Sinopec to Invest ¥53b in Xinjiang
China Petrochemical Corp, the nation's biggest refiner and the parent of Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386), plans to invest ¥53 billion in the resource-rich Xinjiang region to boost local production of crude oil and natural gas, the Xinjiang government said on its official website. By 2015, Sinopec will produce 9 to 11 million tons of crude oil and 1.8 billion to 3 billion m3 of natural gas per year from the region.
NetEase Said to License Diablo III
NetEase.com Inc (NASDAQ: NTES), a leading Chinese web portal and game operator, has been authorized by Activision Blizzard Inc (NASDAQ: ATVI) to operate its role playing game, Diablo III, in China, according to CLSA Asia-Pacific. Neither side has commented on the deal.
China Telecom Said to Set Up Cloud Computing Subsidiary
China Telecom Corp (NYSE: CHA, HKG: 0728) is preparing to launch a cloud computing subsidiary in April to supervise its cloud computing services nationwide, a person briefed on the matter said, adding that the new company will also oversee local subsidiaries' infrastructure-as-a-service services.
KPC, Total to Draw Conclusion on Joint China Facility
Kuwait Petroleum Corp and France's Total SA (NYSE: TOT) are close to finishing a feasibility study on the establishment of a refinery with a daily capacity of 300,000 barrels of crude oil and a complex with an annual capacity of one million tons of ethylene in Zhanjiang, Guangdong province, Kuwait Petroleum CEO Farouk al-Zanki said.
AsiaInfo-Linkage Q4 Revenue Up 15%
AsiaInfo-Linkage Inc (NASDAQ: ASIA), a leading Chinese provider of telecommunication software solutions and services, posted $127.7 million in revenues for Q4 2011 and $463.8 million for 2011, up 14.6% and 40.9% year on year respectively, bolstered by strong demand from China's telecom carriers. The figures were unaudited.
Citic Securities Aims to Crack US Market
Citic Securities Co (SHA: 600030, HKG: 6030), China's largest brokerage firm by market value, is seeking to enter the US market for a bigger role in helping Chinese companies expand abroad, the Wall Street Journal reported, citing people familiar with the matter. Citic Securities has applied for a securities license that would allow it to underwrite stocks and bonds in the US for Chinese companies looking to branch out in foreign markets.
Suning, Haier Sign Pact for ¥50b Takings
Suning Appliance Co (SHE: 002024), China's largest chain store by revenue, and Qingdao Haier Co (SHA: 600690), a leading Chinese appliance maker, signed a deal in which Haier is expected to sell ¥50 billion worth of goods at Suning's physical and online stores in the next three years. The number was up 20% to over ¥10 billion last year.
Lifan to Spend ¥4b Building Passenger Car Plant
Lifan Industry Group Co (SHA: 601777), a Chongqing-based automaker, said it plans to invest ¥3.89 billion building a passenger car factory in the city's Liangjiang district. The project is expected to take 18 months to complete and produce 150,000 cars annually once operational. It is estimated that costs will be recouped in six years.
$1 = ¥6.29