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Sinopec Takes Stake in Texas Clean Energy Project
A Chinese group consisting of Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386) and Chinese banks are in talks to acquire an equity stake in and provide financing of up to $1 billion to the $2.5 billion Texas Clean Energy Project in what would mark one of the biggest investments by Chinese companies in the US power sector, the Wall Street Journal reported, citing people familiar with negotiations. The move comes as Sinopec looks to acquire energy reserves and seeks US production expertise. Sinopec has already invested billions in US shale gas fields. Separately, Sinopec said it will team up with China Coal Energy Co (SHA: 601898, HKG: 1898), the nation's second largest coal producer by revenue, for cooperation in sourcing and distribution of refined oil and coal.
Ambow Edu Partners with Baidu on Vocational Training
Ambow Education Holding Ltd (NYSE: AMBO), a Chinese vocational training service provider, said it has developed a partnership with Baidu Inc (Nasdaq: BIDU), China's dominant search engine, to incorporate Baidu's SEM certification program into its vocational training system. Ambow, a Cisco Learning Solutions Partner and Microsoft Academic Service Partner, will operate Baidu's SEM certification testing centers in Beijing, Shanghai and Guangzhou offering regularly scheduled exams and training courses to university students and others seeking Baidu SEM certification.
China Life Premiums Drop 5.6% Through Jul
China Life Insurance Co (NYSE: LFC, SHA: 601628, HKG: 2628), the nation's biggest insurer by premium income, said it premium incomes fell 5.6% year on year to ¥203.3 billion in the first seven months of this year. The decline was faster than the 5.2% recorded for the first six months. Dwindling sales of bancassurance, whereby the insurer uses the bank sales channel to sell insurance products, was blamed for the decline.
AirMedia Improves Quarterly Loss
AirMedia Group Inc (Nasdaq: AMCN), a leading Chinese operator of out-of-home advertising platforms, posted $68.1 million in revenues and $1.5 million in net losses for Q2 2012. Revenue was up 16.4% year on year and 0.9% quarter on quarter, and the loss was better than $8.6 million in the red during Q2 2011 as cost control efforts began to pay off. The company is building mega LED screens as one of the growth drivers in the coming years. The figures were unaudited.
Mecox Lane Posts Larger Loss
Mecox Lane Ltd (Nasdaq: MCOX), the operator of Chinese clothing retailing site M18.com, posted $39 million in revenues and $4.9 million in net losses for Q2 2012. Revenue dived 33.6% year on year and the loss worsened from $3.4 million in the red during Q2 2011 as a result of a substantial decrease in average monthly unique visitors and record high advertising expenses. The figures were unaudited.
Pudong Bank 1H Profit Jumps 33% on Lower Expenses
Shanghai Pudong Development Bank Co (SHA: 600000) said its 1H net profit rose 33.5% year on year to ¥17.19 billion thanks to successful overall cost control. As of the end of June 2012, the lender had ¥2.06 trillion of deposits and ¥1.45 trillion in outstanding loans, up from ¥1.85 trillion and ¥1.33 trillion respectively from six months earlier. An increase in non-performing loans was spotted during 1H 2012.
Jahwa 1H Profits Surges 74% on Lower Logistics Cost
Shanghai Jahwa United Co (SHA: 600315), a leading cosmetics and household cleaning products maker, posted ¥2.34 billion in revenues and ¥360 million in net profits for 1H 2012, up 21.7% and 73.9% respectively from 1H 2011. Rising revenues from new products and a reduction in logistics cost boosted earnings.
Conch Cement 1H Profit Slides 51% on Weak Demand, Lower Prices
Anhui Conch Cement Co (SHA: 600585, HKG: 0914), China's biggest cement producer by output, said its 1H net profit tumbled 51.3% year on year to ¥2.92 billion in the wake of weak demand and lower prices. Revenue was down 8.2% to ¥20.3 billion.
$1 = ¥6.35
@2011 China Economy @ The China Perspective.
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