China Eastern Airlines Corp (NYSE: CEA, SHA: 600115, HKG: 0670) called off an order for 24 Boeing (NYSE: BA) 787 Dreamliners in favor of 45 smaller 737s after the larger jets delivery was delayed. The carrier will pay far less than the 2008 catalog price of $3.3 billion for the 737s and it will get an indemnity from Boeing. It also plans to buy 15 Airbus A330s for $2.53 billion, the Shanghai-based company said.
Letv.com said it has signed a deal with Tudou Holdings Ltd (NASDAQ: TUDO), a leading Chinese online video site, to establish a company specializing in buying and selling copyrighted Chinese-made TV drama series. Letv will contribute 51% of the ¥1 million to found the joint venture and Tudou the remaining 49%.
LDK Solar Co (NYSE: LDK), a leading Chinese manufacturer of photovoltaic products, said it has signed an engineering, procurement and construction agreement with Guodian Longyuan Zhangye New Energy Ltd for a project located in Zhangye, Gansu province. The first phase of the project commenced this month, and completion is expected by December 31, 2011.
Alibaba Group, China's top e-commerce service provider and the parent of Alibaba.com (HKG: 1688), will invest ¥1.8 billion in its Tmall.com, China's largest B2C platform, to step up crackdowns on fraud and improve sales service, chairman Jack Ma said. Outcry broke out last week when new Tmall rules indicated operating costs for small businesses will surge next year.
ZTE Corp (SHE: 000063, HKG: 0763), China's second largest telecom equipment maker, said it has signed a deal with British video device maker Touchline Video to introduce its products, such as teleconference devices and surveillance cameras, to Britain.
Kweichow Moutai Co (SHA: 600519), the distiller of China's most famous baijiu liquor, said its net profit surged 57.1% year on year to ¥6.57 billion in the first three quarters of this year thanks to increased sales volume and prices. It posted ¥13.64 billion in revenues over the period, up 46.3% from a year ago.
Western Mining Co (SHA: 601168) said its 3Q net profit tumbled 72% year on year and 51% quarter on quarter to ¥115 million as domestic and overseas prices of copper, zinc, lead and manganese began faltering in August.
China Zhongwang Holdings Ltd (HKG: 1333), an industrial aluminum extrusion products maker, said it plans to spend $3.8 billion sourcing equipment from China Machinery & Equipment Hong Kong Co, Ceiec Hong Kong Ltd and Great Dynasty Hong Kong Co for the manufacture of higher-end products.
Gem-Year Industrial Co (SHA: 601002), a manufacturer of fastening products, said its net profit declined 44.3% year on year to ¥112 million in the first three quarters of this year as the government has slowed high speed rail projects nationwide following a bloody crash in July.
Henan Billions Chemicals Co (SHE: 002601) said its net profit shot up 186.3% year on year to ¥326 million in the first three quarters of this year thanks to increased sales volume and prices of titanium dioxide. The company expects its year-round net profit to grow by 110% and 140%.
China's 17 listed securities brokerages went through their worst month in September after posting a combined ¥1.38 billion in revenues and ¥196 million in net losses. During the first nine months, they posted ¥34.25 billion in revenues and ¥13.81 billion in net profits.
$1 = ¥6.37