CNOOC Partners with Spain's Isofoton
CNOOC Ltd (NYSE: CEO, HKG: 0883), China's biggest offshore energy producer, said its battery unit invested $300 million in a venture with Spanish solar power company Isofoton SA to develop photovoltaic plants across Asia, Bloomberg reported. CNOOC's Tianjin Lishen Battery Co will take a 51% stake in the Tianjin-based joint venture, which will set up a 150MW manufacturing plant and build power stations, Isofoton CE Angel Luis Serrano said. Isofoton will own 49% and supply the technology.
Suntech, DuPont Sign Strategy Pact
DuPont and Suntech Power Holdings Co (NYSE: STP), the world's largest producer of solar panels, have signed a strategic agreement to help increase the supply of photovoltaic materials and technologies for the growing global market for solar energy. The agreement focuses on technology advancements, supply chain optimization, cost reduction initiatives and supply of DuPont's trademark polyvinyl fluoride film. The companies also are pursuing co-marketing opportunities.
Big Four Banks Allowed to Retain More Cash
Central Huijin Investment Co, a wholly-owned unit of China Investment Corp, the nation's sovereign wealth fund, has agreed to cut its controlled banks' dividend payouts by five percentage points to 35%, allowing them to retain more cash to shore up capital amid the lending binge seen in recent years, a person close to Huijin's management said. Huijin owns majority stakes in China's top four banks, namely Industrial & Commercial Bank of China Ltd (SHA: 601398, HKG: 1398), China Construction Bank Corp (SHA: 601939, HKG: 0939), Bank of China Ltd (SHA: 601988, HKG: 3988) and Agricultural Bank of China Co (SHA: 601288, HKG: 1288).
New China Life Plans ¥15b Bonds
New China Life Insurance Co (SHA: 601336, HKG: 1336), the nation's fourth biggest life insurer, said it plans to raise ¥15 billion through debt issuance, including ¥10 billion of bonds with a maturity of over five years and ¥5 billion of bonds with a maturity of over 10 years. It said the proceeds will be used to help it make payments to policyholders.
Bestv, CCTV Join Forces for IPTV Services
Bestv New Media Co (SHA: 600637) said its wholly-owned subsidiary focused on online TV technologies will establish a joint venture with Cntv.cn, the online unit of China Central Television, to offer Internet Protocol TV services.
Industrial Securities Earnings Plunge 44%
Industrial Securities Co (SHA: 601377) posted ¥2.32 billion in revenues and ¥439 million in net profits for 2011, down 15.3% and 44.2% respectively from the year before due to China's bearish stock market. It had ¥21.95 billion in total assets and ¥8.43 billion in net assets as of December 31, 2011, down 28.1% and 0.4% respectively from a year earlier.
$1 = ¥6.31