China Corporate News: Budget Smartphone High on China Unicom's Agenda; LDK Signs 3 Gansu Contracts

Budget Smartphone High on China Unicom's Agenda
China Unicom Ltd (NYSE: CHU, SHA: 600050, HKG: 0762) will prioritize the development of ¥1,000 smartphones for Chinese consumers, said Zhou Youmeng, the head of the company's marketing department. China Unicom was serving 51.67 million 3G service users as of the end of April, up 151% from the same time a year ago. It has so far sold 13 million smartphones.

LDK Signs 3 Gansu Contracts
LDK Solar Co (NYSE: LDK), a leading Chinese photovoltaic manufacturer, said it has signed three multiyear engineering, procurement, and construction agreements. All three projects are located in Gansu province in northwestern China, with each involving a 200MW capacity.

Sinohydro Denies $2b Iran Contract Has Ended
Sinohydro Group Ltd (SHA: 601669), a leading Chinese hydropower plant contractor and the company behind the mainland's biggest IPO in 2011, said it has not received any notice from its Iranian customers about cancellation of a dam project in the Middle East country. It was reported late last week that Iranian authorities terminated the contract for Sinohydro's $2 billion hydropower plant, which is expected to generate 1,500MW of electricity per year once operational.

Everbright Bank Offers ¥6.7b Bonds
China Everbright Bank Co (SHA: 601818) said it will issue ¥6.7 billion worth of flat-rate subordinated bonds Thursday to replenish capital and shore up its current capital adequacy ratio of 10.57%.

R&F Properties May Sales Up 15%
Guangzhou R&F Properties Co (HKG: 2777) said it sold 195,800m2 in floor space valued at ¥2.34 billion in May, up 15% and 3% respectively from a year earlier. During the first five months, it sold 947,900 m2 fetching ¥11.87 billion, up 35% and 9% year on year respectively.

$1 = ¥6.33