Huaneng Power Gets Go-Ahead for ¥7b Chongqing Generator
Huaneng Power International Inc (NYSE: HNP, SHA: 600011, HKG: 0902), China's largest power producer, said its ¥6.74 billion project to build gas and steam powered generators in Chongqing has been approved by the city's development and reform commission. Huaneng will prepare 20% of the cost from its own funds and borrow the remainder from banks.
China Railway Construction Secures $1b Ethiopian Deal
China Railway Construction Corp (SHA: 601186, HKG: 1186) said it won a contract valued at $1.2 billion from the Ethiopian railway authority. The amount is equivalent to 1.6% of its revenue in 2010.
Minsheng Bank Issues ¥50b Bonds to Back Small Firms
China Minsheng Banking Corp (SHA: 600016), the nation's first privately-owned lender, said it plans to issue ¥50 billion of financial bonds and will use all the money raised to support the growth of small businesses.
Gezhouba Buys Beijing Block for ¥950m
China Gezhouba Group Co (SHA: 600068), a construction contractor, said it spent ¥950 million, or ¥8,454/m2, acquiring a block in Beijing to build residential properties and kindergartens.
Aerospace Auto Electro Lowers Offering Target
Shanghai Aerospace Automobile Electromechanical Co (SHA: 600151) said it plans to cut the amount to be raised from a private placement for a photovoltaic project from ¥2.16 billion to ¥1.89 billion, citing a gloomy photovoltaic market.
Jiangsu Alcha, Kobelco to Build Aluminum Sheet Plant
Jiangsu Alcha Aluminum Co (SHE: 002160) said it signed a letter of intent with Kobelco, a Japanese steelmaker, to establish a plant in Baotou, Inner Mongolia, to produce aluminum sheets for automobiles and cans. Jiangsu Alcha will own 20% of the joint venture, which will have ¥2 billion in registered capital, and Kobelco the remaining 80%. Construction on the factory will cost an estimated ¥3.3 billion and is expected to begin in 2013 and complete by the end of 2015.
Southeast Space Frame Wins ¥134m Deal
Zhejiang Southeast Space Frame Co (SHE: 002135), a steel frame manufacturer, said it signed a ¥134 million contract, which is equivalent to 4.3% of its revenue in 2010.
$1 = ¥6.33