Anglo-Australian mining giant Rio Tinto is likely to acquire a controlling stake in Mongolian copper and gold mine Oyu Tolgoi by the end of this year, and Aluminum Corporation of China (NYSE: ACH, SHA: 601600, HKG: 2600) is likely to share the majority equity as it is the largest single shareholder of Rio Tinto and as Oyu Tolgoi is highly dependent on the Chinese market, a person close to Rio Tinto told the 21st Century Business Herald. It is estimated $4.6 billion will be needed to develop Oyu Tolgoi, one of the largest copper and gold mines in the world, bordering China.
Ctrip.com International Ltd (NASDAQ: CTRP), China's biggest online travel service provider, said its Shanghai-based subsidiary agreed to acquire Nanjing Renren International Travel Services. The size of the deal was not disclosed. Founded in 2006, Renren offers trips around Jiangsu provincial capital Nanjing and served 250,000 customers in 2010.
Alibaba Group, China's top e-commerce site that operates Alibaba.com (HKG: 1688), and Industrial Bank Co (SHA: 601166) made a joint statement that the bank has connected its systems to Alipay's Quick Pay, an online payment-by-credit-card service owned by Alibaba. The service will allow the bank's account holders who have not signed up for online banking to complete transactions by using the bank's debit or credit cards. Quick Pay currently supports 108 banks.
Baoshan Iron & Steel Co (SHA: 600019) marked down the prices for most of its July-delivery products by ¥100 to ¥500 per ton amid a gloomy outlook for steel demand.
Qingshan Mining Ltd, a subsidiary of Zhuhai Wanlida Electric Co (SHE: 002180), said it had signed an agreement to purchase a 40% stake in Mexico-based JDC Mining Ltd for $3 million. JDC bought a precious metal mine in Mexico in 2008. The mine was developed in the 1930s, and activities halted during WWII and have remained dormant since.
Shenzhen Coship Electronics Co (SHE: 002052), a manufacturer of satellite receivers and cable and terrestrial set-top boxes, said its wholly owned subsidiary Beijing Coship Times Technology has won a ¥372 million HD bi-directional cable digital TV set-top box contract from Beijing Gehua CATV Network Co (SHA: 600037). The value represents 16.2% of Beijing Coship Times' revenues in 2010.
Poly Real Estate Group Co (SHA: 600048) said it sold 617,300m2 in floor space valued at ¥7.41 billion in May, up 31.7% and 132.1% respectively from a year ago. Gemdale Corp (SHA: 600383) said it sold 146,000m2 in floor space valued at ¥2.08 billion in May, up 224.5% and 383.8% respectively from a year ago.
Shanghai Bailian Group Co (SHA: 600631) said it plans to open over 800 malls and outlets across the nation over the next five years, and expects to generate ¥180 billion in annual revenues by 2015.
$1 = ¥6.48
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