GM Looks to Own Half of SAIC JV
General Motors Co (NYSE: GM) said it expects to return to 50% ownership of its joint venture with Shanghai Automotive Industry Corp, China's largest carmaker by output and the parent of SAIC Motor Corp (SHA: 600104), by buying an additional 1% in the coming months, Bloomberg reported, citing GM CEO Dan Akerson.
Chinalco Said to Float Peruvian Copper Mine
Aluminum Corporation of China Ltd (NYSE: ACH, SHA: 601600, HKG: 2600), commonly known as Chinalco, plans to list its Toromocho copper assets in Peru at the Hong Kong Stock Exchange and raise $1 billion this year, an official responsible for the company's offshore operations said. Toromocho mine, which holds 12 million tons of reserves that are equivalent to 19% of China's total copper deposits, requires as much as $2.2 billion in investments from Chinalco.
Huaneng Produces and Sells 22% More Power in 2011
Huaneng Power International Inc (NYSE: HNP, SHA: 600011, HKG: 0902), China's largest electricity producer, said it produced 313.55 billion kW hours of electricity and sold 295.72 billion kW hours in 2011, both up more than 22% from the year before.
Sinopec, BASF Inaugurate $1.4b Plant
BASF SE, the world's biggest chemical maker, said construction has been completed on the second phase of the $1.4 billion BASF-YPC Co project, its petrochemical joint venture with Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386). The two companies said they would start building a factory capable of producing 60,000 tons of super-absorbent resins annually by mid year and it would become operational by early 2014.
Qihoo 360 Partners with CNTV
Qihoo 360 Technology Co (NASDAQ: QIHU), a leading Chinese security software developer, said it teamed up with Cntv.cn, the online platform of China Central Television, to work together on offering branding, broadcasting and on-demand video services.
China Coal Energy Profit Up 36%
China Coal Energy Co (HKG: 1898), the nation's second largest coal producer by revenue, posted ¥88.72 billion in revenues and ¥7.57 billion in net profits for 2011, up 24.5% and 36.1% respectively from the year before.
China Overseas Land Earnings Jump 30%
China Overseas Land & Investment Ltd (HKG: 0688) said it sold 5.58 million m2 in floor space valued at ¥70.84 billion in 2011, up 5.3% and 29.8% respectively from the year before.
Gree Eyes ¥3b Rights Offer
Gree Electric Appliances Inc of Zhuhai (SHE: 000651) said it plans to raise ¥3.26 billion through additional share offerings to fund expansion and construction of a series of air conditioner plants. Once operational, the projects are expected to generate ¥7.11 billion in revenues and ¥1.01 billion in net profits annually.
$1 = ¥6.32
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