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China Shenhua Energy Co (SHA: 601088, HKG: 1088), the world's largest coal producer, has acquired a 40% stake in Mongolia's Tavan Tolgoi, one of the largest coking coal mines in the world, becoming its largest shareholder. A Russian-Mongolian consortium will have a 36% stake, and US's biggest coalminer Peabody will own 24%.
Temasek Holdings Pte Ltd, Singapore's state-owned investment company, sold shares in Bank of China Ltd (SHA: 601988, HKG: 3988) and China Construction Bank Corp (SHA: 601939, HKG: 0939), raising $3.62 billion in a move to reduce its exposure to China's debt-laden lenders. Temasek would own 6% of both banks after the sale.
China Mobile Ltd (NYSE: CHL, HKG: 0941) has sealed a strategic deal with the General Administration of Press and Publication for collaboration in digital publications. Statistics show China had 121.19 million electronic book readers in 2010, and the market's revenue surged 203% to ¥610 million that year.
Jointown Pharmaceutical Group Co (SHE: 600998), a leading drugstore chain based in Hubei provincial capital Wuhan, said it would team up with 360buy.com, a leading Chinese online retailer, for cooperation in B2C medicine sales. 360buy will inject money to Jointown's Ehaoyao.com to boost its ownership to 49%. Jointown will remain the controlling stakeholder owning 51%.
Zeng Liqing, a major shareholder of Taomee Holdings Ltd (NYSE: TAOM) that operates Shanghai-based children entertainment stie Taomee.com, is under investigation for possible involvement in the China Mobile (NYSE: CHL, HKG: 0941) corruption probe, according to a person with knowledge of the matter. Zeng was one of the founders of Chinese Internet giant Tencent Holdings Ltd (HKG: 0700) and served as the its COO from 1999 to 2007.
Agile Property Holdings Ltd (HKG: 3383) said it sold 1.42 million m2 in floor space at ¥11,040/m2 in 1H 2011, up 38% and 8% respectively from a year earlier.
Hengtong Optic-Electric Co (SHA: 600487) said it had signed a contract to supply $10.31 million of optical fibers to Mexico's Condumex by September 2009. The amount was equivalent to 3.2% of Hengtong's total revenue and 52.3% of its overseas revenue in 2010.
Jiangsu JiangHuai Engine Co (SHE: 000816) plans to make a foray into the mining industry by paying ¥549 million for a 60% stake in Tibet Zhongkai Group Co for, a Lhasa-based nonferrous metal miner.
Wuhan Humanwell Healthcare Group Co (SHA: 600079) announced ¥2 billion worth of investments in eight pharmaceutical projects. The projects are expected to generate ¥5 billion in revenues a year.
$1 = ¥6.46
@2011 China Economy @ The China Perspective.
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