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Fosun Pharma Announces $800m HK IPO
Shanghai Fosun Pharmaceutical Group Co (SHA: 600196) has lodged an application to raise up to $800 million from an initial stock sale in Hong Kong, people with knowledge of the issue said. Fosun's Hong Kong IPO, which is expected to take place in Q2 2012, revised down the original fundraising from $1 billion due to the bearish mainland market.
CNR Partners with Shenhua to Develop Coal Trains
China CNR Corp (SHA: 601299), one of the nation's two railway equipment manufacturers, said it signed a framework deal with Shenhua Group Corp, China's biggest coal producer and the parent of China Shenhua Energy Co (SHA: 601088, HKG: 1088), for the development of wagons and trains to carry coal. No exact details were disclosed.
Poly Records Slump in Property Sales
Poly Real Estate Group Co (SHA: 600048), China's second largest property developer by market value, said it sold 125,000m2 in floor space valued at ¥1.51 billion in January, down 74.7% and 69.4% respectively from a year earlier.
Soho Sets Aside ¥10b for Land Acquisition
Soho China Ltd (HKG: 0410), a Beijing-based property developer, plans to spend ¥10 billion on land acquisitions and hopes to double revenue to ¥23 billion this year, chairman Pan Shiyi said. Soho will offer ¥30 billion worth of properties for sale throughout 2012, Pan added.
Bright Food Revenue Jumps 20% in 2011
Bright Food Group Co, the parent of Shanghai-based Bright Dairy & Food Co (SHA: 600597), posted ¥75.78 billion in revenues and ¥3.61 billion in gross profits in 2011, up 19.8% and 11.3% respectively from the year before. It expected to generate ¥90 billion in revenues and ¥4.1 billion in gross profits this year.
$1 = ¥6.3
@2011 China Economy @ The China Perspective.
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