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Dangdang to Expand Wuhan Warehouse
E Commerce China Dangdang Inc (NYSE: DANG), a Chinese online B2C retailer, will expand its logistics center in Wuhan, Hubei's provincial capital, from 15,000m2 to 100,000m2 to address growing sales in central China, CEO Li Guoqing said. The project, set to be built in two phases, is expected to lift regional sales to ¥3 billion in two to three years. Dangdang, which started as an online book seller and is currently responsible for one-third of online book sales in China, posted ¥3.6 billion in revenues last year.
PetroChina's Daqing Oilfield Output Hits New Record
PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857) said crude production at its Daqing oilfield, the largest in China, cracked the 20-million-ton mark in 1H 2012. Its crude production is set to exceed 40 million tons for the whole of this year. Daqing's natural gas output totaled 1.76 billion m3 in 1H 2012.
Suning to Step Up Acquisition of E-Commerce Businesses
Suning Appliance Co (SHE: 002024), China's largest chain store by revenue, is planning a private placement aimed at raising ¥5.5 billion for possible acquisitions of e-tailers to supplement its fledging Egou.com ecommerce platform, vice chairman Sun Weimin said, without revealing the names of its targets.
Xiamen Tungsten to Offer ¥500m Bonds
Xiamen Tungsten Co (SHA: 600549), a leading producer of the mineral, said it will issue ¥500 million worth of one-year bonds on July 12 and July 13, without disclosing purposes. The company posted ¥1.85 billion in revenues and ¥170 million in net profits for Q1 2012.
$1 = ¥6.33
@2011 China Economy @ The China Perspective.
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