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Yancoal Proceeds with Revised Gloucester Deal
Yanzhou Coal Mining Co (NYSE: YZC, SHA: 600188, HKG: 1171), China's fourth biggest coal producer, and Gloucester Coal Ltd will go ahead with merging mining assets to form the largest listed coal miner in Australia. Yancoal will own 78% of the company, one percentage point higher than the original plan proposed in December. Gloucester's shareholders will receive $681 million from Yancoal. Separately, Yancoal said it plans to raise $1 billion by issuing US dollar-denominated bonds overseas, without revealing details.
Rising Crude Prices Erode PetroChina Earnings
PetroChina Co's (NYSE: PTR, SHA: 601857, HKG: 0857) net loss will probably exceed the previously estimated ¥50 billion in 2011 as unrest in the Middle East and North Africa have driven up international crude oil prices, chairman Jiang Minjie noted. PetroChina posted a ¥41.5 billion loss for the first three quarters of 2011. The Chinese government has a tight grip on fuel prices to prevent rising prices from denting consumer confidence.
Sinopec Discovers Huge Well in Brazil
Sinopec Group, the parent of Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386), said its subsidiary in Brazil has found an oil and gas well in the South American country that has the potential to produce 5,000 barrels of crude oil and 810,000m3 of natural gas per day.
Zheng Tu 2 Boosts Giant Interactive Revenue
Giant Interactive Group Inc (NYSE: GA), a leading Chinese online game operator, posted ¥1.79 billion in revenues and ¥880 million in net profits for 2011, up 34.5% and 8.5% respectively from the year before thanks to the excellent performance of Zheng Tu 2, one of its money spinners.
Nationz Tech Partners with Intel for Trusted Computing
Nationz Technologies Inc (SHE: 300077), a Shenzhen-based integrated circuit maker, said it has signed a memorandum of understanding with Intel Corp (NASDAQ: INTC) to collaborate in developing trusted computing technologies. No details were disclosed.
Industrial Bank in ¥26b Rights Offer to Shore Up Capital
Industrial Bank Co (SHA: 601166) said it plans to raise ¥26.3 billion through a private placement to replenish its capital. Its capital and core capital adequacy ratios stood at 10.92% and 8.08% respectively as of the end of September 2011.
Saic Sales Volume Back to Growth
Saic Motor Corp (SHA: 600104), China's biggest carmaker by output, said it sold 367,325 vehicles in February, up 29.7% from a year earlier, turning around from an 8.5% year on year decline in January.
Vanke Posts Better YoY and Worse MoM Sales in Feb
China Vanke Co (SHE: 000002), the nation's biggest property developer, said it sold 720,000m2 in floor space valued at ¥7.34 billion in February. The volume was up 31.2% year on year and down 39.5% month on month, and the value was up 20.7% year on year and down 39.8% month on month.
R&F Properties Sees Strong Performance in Feb
Guangzhou R&F Properties Co (HKG: 2777) said it sold 224,700m2 in floor space valued at ¥2.4 billion in February, up 156% and 95% respectively from a year earlier. In the first two months, it sold 312,500m2 valued at ¥3.63 billion, up 33% and down 6% respectively year on year.
China Communications Construction Set for Shanghai IPO
China Communications Construction Co (HKG: 1800) said it hopes to raise ¥5 billion from its initial public offering in Shanghai which is scheduled for this Friday. The company curtailed the size of the fundraising from its original ¥20 billion amid slowing economic expansion.
$1 = ¥6.31
@2011 China Economy @ The China Perspective.
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