PetroChina's Share of China's Gas Output Ebbs
PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857) said its natural gas production as a percentage of the nation's total fell from 66.6% in 2010 to 64.4% in the first three quarters of 2011, while its competitors, Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386) and CNOOC Ltd (NYSE: CEO, HKG: 0883), both gained in their shares to 14.2% and 12% respectively over the same period. PetroChina's natural gas output rose 4.1% to 75.5 billion m3 in 2011 and the company expects the number to range between 79.3 billion and 82.1 billion m3 with a declining share this year.
China Telecom Said to Sell iPhone 4S in Mar
China Telecom Corp (NYSE: CHA, HKG: 0728) will start selling the CDMA-backed iPhone 4S in the country in the first week of March, a person with knowledge of the issue told Tech.qq.com. China Unicom Ltd (NYSE: CHU, SHA: 600050, HKG: 0762) is currently the only authorized direct retailer of Apple Inc's (NYSE: APPL) flagship smartphone.
Kingway Approached by 3 Buyers
Kingway Brewery Holdings Ltd (HKG: 0124), a leading beer brand in Guangdong province, said it has received three bidding offers from Anheuser-Busch InBev NV (NYSE: BUD), Tsingtao Brewery Co (SHA: 600600, HKG: 0168) and China Resources Enterprise Ltd (HKG: 0291), people familiar with the matter said. Kingway's market value was worth $550 million as of last Friday.
Baosteel Raises Prices
Baoshan Iron & Steel Co (SHA: 600019), China's most profitable mill, has raised the prices of its March-delivery products by ¥150 to ¥350 per ton, the first markup in four months amid a recovering market.
Geely Jan Sales Down 17%
Geely Automobile Holdings Ltd (HKG: 0175), China's largest privately-owned carmaker, said it sold 38,100 cars in January, down 16.5% year on year and 20.2% month on month due to the weeklong holiday.
Ajisen Forecasts Earnings to Slip on Scandal
Ajisen China Holdings Ltd (HKG: 0538), a leading noodle restaurant chain, said its net profit would slide 20% to 30% in 2011 as sales had been dampened after it was found to have faked nutrition facts in its food. Ajisen currently operates 585 restaurants across the nation. It posted ¥2.28 billion in revenues and ¥380 million in net profits in 2010.
AgriBank Opens First Overseas Branch
Agricultural Bank of China Co (SHA: 601288, HKG: 1288) opened its first overseas branch for business in Britain. The bank has 10 representative offices in eight countries and regions.
$1 = ¥6.29