) predicted that its cargo traffic would grow 19.2% to 385 million tons and its 20-foot container traffic would grow 13.7% to 15.22 million units this year. Ningbo was China's third largest port by cargo traffic in 2010. The port operator posted ¥1.88 billion in net profits in the first nine months of 2011, up from ¥1.64 billion during the same period a year earlier.
Chongqing Steel Budgets ¥2.2b for Three Projects
Chongqing Iron & Steel Co (SHA: 601005, HKG: 1053) said it plans to spend a total of ¥2.2 billion buying out Chongqing Steel Group Iron Co, building an iron smelter in Chongqing's Jiangjin district and constructing a plant in Taizhou, Jiangsu province.
$1 = ¥6.3