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China Life Insurance Co (NYSE: LFC, SHA: 601628, HKG: 2628), the nation's biggest insurer by market value, said its 1H net profit declined 28.1% year on year to ¥12.96 billion as market turned volatile and investment yield fell to 4.5%.
Renren Inc (NYSE: RENN), a leading Chinese social networking site operator, said its Renren.com and MSN China had formed a partnership to share each other's accounts for social networking and instant messaging services.
Industrial & Commercial Bank of China Ltd (SHA: 601398, HKG: 1398), the world's largest lender by market value, said its investment banking division had attracted over 23,500 customers by June 30, 2011 and generated ¥13.16 billion in revenues that was up 51.8% year on yearin 1H 2011. Revenue from domestic investments rose 48.9% to ¥12.38 billion during the period.
Industrial Bank Co (SHA: 601166) said its 1H net profit rose 39.6% year on year to ¥12.23 billion thanks to widened interest rate gaps. The Fuzhou, Fujian province-based lender capital adequacy ratio stood at 11.22% as of June 30, 2011.
Shanxi Xishan Coal and Electricity Power Co (SHE: 000983) said it plans to invest ¥98 million establishing a joint venture with Qinshui Lanyan Coalbed Methane Co to develop coalbed methane. Shanxi Xishan will own 51% of the new company.
China National Building Material Co (HKG: 3323) posted ¥34.56 billion in revenues and ¥3.61 billion in net profits for 1H 2011, up 61.7% and 237.1% year on year respectively thanks to rising cement prices. The company's cement sales volume was up 17.1% to 82.18 million tons during the six-month period.
Sichuan Changhong Electric Co (SHA: 600839), a leading home appliance maker, posted ¥22.99 billion in revenues and ¥230 million in net profits for 1H 2011, up 23.5% and 469% year on year respectively. The huge increase in net profits was attributed to ¥190 million of government subsidies, which was up ¥60 million from the same period a year ago.
Kangmei Pharmaceutical Co (SHA: 600518) posted ¥2.79 billion in revenues and ¥436 million in net profits for 1H 2011, up 89.6% and 40.9% year on year respectively thanks to increased sales.
$1 = ¥6.39
@2011 China Economy @ The China Perspective.
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