Total Profits at China's US-Listed Inns Fall ¥98m in 2011
Home Inns & Hotels Management Inc (NASDAQ: HMIN), 7 Days Group Holdings Ltd (NYSE: SVN) and China Lodging Group Ltd (NASDAQ: HTHT), China's three US-listed budget hotel chains, reported ¥97.7 million less in combined net profits in 2011 compared with a year earlier, according to their financial statements. They blamed increased competition with each other and operating expenses for the decline in earnings. As of the end of last year, Home Inns was operating 1,426 hotels across the nation, 7 Days had 944 locations and China Lodging, also known as Hanting Inns, 639 locations.
Chinese Telcos to Invest ¥300b in Cloud Computing in Sichuan
China Mobile Ltd (NYSE: CHL, HKG: 0941), China Unicom Ltd (NYSE: CHU, SHA: 600050, HKG: 0762) and China Telecom Corp (NYSE: CHA, HKG: 0728), the nation's three wireless carriers, will invest a total of ¥300 billion in cloud computing in Sichuan province by the end of 2015 to make regional output from the industry account for 10% of the nation's total, said Li Changhong, deputy director of the Economic and Information Commission of Chengdu, the provincial capital.
Sinopec Signs Pact with Shandong Govt
China Petroleum Chemical Corp, the parent of Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386), reached an agreement with the Shandong government to build refineries and distribute oil and gas in the province. No details were disclosed. Sinopec currently operates a refinery in Qingdao, Shandong, with a daily capacity of processing 200,000 barrels of crude oil.
BoC, Phoenix TV Form Strategic Partnership
Bank of China Ltd (SHA: 601988, HKG: 3988) and Phoenix Satellite Television Holdings Ltd (HKG: 2008) signed a framework deal to cooperate in China's media and culture industry. No details were disclosed. Bank of China had lent ¥32 billion to over 1,700 businesses in the industry as of the end of last year.
Sinohydro Secures ¥11.5b Overseas Deals
Sinohydro Group Ltd (SHA: 601669), a leading Chinese hydropower plant contractor, said it has won two overseas contracts worth a combined ¥11.5 billion, including a ¥2.5 billion project in Kuwait and a ¥9 billion project in Malaysia. The amount is equivalent to 19% of its unaudited revenues in 2011.
Sinochem to Inject $205m to Singapore Unit
Sinochem International Corp (SHA: 600500) said it plans to boost the capital of its wholly-owned Singapore subsidiary by $205 million to restructure its debts and reduce funding costs. Its Singapore subsidiary, which has $6 million in registered capital and trades chemical, rubber and metal products, posted ¥4.61 billion in revenues and $36.84 million in net profits last year.
$1 = ¥6.33
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