Mecox Lane Ltd (NASDAQ: MCOX), the operator of the Chinese e-tailer M18.com, has signed a deal with Agricultural Bank of China Co (SHA: 601288, HKG: 1288) for cooperation on electronic billing services. Mecox Lane became China's first e-commerce site to develop a partnership with Agricultural Bank of China.
PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857) said its Daqing oilfield – the largest oilfield in China – is now capable of producing 1.68 m3 of natural gas a year.
China Shenhua Energy Co (SHA: 601088, HKG: 1088), the nation's biggest coal producer, said it produced 23.7 million tons of coal and sold 30.6 million tons in August, up 20.3% and 21.9% respectively from the same month a year ago. Its exports in August declined to 500,000 tons, down from 900,000 tons last year.
Sany Heavy Industry Co (SHA: 600031), a leading Chinese engineering machinery manufacturer, expects to raise $3.33 billion in its initial share sale in Hong Kong. The listing will likely be the second largest IPO in the city's history. Sany's chairman has just topped the Hurun Report's list of the richest people in China. Sany is currently seeking asset acquisitions in Europe, America, India and Brazil.
BYD Co (HKG: 1211), the Chinese electric carmaker backed by Warren Buffett, may have to sell a record ¥6 billion worth of bonds to pay off maturing debt next year just as the government's inflation-fighting campaign pushes corporate borrowing costs to a new high, Bloomberg reported. The bonds will mature in no more than 10 years.
Alibaba.com (HKG: 1688), China's top e-commerce platform, plans to invest ¥1 billion establishing a logistics center in Sichuan's provincial capital, Chengdu. When operational, the facility is expected to employ 3,000 to 4,000 people and generate ¥10 billion in revenues.
ZTE Corp (SHE: 000063, HKG: 0763), a leading Chinese telecom equipment maker, said it won a contract from Uruguay's Antel to provide 100Mbps broadband service to 300,000 local households over the next three years. The size of the deal was not disclosed. Antel is the South American country's largest telecommunications firm, with a 95.5% market share as of June 2010.
Shandong Polymer Biochemicals Co (SHE: 002476) said it signed a contract to supply 9,900 tons of polyacrylamide worth ¥207 million to Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386) by March 2012. The amount is equivalent to 40.1% of the Shandong company's revenue in 2010.
Starlake Bioscience Co (SHA: 600866) said it plans to invest ¥195 million building an assembly line that is expected to produce 35,000 tons of amino acid annually when operational by the end of this year. The project is estimated to generate ¥305 million in revenues and ¥39 million in net profits per year.
Sinohydro Group Ltd, a state-owned hydropower engineering and construction company, plans to raise ¥17.32 billion in its initial public offering in Shanghai. The stock sale is likely to be the largest IPO in mainland China this year, exerting extra pressure on the already bearish market.
$1 = ¥6.38