Australia's Wesfarmers Ltd agreed to sell its Western Australia-based Premier Coal to Yanzhou Coal Mining Co (NYSE: YZC, SHA: 600188, HKG: 1171) for $292.7 million, marking the first major acquisition in Australia by China's third biggest coal producer by market value since 2009, when it bought Felix Resources Ltd for $3.5 billion. Premier Coal, which makes 3.5 million tons per year, supplies Australian power plants and industrial manufacturers.
Baidu Inc (NASDAQ: BIDU) has invested over ¥100 million in its job advertising site Baijob.com following the seed capital of ¥100 million, according to Baijob CEO Li Zhenwen.
Renren Inc (NYSE: RENN), a popular Chinese SNS site, and Chinese online travel service provider eLong Inc (NASDAQ: LONG) have set up a company to develop tourism products, Renren COO Liu Jian said, without revealing details.
Cathay Pacific Airways Ltd (HKG: 0293), Hong Kong's flagship carrier, said it paid $57.5 million increasing its holding in Air China Ltd's (SHA: 601111, HKG: 0753) Hong Kong-listed assets to 54.19%, up from 53.97%. Air China owns about 30% of Cathay Pacific Airways.
Gome Electrical Appliances Holding Ltd (HKG: 0493), China's second largest chain store by revenue, has stepped into the real estate market by setting up a company with two property developers. Gome will hold a 25% stake in the Beijing-based joint venture that has ¥200 million in registered capital.
Angang Steel Co (SHE: 000898, HKG: 0347), China's third biggest steelmaker by output, plans to build a factory in India to tap increasing local demand, president Zhang Xiaogang told Dow Jones Newswire. Separately, Angang's parent group said it will partner with Japan's Kobe Steel Group to manufacture and supply AHSS – a steel sheet for automobiles – to Chinese automakers.
Beiqi Foton Motor Co (SHA: 600166) got regulatory approval to establish a heavy-duty truck company with Germany's Daimler AG. The 50:50 joint venture, which will be located in Guangdong province, is expected to require a total investment of ¥6.35 billion and generate ¥18 billion in revenues and ¥1.5 billion in profits a year when operational.
Renrenle Commercial Group Co (SHE: 002336), a Shenzhen-based supermarket and department store operator, said it plans to spend ¥60 million building a shopping mall on a 24,200m2 block it bought for ¥196 million in Xinyu, Jiangxi province a month ago.
Ningbo Xianfeng New Material Co (SHE: 300163), a manufacturer of macromolecule composite sunshade materials, expects its net profit to surge between 170% and 263% year on year to between ¥11.27 million and ¥15.17 million for Q3 2011 thanks to rising sales.
Kingfa Science & Technology Co (SHA: 600143), a modified plastic products producer, said it plans to build a plant capable of producing 2,000 tons of carbon fiber and 10,000 tons of carbon fiber composites per year. The initial phase is projected to cost ¥300 million.
Beijing Dabeinong Technology Group Co (SHE: 002385), a feed and seed producer, said it plans to invest ¥128 million building three plants, each capable of producing 120,000 tons of pig feeds a year. All three plants are expected to become operational in 1H 2013.
China CAMC Engineering Co (SHE: 002051), a construction contractor, said it had signed three contracts worth a combined $240 million to build schools in Angola. The amount is equivalent to 30.3% of its revenue in 2010.
$1 = ¥6.37