China Mobile Ltd (NYSE: CHL, HKG: 0941) said it signed an agreement with Shanghai Pudong Development Bank Co (SHA: 600000) to develop a contactless payment platform expected to be launched in Q3 2011, said people knowledge of the issue. The platform uses the standard for contactless payments developed by China UnionPay, the nation's sole bankcard network operator, and will require only the simple installation of a payment platform on existing handsets to enable payment functionality comparable to that offered by UnionPay-backed cards.
Aluminum Corporation of China (NYSE: ACH, SHA: 601600, HKG: 2600) and Anglo-Australian mining giant Rio Tinto signed a deal to set up an exploration company in China. Chinalco will own a 51% stake in the joint venture. The deal is pending Chinese regulatory approval.
China Southern Airlines Ltd (NYSE: ZNH, SHA: 600029, HKG: 1055) said it ordered six Boeing B777F cargo aircraft valued at a combined $1.58 billion. The purchase is expected to increase China's top carrier's transport capacity by 8.4%.
Canadian Solar Inc (NASDAQ: CSIQ) announced a plan to build a 600MW photovoltaic cell manufacturing plant, in addition to a wafer factory, in Suzhou, Jiangsu province. The Ontario, Canada-based, China-dedicated firm said it would build the solar cell factory with state-owned Suzhou New District Economic Development Group Corp and Suzhou Science and Technology City Development. Canadian Solar will contribute about 61% of the equity. Canadian Solar has also recently formed a joint venture with a unit of polysilicon producer GCL-Poly Energy Holdings (HKG: 3800) to build a 600MW wafer plant.
Shanda Interactive Entertainment Ltd (NASDAQ: SNDA), a leading Chinese interactive entertainment media company, posted ¥1.63 billion in revenues and ¥133.5 million in net profits for Q1 2011, up 25% and down 49.6% respectively from the same period a year ago.
Sanpower Group, a Jiangsu province-based privately owned technology company and property developer, has made a foray into the retail sector after paying ¥601 million for a 17% stake in Nanjing Xinjiekou Department Store Co (SHA: 600682), becoming its largest shareholder.
Soho China Ltd (HKG: 0410), a leading property developer, acquired a 16,427m2 block in Shanghai for ¥1.5 billion. The plot will be developed into 66,800m2 in floor space for commercial real estate and office building purposes.
$1 = ¥6.48