PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857) said its subsidiary Baoji Oilfield Machinery Co had signed an agreement with two Brazilian firms to establish a company in the Brazilian state of Bahia to manufacture oil drilling equipment. PetroChina will own 34% of the joint venture and the two Brazilian firms will hold a 33% stake each.
China Mobile Ltd (NYSE: CHL, HKG: 0941) said it attracted 3.03 million 3G service users in June, bringing the total number to 35.03 million. The number of users of all its mobile services has amounted to 617 million after 32.77 million new customers signed up in the first half of this year.
Aluminum Corporation of China (NYSE: ACH, SHA: 601600, HKG: 2600) has paired up with two Guangxi autonomous region-based metal companies to establish a rare earth miner there. No financial details were available. The joint venture is expected to generate ¥3.5 billion in revenues a year within three years and go public within five years. Guangxi in southern China is rich in rare earth mineral reserves.
CNOOC Ltd (NYSE: CEO, HKG: 0883), China's biggest offshore oil producer, said its wholly-owned subsidiary CNOOC Luxembourg Sarl has entered into an agreement to acquire OPTI Canada Inc for an estimated $2.1 billion.
Suning Appliance Co (SHE: 002024), China's largest chain store by revenue, said it had purchased three closed Best Buy stores that are estimated to be able to generate a combined ¥450 million to ¥500 million in revenues per year, a person of Suning Shanghai said. Two of the stores are in Shanghai and one in Zhejiang provincial capital Hangzhou. Best Buy shut down nine money-losing stores in China in February.
Lenovo Group Ltd (HKG: 0992) has become the world's second biggest personal computer distributor after selling 10.22 million units in Q2 2011, 400,000 less than Dell Inc (NASDAQ: DELL) did.
Yunnan Tourism Co (SHE: 002059) posted ¥106 million in revenues and ¥6.87 million in net profits for 1H 2011, up 6.6% and 269.22% respectively from a year earlier. It has turned around from ¥4 million in the red during 1H 2010 thanks to booming business and effective cost control.
Nanjing Xingang High-Tech Co (SHA: 600064) said its wholly owned subsidiary Nanjing Hi-Tech Xinchuang Investment Ltd had paid ¥72 million for a 5% stake in Guangdong Iscreate Communication Co, which builds telecommunications infrastructure and offers network optimization and maintenance services to China's three wireless carriers.
Ping An Securities, a subsidiary of Ping An Insurance Group Co of China (SHA: 601318, HKG: 2318), posted ¥1.76 billion in revenues and ¥719 million in net profits for 1H 2011, down 1.8% and 12.8% respectively from the same period a year ago due to a bearish stock market. Earnings per share fell 14.3% year on year to ¥0.24.
Jilin Jien Nickel Industry Co (SHA: 600432), China's biggest nickel salt producer, said it plans to raise ¥6 billion in a private placement to build a factory in Indonesia. The project is expected to produce 160,000 tons of low-nickel sulfonium and post ¥2.88 billion in revenues and ¥728 million in net profits per year when operational.
Fourteen out of China's 16 listed lenders have announced rights offer plans aimed at raising a combined ¥463.5 billion so far this year.
$1 = ¥6.46
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