Sinopec, Sabic Sign $1.7b Chemical Plant Pact
China Petrochemical Corporation, the nation's biggest refiner and the parent of Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386), said it will work with Saudi Basic Industries Corp to equally fund the construction of a $1.7 billion plant in Tianjin. The project is expected to make 260,000 tons of polycarbonates per year once operational.
China Telecom Rumored to Sell iPhone 4S by Mar
China Telecom Corp (NYSE: CHA, HKG: 0728) will start selling the iPhone 4S in February or March, an unnamed employee of Jiangsu Telecom said, mentioning a "Year of the Dragon Plan" for Apple Inc's (NASDAQ: APPL) flagship smartphone. Debut sales of the handset in China last Friday through China Unicom Ltd (NYSE: CHU, SHA: 600050, HKG: 0762) turned ugly after customers waiting in line overnight were told that all 4S handsets had been sold out due to much-quicker-than-expected sales. Apple halted the sale, citing safety of its employees and customers.
Qunar.com Eyes US Listing
Qunar.com Inc, a Chinese travel search site partly owned by Baidu.com Inc (NASDAQ: BIDU), is considering an IPO in the US as it expects soaring demand for travel services to double its revenue this year, Bloomberg reported, citing CEO CC Zhuang. Qunar broke even in 2010 and more than doubled sales in 2011 to a few hundred million yuan, Zhuang said, declining to give a timeframe or other target terms for a share sale. The website gets most of its revenue from cost-per-click travel ads and may raise money from US investors after selling a $306 million majority stake to Baidu, China's biggest search engine, last June.
Pudong Road & Bridge Plans ¥2b Rights Offer for Disney Project
Shanghai Pudong Road & Bridge Construction Co (SHA: 600284) said it plans to raise ¥2 billion from a private placement to fund road construction for the Shanghai Disney Resort, Walt Disney Co's (NYSE: DIS) first theme park in mainland China, which is expected to open by 2014.
Sinohydro Secures ¥128b of Contracts in 2011
Sinohydro Group Ltd (SHA: 601669), a leading hydropower project contractor, said it signed ¥127.85 billion worth of contracts in 2011, including ¥59.75 billion from overseas deals.
Suning Revenue to Reach ¥680b by 2020
Suning Appliance Co (SHE: 002024), China's largest chain store by revenue, aims to generate ¥680 billion in annual revenues by 2020, of which ¥300 billion are expected to come from its B2C site, Suning.com, chairman Zhang Jindong said.
Pacific Insurance Premium Nears ¥155b in 2011
China Pacific Insurance Group Co (SHA: 601601, HKG: 2601) said its premium incomes totaled ¥154.8 billion in 2011, up from ¥139.4 billion in the year before.
Shuanghui Forecasts Annual Earnings to Sink by Half
Henan Shuanghui Investment & Development Co (SHE: 000895), a leading pork processor, said it expects its net profit to shrink by 49.2% to 52.6% to between ¥550 million and ¥590 million in 2011 due to the scandal where its products were found to be tainted with toxic chemicals.
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