China Southern Airlines Ltd (NYSE: ZNH, SHA: 600029, HKG: 1055), the nation's biggest carrier by passenger traffic, said the arrival of its first Boeing (NYSE: BA) 787 Dreamliner might be delayed for at least seven months, but denied reports that it planned to cancel the order. CFO Xu Jiebo said the company was very disappointed and Boeing would have to compensate for the delay. China Eastern Airlines Corp (NYSE: CEA, SHA: 600115, HKG: 0670) has replaced an order for 24 Boeing 787 Dreamliners with 45 smaller 737s after the larger jets delivery was delayed.
China Life Insurance Co (NYSE: LFC, SHA: 601628, HKG: 2628), the nation's largest insurer by premium income, said its premium income added up to ¥264.2 billion in the first nine months, slightly up from ¥256.9 billion a year earlier.
China Ming Yang Wind Power Group Ltd (NYSE: MY), a wind turbine maker, said it has received a $5 billion credit package from the China Development Bank to support its offshore operations.
New stock account openings totaled 784,200 in China in September, bringing the total number to 163.62 million, according to China Securities Depository and Clearing Corp.
Inner Mongolia Baotou Steel Rare-Earth Group Hi-Tech Co (SHA: 600111), China's largest rare earth producer, said it will suspend smelting and separation work for a month starting this Wednesday to use its market power to reverse falling rare earth prices. The company, which accounts for nearly half of global light rare earth production, said the move was aimed at balancing supply and demand.
Tencent Holdings Ltd (HKG: 0700), a leading Chinese Internet company, has acquired $100 million worth of shares of Kaixin001.com, a leading Chinese social networking service site, a person familiar with the deal said. No official confirmation has been made available from either side.
China Pacific Insurance Group Co (SHA: 601601, HKG: 2601) said its net profit grew 43.1% year on year to ¥7.02 billion in Q3 2011 and grew 45% year on year to ¥8.79 billion in the first three quarters.
Yunnan Copper Co (SHE: 000878) said its net profit spiked 473.8% year on year to ¥232 million in Q3 2011, fueled by burgeoning copper prices. Its revenue was up 9.5% to ¥9.21 billion over the same period. During the first nine months, it posted ¥25.82 billion in revenues and ¥806 million in net profits, up 16.8% and 215.3% year on year respectively.
$1 = ¥6.38