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China Petrochemical Corp, the parent of Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386), will form a consortium with other two companies to develop a small oilfield owned by Malaysia's Petroliam Nasional Bhd, Malaysian news agency Bernama reported. China Petrochemical will hold a 40% stake in the consortium, which is expected to invest $400 million to $700 million developing the oilfield with an estimated 30 million to 50 million barrels in reserves.
Bank of Communications Co (SHA: 601328, HKG: 3328), China's fifth largest lender, said it will pay ¥300 million for 20% in China Tibet Bank, the first commercial bank in the region.
Dongfeng Automobile Co (SHA: 600006) and Nissan Motor Co have announced a plan to invest a total of ¥50 billion in China to increase their joint venture's production and R&D capacities and the number of dealerships in the country in the next four years. They aim to sell 2.3 million jointly-made models, up from 1.3 million, and operate 2,400 dealerships, up from 1,400 years by 2015.
Gree Electric Appliances Inc of Zhuhai (SHE: 000651), China's largest white goods manufacturer by market value, posted ¥40.24 billion in revenues and ¥2.21 billion in net profits for 1H 2011, up 60% and 40.4% respectively from a year earlier.
Tencent Holdings Ltd (HKG: 0700), China’s biggest Internet company by market value, and US social game developer Zynga announced a joint launch of the beta version of Zynga City, a localized game of CityVille.
Jiangsu Rainbow Heavy Industries Co (SHE: 002483) said it plans to set up a company with Cargotec Corp, a Finnish maker of cargo-handling machinery for ships, ports and terminals, to expand its global business. The joint venture will have $94 million in registered capital, and Rainbow Heavy Industries will own 51% of it.
Huludao Zinc Industry Co (SHE: 000751), China's largest zinc processor by output, posted ¥211 million in net losses for 1H 2011 compared to ¥25.82 million in net profits a year earlier. Decreased zinc processing fees were blamed for the loss. It processed 174,000 tons of zinc in the first half of the year, down 4.4% from 1H 2010.
Hubei Energy Group Co (SHE: 000883) said it plans to raise ¥3.25 billion in a private placement to build a wind power plant and natural gas pipelines in its home province of Hubei.
Sunvim Group Co (SHE: 002083) said it has launched its 30MW solar cell module assembly line which it expected to have a great impact on its performance in the future.
$1 = ¥6.44
@2011 China Economy @ The China Perspective.
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