China Mobile Ltd (NYSE: CHL, HKG: 0941) said it plans to spend ¥5 billion founding an independent financial company to ratchet up financial operations of the world's biggest wireless carrier by subscribers.
ReneSola Ltd (NYSE: SOL), a leading global manufacturer of solar products, said that its board of directors has agreed to implement a Shareholder Rights Plan. The details of the plan are expected to be finalized by the board before the end of August 2011 and will be further communicated by the company upon finalization. The plan is not being implemented in response to, or in anticipation of, any specific effort to acquire control of ReneSola, and the company is not aware of any pending takeover bid.
Nanchang Shuanghui Food Ltd, a wholly-owned subsidiary of Henan Shuanghui Investment & Development Co (SHE: 000895), said it plans to invest ¥1.2 billion building an abattoir in Jiangxi provincial capital Nanchang, capable of slaughtering two million pigs and producing 132,000 tons of pork a year.
Shanghai Pharmaceutical Co (SHA: 601607, HKG: 2607) posted ¥25.21 billion in revenues and ¥1.3 billion net profits for 1H 2011, up 36.1% and 65.7% year on year respectively thanks to increased sales of medicine.
Zhonghong Real Estate Co (SHE: 000979) said it plans to pay ¥60 million for a 49% stake in Xinxing Ming Co which digs and smelts gold.
Yunnan Aluminum Co (SHE: 000807) said it plans to spend $29.8 million founding a trade company in Hong Kong to help it step up offshore operations. Yunnan Aluminum's 1H net profit surged 177.5% year on year to ¥31.36 million thanks to high aluminum prices.
Guangdong Goworld Co (SHE: 000823), an electronics maker, posted ¥1.53 billion in revenues and ¥79.52 million in net profits for 1H 2011, up 10.4% and 33.6% year on year respectively. Its competitive touchscreen division posted ¥340 million in revenues and ¥25.57 million in net profits during the same period, up 2% and 42% year on year respectively.
$1 = ¥6.4