China Precious Metal Resources Holdings Co (HKG: 1194), a gold miners and processor, said China Life Insurance Asset Management (Hong Kong) Co has agreed to purchase a 1% stake in the company from an individual investor. China Life Insurance Asset Management is a joint venture by China Life Insurance Co (NYSE: LFC, SHA: 601628, HKG: 2628) and Franklin Templeton Strategic Investments Ltd.
Cofco Tunhe Co (SHA: 600737), a Xinjiang-based food processor and distributor, said it plans to raise ¥2.6 billion via additional share offerings to boost its refined sugar capacity to one million tons by 2013 from 360,000 that was planned for this year's production. It produced 300,000 tons of refined sugar in last year.
Anhui Ankai Automobile Co (SHE: 000868) has signed a contract with Saudi Arabia's Hafil Hajj Transportation Establishment to supply 3,000 school buses worth a total ¥990 million. The amount represents 31% of Ankai's revenue in 2010; 500 school buses valued at ¥165 million are expected to be delivered by the end of 1H 2011.
GCL-Poly Energy Holdings Ltd (HKG: 3800), China's largest polysilicon maker, said operations are normal, production and sales are on schedule and expansion is going smoothly, and it can't explain its falling share price. The stock fell for a sixth consecutive day in Hong Kong trading yesterday, dropping $0.47, or 10%, to HK$4.09. It has lost 27% since May 11, while the benchmark Hang Seng Index slipped 0.6% over the same period. Prices and margins are being squeezed in the solar industry, from wafers to cells to modules. The spot price of polysilicon, the main raw material used to make photovoltaic panels, dropped 5.1% this month from April to $74.4/kg, according to data compiled by Bloomberg New Energy Finance.
$1 = ¥6.49