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Sinopec Takes 10% Stake in Australia Pacific LNG
Sinopec Group, the parent of China's largest refiner Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386), said it has completed a $1.1 billion deal to purchase 10% of Australia Pacific LNG, gaining access to its 78.6 billion m3 of liquefied natural gas reserves and increasing its stake in the company to 25%. Sinopec also agreed to buy an additional 3.3 million tons of LNG per year, totally 7.6 million tons, from Australia Pacific LNG for 20 years starting 2016.
China Life 1H Premium Incomes Total ¥185.4b
China Life Insurance Co (NYSE: LFC, SHA: 601628, HKG: 2628), the nation's biggest insurer by premium income, said its premium incomes totaled ¥185.4 billion in 1H 2012, without offering historic data for comparison.
BYD, Daimler Quell Breakup Rumor
BYD Co (SHE: 002594, HKG: 1211), the Chinese electric car and battery maker backed by Warren Buffett, and Daimler AG made a joint announcement, denying their joint venture is coming to an end. Daimler had reportedly turned to other battery makers after a taxicab powered by BYD batteries burst into flames after being hit by another car in May. BYD shares plummeted to the lowest price yesterday since its float. Shenzhen BYD Daimler Technology Ltd, a 50:50 joint venture founded in 2010, launched the Denza, an electric car developed for the Chinese market, at the Beijing auto show in April. The two sides said the model will be commercially available next year as planned.
Sinohydro to Offer ¥2.5b Commercial Papers
Sinohydro Group Ltd (SHA: 601669), a leading Chinese hydropower plant contractor, said it will issue ¥2.5 billion worth of five-year commercial papers on July 24, without disclosing what the money raised will be spent on. The company posted ¥24.2 billion in revenues and ¥721 million in net profits for Q1 2012.
Metallurgical Corp 1H Contract Value Down 25%
Metallurgical Corp of China (SHA: 601618, HKG: 1618) said it signed ¥123.61 billion worth of contracts in 1H 2012, down 25.4% from 1H 2011 amid weaker global economic conditions. Its overseas contracts were worth ¥10.25 billion in 1H 2012, with no comparisons made to historic figures.
Brokerage Earnings Slip 13% in 1H
China's 112 securities brokerages reported ¥70.63 billion in revenues and ¥22.66 billion in net profits in 1H 2012, down 6% and 13% year on year respectively as the stock market stayed bearish. 79% of the 112 firms operated in the black.
$1 = ¥6.37
@2011 China Economy @ The China Perspective.
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