Aluminum Corporation of China (NYSE: ACH, SHA: 601600, HKG: 2600) said its Hong Kong subsidiary plans to issue $1.2 billion in bonds to fund offshore investment. Chinalco has yet to price the 10-year bonds.
CNOOC Ltd (NYSE: CEO, HKG: 0883), China's biggest offshore oil producer, and Zhuhai Port Co (SHE: 000507) said their wholly-owned subsidiaries would invest a total of ¥185 million establishing a company to build two 390MW thermoelectricity generators for the port of Zhuhai. The initial phases of the project are estimated to cost ¥3.1 billion and become operational by 2013.
China's 124 listed property developers reported ¥145.4 billion in revenues in 1H 2011, up 8.4% from a year earlier, according to Shenyin & Wanguo Securities figures. They had ¥1.03 trillion worth of unsold properties as of August 31, 2011.
Munich Re AG has reached an agreement with a subsidiary of Ping An Insurance Group Co of China (SHA: 601318, HKG: 2318) to develop research and development products for China's renewable energy industry. China's central bank owns 3.04% of Munich Re AG.
Dalian Friendship Group Co (SHE: 000679), a retailer and hotel and property developer, said its subsidiary plans to invest ¥180 million joining Japan's Sumitomo Corp to develop a tract of land in Suzhou, Jiangsu province. They will found a company, in which Dalian Friendship will own a 55% stake, and spend ¥500 million building 400 apartments and stores on the property.
Liaoning Cheng Da Co (SHA: 600739), a state-owned conglomerate based in Dalian, said it plans to invest ¥600 million founding a fund dedicated to investment in equity, corporate governance and consulting services. The fund is expected to raise ¥5 billion in total and attract no more than 50 partners.
Shanghai Lujiazui Finance & Trade Zone Development Co (SHA: 600663), a commercial property developer and leaser, said it paid ¥568 million for a 8,213m2 block for office space purposes in the city's Pudong district. The company said the acquisition will increase its land reserves and competitiveness.
Zhejiang Kaishan Compressor Co (SHE: 300257) said it plans to invest ¥70 million setting up four wholly-owned subsidiaries to make high value-added screw machines and develop new products.
Sanan Optoelectronics Co (SHA: 600703), a Jinzhou, Hubei province-based LED and solar power generation system manufacturer, said it won a ¥680 million contract to supply photovoltaic products for a project in Qinghai province. Rixin Photovoltaic Technology Co, Sanan's controlling subsidiary, will deliver 50MW of solar power generation equipment to Shenguang New Energy Co's power plant in Golmud, Qinghai.
Luxi Chemical Group Co (SHE: 000830), a Shandong province-based fertilizer and chemicals manufacturer, said its parent plans to seek foreign strategic investors through a rights offer. No details were announced, althought the parent will keep a controlling stake.
Lashou.com, a Chinese daily-deal site, is planning an IPO in the US, Bloomberg reported, citing three people familiar with the matter. The company is looking for advisers to replace Morgan Stanley and Goldman Sachs, which are also underwriting the IPO for rival Groupon Inc, according to sources who asked not to be identified because the information is not public.
360buy.com, China's biggest B2C site, is reportedly seeking to raise $4 billion to $5 billion next year in New York in what is likely to be the largest ever IPO by an Internet company. The company declined to comment.
$1 = ¥6.39
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