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China had 27 firms that went public in August, raising a combined $4.24 billion, down 22.9% and 46.4% respectively from the same month a year ago, according to Zero2IPO. Of these 27 firms, 25 floated domestically, raising a combined $4.07 billion as offshore IPOs hit a trough.
China Unicom Ltd (NYSE: CHU, SHA: 600050, HKG: 0762) reduced international roaming fees for 30 countries and regions, and the charges for Germany, Britain, Spain and France have been slashed by up to 70%.
Merro Pharmaceutical Co (SHA: 600297) said it had acquired a GMP certificate from Australia's Therapeutic Goods Administration, signaling its products will be accepted in over 20 countries that imposes strict standards on drugs, including EU member states.
China Minsheng Banking Corp (SHA: 600016, HKG: 1988), the nation's first private lender, received regulatory approval to offer ¥20 billion in convertible bonds in Shanghai and ¥1.65 billion in additional shares in Hong Kong. The bank did not say where the money to be raised will go.
Metallurgical Corp of China (SHA: 601618, HKG: 1618) posted ¥106.15 billion and ¥1.97 billion in net profits for 1H 2011, up 19.2% and down 11.5% year on year respectively. It said strong equipment manufacturing and polysilicon businesses were behind in revenue gains, but stated no reason for the decline in net income. The company's polysilicon output surged 134.5% year on year to 3,751 tons during the period, and a 5,000-ton plant has been inaugurated to lift its annual capacity to 8,000 tons by the end of this year.
Shanghai Construction Ltd (SHA: 600170), an infrastructure contractor, said it had won a $116.5 million contract to build a road and a bridge in Cambodia. The project is expected to kick off by January 2012 and be completed in 45 months.
Mindong Electric Group Co (SHE: 000536) said it plans to pay ¥400 million for a 20% stake in CPTF Optronics Co to expand Mindong Electric's business scope. CPTF Optronics was founded in 1994 and currently has ¥2.03 billion in net assets. It posted ¥2.47 billion in revenues and ¥38.13 million in net profits last year.
Huayi Electric Co (SHA: 600290) said its wholly-owned subsidiary Huayi Wind Power Ltd had won a ¥203 million contract to produce 33 wind turbines to be delivered in March 2012.
$1 = ¥6.39
@2011 China Economy @ The China Perspective.
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