Agricultural Bank of China Co (SHA: 601288, HKG: 1288) agreed to offer a ¥60 billion credit package to China Southern Airlines Ltd (NYSE: ZNH, SHA: 600029, HKG: 1055) to back its operating activities aimed at making the carrier the best in China and one of the best in Asia.
Home Inns & Hotels Management Inc (NASDAQ: HMIN), China's second biggest budget hotel operator, is close to an agreement to buy Morgan Stanley's 59% stake in Shanghai Motel Management Ltd, two people familiar with the matter said. Home Inns is in advanced talks with Morgan Stanley and other shareholders and may sign an agreement next week, and the deal may value Shanghai Motel Management at $500 million, the people said.
Tri-Tech Holding Inc (NASDAQ: TRIT), a Chinese provider of leading turn-key solutions for water resources, wastewater treatment, industrial safety, said that its affiliate, Beijing Yanyu Water Tech Co, has been awarded a contract for flash flood monitoring and forecasting projects valued $3.2 million.
Suntech Power Holdings Co (NYSE: STP), the world's largest producer of solar panels based in China, posted $877 million in revenues and $31.9 million in net profits in Q1 2011, compared to $588 million and $20.7 million respectively recorded in the same period a year ago.
China Nepstar Chain Drugstore Ltd (NYSE: NPD), the nation's largest retail drugstore chain, posted ¥618.1 million in revenues and ¥10.6 million in net profits in Q1 2011, compared to ¥567.2 million and ¥2.6 million respectively recorded in the same period a year ago.
$1 = ¥6.49