Industrial & Commercial Bank of China Ltd (SHA: 601398, HKG: 1398), the world's biggest lender by market value, has agreed to buy a stake in Bank of East Asia Ltd's US operations, according to people with knowledge of the deal.
Agricultural Bank of China Co (SHA: 601288, HKG: 1288) posted operating income up 31% to ¥20.96 billion in 2010, said CEO Zheng Hui. Its non-performing ratio decreased 7.36 percentage points over the past year to 2.79%.
Shanghai GM, a subsidiary of China's biggest automaker SAIC Motor Corp (SHA: 600104), has agreed to export a total $900 million of fully built cars and auto parts of the Cadillac, Buick and Chevrolet brands in the next 2 years.
China Taiping Insurance Group Co, the parent of China Taiping Insurance Holdings Co (HKG: 0966), posted ¥43.8 billion in premium incomes in 2010, up 40% on 2009. It had ¥136.8 billion in total assets and ¥16.8 billion in net assets by the end of 2010, up 31% and 15% year on year respectively.
China Agri-Industries Holdings Ltd (HKG: 0606) had its gross profits shrink 37% to HK$2.04 billion in 2010 after realizing huge losses in soybean hedging.
China Hongqiao Group Ltd, the nation's largest privately owned aluminum producer, is seeking as much as $2.2 billion in a Hong Kong IPO on February 11 to help it double capacity by 2012.
Spring Airlines, China's largest private carrier, plans to go public on the Shanghai stock exchange this year without an attempt to seek any strategic investors, said people familiar with the matter. Spring Airlines' net profit grew 240% to ¥470 million in 2010
$1 = ¥6.59 = HK$7.8