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Merck, Simcere Pharma Form Tie-Up for China Business
Merck & Co Inc (NYSE: MRK), the second biggest drug maker in the US, and China's Simcere Pharmaceutical Group (NYSE:SCR) said they have established a company to help market Merck's advanced drugs for cardiovascular diseases in lower-level medical institutions in China. Merck owns 51% of the Shanghai-based joint venture and Simcere Pharmaceutical the remainder, and both companies will use their facilities in China to produce the drugs. Merck currently operates one R&D center and three plants in China, employing over 5,000 people. Nanjing, Jiangsu province-based Simcere Pharmaceutical was the first Chinese drug maker to list in the US.
Trina Solar to Ax Jobs
Trina Solar Ltd (NYSE: TSL), a Chinese integrated solar power producer, said it will cut jobs to control costs, without disclosing an exact number. An insider said the company was likely to lay off 30% of its headcount, which stood at 14,386 at the end of June 2012. Trina Solar posted a 40.3% year-on-year decline in revenue and a $92.1 million loss in Q2 2012 due to lower photovoltaic prices and slack overseas demand; the loss was much worse than the $29.8 million it booked a year earlier.
CNR to Offer ¥2b Short-Term Bonds
China CNR Corp (SHA: 601299), a leading train maker, said it will issue ¥2 billion worth of 270-day unsecured bonds on September 14, without revealing purposes. The company posted ¥18.4 billion in revenue and ¥664 million in net profits for Q1 2012.
China Railway Seals ¥28b Deals
China Railway Group Co (SHA: 601390, HKG: 0039) said it has recently signed 16 contracts worth a combined ¥28.1 billion. The amount is equivalent to 6.1% of its revenue in 2011.
Pacific Insurance Premiums Near ¥113b Jan-Aug
China Pacific Insurance Group Co (SHA: 601601, HKG: 2601) said its premium incomes totaled ¥112.7 billion in the first eight months of 2012, including ¥66.9 billion from life and casualty insurance and ¥45.8 billion from life insurance.
Nanning Sugar to Offer ¥540m Bonds
Nanning Sugar Industry Co (SHE: 000911), China's largest listed sugar maker, said it will issue ¥540 million worth of seven-year corporate bonds on September 17, without revealing purposes. The company posted a ¥32.46 million loss for 1H 2012 due to lower sugar prices and higher raw material costs, compared to a ¥143 million net profit a year ago.
$1 = ¥6.33
@2011 China Economy @ The China Perspective.
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