Baoshan Iron & Steel Co (SHA: 600019), China's most profitable steelmaker, has inaugurated its ¥70 billion plant in Zhanjiang, Guangdong province. The project is expected to create 70,000 jobs and generate ¥53 billion in revenues annually when operational. Separately, Baosteel's chairman Xu Lejiang said the company was very interested in taking a share of Aluminum Corporation of China's (NYSE: ACH, SHA: 601600, HKG: 2600) iron ore project in Guinea.
Huaneng Renewables Corp, a wind farm operator owned by China Huaneng Group, has secured $275 million of share subscriptions to its $988 million Hong Kong IPO scheduled on June 10, said people familiar with matter. Among the confirmed investors are Temasek Holdings Pte Ltd, State Grid International Development Ltd, Bank of China Group Investment Ltd, WLR China Energy Infrastructure Fund and China Chengtong Hong Kong Co Ltd, according to the source.
Xinjiang Goldwind Science & Technology Co (SHE: 002202, HKG: 2208), a leading wind turbine maker, said its Hong Kong subsidiary will subscribe to $15 million of Huaneng Renewables Corp's $988 million Hong Kong IPO scheduled on June 10.
Li Ning Co (HKG: 2331), a leading Chinese sportswear retailer, confirmed Guo Jianxin, its chief operating officer, Fang Shiwei, its chief marketing officer, and Lin Li, head of its e-commerce division, have all resigned due to business restructuring.
Shanghai Shimao Co (SHA: 600823), a property developer, acquired a land block in Jiaonang, Qingdao, Shandong province for ¥295.6 million. The plot is expected to be developed into 174,000m2 in floor space for commercial real estate and office buildings.
Hainan Honz Pharmaceutical Co (SHE: 300086) expected its 1H net profit to plunge between 40% and 60% from a year earlier as its anti-inflammatory drug Nimesulide was recently banned for children under 12 due to possible damage to the nervous system and the liver.
Beijing Capital Development Co (SHA: 600376) said it plans to spend ¥140 million setting up a joint venture property development company in Huludao, Liaoning province. Renhe Investment Co, a local firm in Huludao, will pay ¥60 million for the establishment. So Beijing Capital Development will hold a 70% stake and Renhe Investment the remaining 30%.
Beiqi Foton Motor Co (SHA: 600166) said it will invest ¥1.2 billion building a factory to manufacture alternative energy-powered vehicles in Zhongshan, Guangdong province in a move to capture a larger share of the clean car market in the province and in southern China.
$1 = ¥6.5