Sinopec Sabic Builds Polycarbonate Plant
Sinopec Group, China's largest oil refiner and the parent of Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386), said Sinopec Sabic Tianjin Petrochemical Co, its joint venture with Saudi Basic Industry Corp, has kicked off building a polycarbonate factory in Tianjin that will be capable of producing 260,000 tons of the material per year. The project, Sinopec Sabic's second major one in the city after its one-million-ton ethylene factory, will cost ¥11 billion and become operational by 2015. China consumed 1.13 million tons of polycarbonate in 2010, only 220,000 tons of which were domestically made. It is estimated China will need 1.78 million tons of the material per year by 2015.
Chalco Announces ¥5.2b Rare Earths Plans
Aluminum Corporation of China Ltd (NYSE: ACH, SHA: 601600, HKG: 2600), the nation's largest aluminum producer, said it plans to invest ¥5.2 billion in three rare earth exploration and production projects in the Guangxi region to shore up its rare earth business. Guangxi is rich in rare earth minerals.
Weibo to Represent 5% of Sina's Revenue
Microblogs, known as Weibo in China, will contribute less than 5% to Sina Corp's (NASDAQ: SINA) revenue this year, Morgan Stanley predicted. Sina Weibo, the most popular microblog service in the country, will step up monetizing in 2H 2012 as Sina raises advertising rates and the London Olympics offers more growth opportunities, Morgan Stanley said.
Hanting to Operate 2,000 Hotels by 2015
China Lodging Group Ltd (NASDAQ: HTHT), a budget hotel operator commonly known as Hanting Inns, has opened its 1,000th hotel and plans to operate 2,000 across 120 mainland cities by 2015, CEO Ji Qi said, adding that the company has become one of the top 25 hotel operators worldwide and will develop higher-end brands in the next two to three years.
Wangfujing to Build Foshan Mall
Beijing Wangfujing Department Store Co (SHA: 600859) said it plans to work with Guangzhou Xiongsheng Hongjing Investment Co to build a 200,000m2 shopping complex in Foshan, Guangdong province. Wangfujing will be responsible for half of the cost to construct the ¥860 million 50:50 venture.
People.com.cn Set for IPO
People.com.cn, the online version of the People's Daily, the mouthpiece of the Communist Party of China, said that on April 18 it will start online subscriptions to its Shanghai initial public offering aimed at raising ¥527 million. The site posted ¥210 million in revenues and ¥32.35 million net profits for 2011.
$1 = ¥6.3