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Sinopec to Buy More LNG From APLNG
China Petrochemical Corp, the nation's biggest refiner and the parent of Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386), said it signed an agreement with Australia Pacific LNG Pty Ltd to increase its annual purchase of liquefied natural gas from the latter to 7.6 million tons, up from 4.3 million tons. Sinopec also said it will boost its stake in APLNG by 10 percentage points to 25%. The deals are pending Australian regulatory approval.
AsiaInfo Approached by Buyout Offer
AsiaInfo-Linkage Inc (NASDAQ: ASIA), a telecommunications software provider whose largest customer is China's biggest wireless carrier, received a buyout proposal from a Chinese state-owned private equity fund at a premium to its stock price, Bloomberg reported. Its shares jumped 26% before closing 19% higher at a 6-month high of $11.78 in New York. AsiaInfo got a non-binding proposal from Power Joy (Cayman) Ltd, a unit of Citic Capital China Partners II LP, to acquire all outstanding shares in cash, according to a statement from the company.
Xinjiang Goldwind Gains Ground in US
Xinjiang Goldwind Science & Technology Co (SHE: 002202, HKG: 2208), China's second largest wind turbine maker by capacity, said it is picking up market share in the US as falling prices and expiring subsidies force rivals to pare back, Bloomberg reported. Goldwind bought two 10MW wind farms in Montana to showcase its equipment and has taken orders in seven other US states since it started sales in the region in June 2010, according to a company statement. The US government allowed an incentive for the wind industry to expire in December and has not acted to extend a tax credit due to lapse at the end of 2012.
Shenzhen Development Bank Takes Over Ping An Bank
Shenzhen Development Bank Co (SHE: 000001) said it will spend $428 million buying out Ping An Bank and renamed the new entity Shenzhen Ping An Bank Co. Shenzhen Development Bank also expected its net earnings to surge 60% to 70% to between ¥9.99 billion and ¥10.62 billion in 2011.
COEs Revenue Rise 21% in 2011
China's central government-owned enterprises (COEs), the largest companies in the country, posted ¥20.24 trillion in revenues and ¥917.33 billion in net profits in 2011, up 20.8% and 6.4% respectively from the year before.
70m Chinese Traveled Overseas in 2011
As many as 70.25 million Chinese tourists went on overseas trips in 2011, up 22% from the year before and 479% from a decade ago, the National Tourism Administration said.
$1 = ¥6.33
@2011 China Economy @ The China Perspective.
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