Sinopec, ENN Firm on China Gas Holdings Buyout
Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386) and ENN Energy Holdings Ltd (HKG: 2688) said that they will continue talks with China Gas Holdings Ltd (HKG: 0384) for a sensational takeover bid and that they will not make big changes to the latter's personnel. China Gas Holdings has received two letters from some 4,000 employees opposing the deal. Sinopec and ENN Energy offered $2.15 billion for all of China Gas Holdings in December.
China Southern, Air China to Buy $3b of Aircraft
China Southern Airlines Ltd (NYSE: ZNH, SHA: 600029, HKG: 1055), the nation's biggest carrier by passenger traffic, has been given regulatory approval to buy 14 aircraft with $954 million of loans. Air China Ltd (SHA: 601111, HKG: 0753), the nation's third biggest carrier by passenger traffic, gained approval to borrow $1.96 billion for the purchase of 28 new aircraft.
Sohu Net Earnings Rise 9% in 2011
Sohu.com Inc (NASDAQ: SOHU), a leading Chinese web portal, posted $852 million in revenues and $153 million in net profits for 2011, up 39% and 9% respectively from the year before.
Vanke Sales Bounces Back from Slack Dec
China Vanke Co (SHE: 000002), the nation's biggest property developer, said it sold 1.19 million m2 in floor space valued at ¥12.2 billion in January, down 28.1% and 39.3% respectively from the same month a year earlier. However, the numbers were up 98.5% and 109.7% from December.
Li Ning Plans Downsizing
Li Ning Co (HKG: 2331), China's biggest sportswear retailer, said it will cut jobs at some of its non-core divisions to reduce operating costs. The company forecast its revenue to drop 6% to 7% in 2011 and revised down its margin by up to eight percentage points to 11.7%.
$1 = ¥6.31