China Telecom Corp (NYSE: CHA, HKG: 0728) is reportedly being investigated by several Chinese government agencies for providing broadband services that charged work settlement fees to lock out potential competitors. It is likely that China Telecom Corp, the smallest of the nation's top three wireless carriers, will be fined 1% to 10% of the illegal proceeds it has acquired.
China Mobile Ltd (NYSE: CHL, HKG: 0941), the world's biggest wireless carrier by subscribers, said it had 3.11 million corporate clients as of the end of July 2011, 13,000 more compared to a month earlier.
China Unicom Ltd (NYSE: CHU, SHA: 600050, HKG: 0762) attracted 2.05 million new 3G service users in August, bringing the total number to 27.87 million. 2G service users increased 315,000 to 158.23 million in number in August.
Aluminum Corporation of China (NYSE: ACH, SHA: 601600, HKG: 2600) said it had received ¥128.67 million in government subsidies for a 30,000-ton copper concentrate project and two mining projects in the west of the country.
China Shenhua Energy Co (SHA: 601088, HKG: 1088), the nation's biggest coal producer, said its deal with Mongolia's Tavan Tolgoi to develop its coalmines was rejected by Mongolia's national security review board. In a preliminary agreement reached in July, Shenhua would own 40% of Tavan Tolgoi, a consortium of Russian and Mongolian firms 36%, and US-based Peabody Energy Corp the remaining 24%. The Mongolian government gave no reasons for the veto.
Xinjiang Goldwind Science & Technology Co (SHE: 002202, HKG: 2208), China's second largest wind turbine maker by capacity, plans to build a $200 million wind farm in Illinois, the Wall Street Journal reported. The agreement is part of an ambitious expansion strategy by Goldwind and indicates that despite political obstacles Chinese solar firms can still make inroads in the US market.
Tencent Holdings Ltd (HKG: 0700), China's largest Internet company by market value, plans to expand its cloud computing center in Chongqing's Liangjiang district to 300,000 computers, chairman and CEO Ma Huateng said. The initial phase was launched in March 2011, and the project is expected to generate ¥2 billion in revenues when fully operational in June 2013.
China CNR Corp (SHA: 601299), a leading Chinese railway equipment manufacturer, said it had recently won ¥7.27 billion worth of contracts.
Inner Mongolia Eerduosi Cashmere Products Co (SHA: 600295) said it plans to step into the photovoltaic industry by spending ¥100 million establishing a plant capable of rolling out 500MW of polysilicon ingots and 500MW of monocrystalline silicon per year.
$1 = ¥6.38