China Corporate News: China Mobile Revenue Up 9% in 2011; Sinopec to Take More Assets from Parent

China Mobile Revenue Up 9% in 2011
China Mobile Ltd (NYSE: CHL, HKG: 0941), the world's largest wireless carrier by subscribers, posted ¥528 billion in revenues and ¥125.9 billion in net profits for 2011, up 8.8% and 5.2% respectively from the year before. It was serving nearly 650 million customers, including 51 million 3G service users, as of the end of last year. Its monthly average revenue per user was ¥71 in 2011.

China Unicom Parters with USTC for Audio Tech
Anhui USTC iFlytek Co (SHE: 002230), a software company, signed a three-year strategic deal with China Unicom Ltd (NYSE: CHU, SHA: 600050, HKG: 0762) to cooperate on intelligent audio technology for the latter's Internet, mobile music and calling services. No details were disclosed.

Sinopec to Take More Assets from Parent
Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386) said it will acquire overseas oil and gas assets from its parent when the time is ripe after receiving a letter from its parent that promised less peer competitions from within.

China Railway Seals ¥33b Deals
China Railway Group Co (SHA: 601390, HKG: 0039) said it recently signed ¥33.15 billion worth of contracts. The amount is equivalent to 7% of its revenue in 2010.

Soho Takes 54% Dive in 2011
Soho China Ltd (HKG: 0410), a Beijing-based property developer, said its revenue from selling properties tumbled 54.2% to ¥10.9 billion last year amid government curbs to bring down unreasonably high prices. However, chairman Pan Shiyi expects contract values to reach ¥23 billion this year, well above the ¥11.7 billion estimated by Goldman Sachs and the ¥16.6 billion estimated by UBS.

Guangzhou Airport Net Profit Rises 19%
Guangzhou Baiyun International Airport Co (SHA: 600004) posted ¥4.24 billion in revenues and ¥697 million in net profits for 2011, up 9.7% and 18.6% respectively from the year before. The airport, the largest in southern China, handled 45 million passengers, 1.18 million tons of cargo and 349,300 arrivals and departures last year, up 9.9%, 3.1% and 6.1% respectively from 2010.

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