China Corporate News: Lenovo Dismisses Nokia Acquisition Rumor

Lenovo Dismisses Nokia Acquisition Rumor
Lenovo Group Ltd (HKG: 0992), China's biggest personal computer maker, refuted rumors that it would take over financially beleaguered Finnish cellphone maker Nokia Corp (NYSE: NOK). Gianfranco Lanci, the head of Lenovo's business in Europe, Middle East and Africa, said he had no internal information about the deal.

China Railway Construction Takes Inter Milan Stake
China Railway Construction Corp (SHA: 601186, HKG: 1186) has purchased a stake in Internazionale Milano SpA and has become its second largest shareholder, the Italian soccer club said on its official website, without disclosing the size of the Chinese stake. China Railway Construction has reportedly paid $91 million for a 15% stake in Inter Milan and will work with it to build a new stadium which is expected to be inaugurated by 2017.

Suning Said to Approach Instrument Retailer for Acquisition
Suning Appliance Co (SHE: 002024), China's largest chain store by revenue, is in talks to acquire Yuebo Music, China's largest musical instrument retailer, DoNews reported. Founded in 1996, Yuebo currently operates 100 stores and 45 training schools and employs over 500 people. The takeover is estimated to involve billions of yuan. Revenues from instrument sales in China are worth ¥30 billion and grows 30% annually.

Shanghai Airport Forecasts 4.4% Gains in 1H Earnings
Shanghai International Airport Co (SHA: 600009), the operator of the city's two airports, posted ¥2.27 billion in revenues and ¥755 million in net profits for 1H 2012, up 4.6% and 4.4% respectively from 1H 2011. Its investment returns dropped 14.2% year on year to ¥274 million during the period. The figures were audited.

CSR Seals ¥2.5b Turkish Metro Deal
CSR Corp (SHA: 601766, HKG: 1766), China's biggest train maker by market value, said its wholly-owned subsidiary, CSR Zhuzhou Electric Locomotive Co, has won a ¥2.5 billion contract from a subway project in the Turkish capital of Ankara. The amount is equivalent to 3.1% of its revenue in 2011.

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