Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386) said it plans to invest ¥100 billion in Fujian province over the next 10 years.

China Citic Bank Corp's (SHA: 601998, HKG: 0998) 1H net profits jumped 40.6% year on year to ¥15.02 billion. Its total assets increased 7.9% from six months earlier to ¥2.25 trillion by the end of June 2011.

Beijing Shougang Co (SHE: 000959), a steelmaker based in the Chinese capital, is about to purchase a Peruvian mine with one billion tons of iron ore deposits, assistant president Han Qing told Yicai.com on the sidelines of an industry meeting. Han did not disclose the cost of the acquisition.

Guangzhou Development Industry Holdings Co (SHA: 600098), a company engaged in the investment, construction, development and operation of electric power, coal, oil products, natural gas and new energy, said it plans to raise ¥4.39 billion from a private placement to fund several liquefied natural gas projects in Zhuhai, Guangdong province to step up its natural gas business.

Shanghai Zhenhua Heavy Industry Co (SHA: 600320), a manufacturer of machinery for port and marine activities, said it had signed a contract worth ¥980 million to deliver three crane barges by the end of this year.

Hytera Communications Corporation (SHE: 002583), a wireless communication equipment maker, said it plans to spend ¥186 million buying a 65,000m2 block in Shenzhen to build a new workshop to cater to its booming business.

HiChina Group Ltd plans to raise $200 million in an initial public offering on the US stock exchange, the Wall Street Journal reported, citing people familiar with the situation. The company, controlled by Chinese e-commerce portal Alibaba.com Ltd (HKG: 1688), has hired Credit Suisse Group and Morgan Stanley to handle the listing plans, the people said. HiChina offers domain names, hosting and cloud-based services as well as website building for small and medium-sized enterprises in China.

$1 = ¥6.37

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