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National Nuke Eyes IPO
China National Nuclear Power Co said it is planning an initial public offering in Shanghai that will go toward financing part of five power projects worth $27.2 billion, the Wall Street Journal reported. The state-owned nuclear power operator did not give details about the timing or size of the offering, but analysts said such a deal could raise as much as $5.4 billion. At that size, it would be China's biggest IPO since July 2010, according to Dealogic.
Sinopec Finds Massive Reserves in Brazil
Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386) said RSB, a unit of its subsidiary in Brazil, has discovered a block holding 186 million tons of recoverable oil and gas in the South American country, including 104 million tons of light oil and 95.3 billion m3 of natural gas.
Lihua Inaugurates New Smelters
Lihua International Inc (Nasdaq: LIWA), a Chinese manufacturer of alternatives to pure copper products, said it has completed pre-heating and began producing copper anode on two new smelters, increasing its copper anode capacity from 35,000 tons to 85,000 tons per year. Its total refined copper production capacity has increased from 85,000 tons to 135,000 tons annually.
Alibaba.com to Be Delisted
Alibaba Group said its B2B platform, Alibaba.com Ltd (HKG: 1688), will stop trading on June 8 and be delisted from the Hong Kong bourse on June 20. Alibaba Group started its $3 billion effort to take the listed unit private in February. Alibaba.com Ltd went public in November 2007, drumming up HK$11.6 billion, the largest amount ever raised by a Chinese internet firm.
Poly Sales Volume Up 48% in May
Poly Real Estate Group Co (SHA: 600048), China's second largest property developer by market value, said it sold 916,500m2 in floor space fetching ¥10.77 billion in May, up 48.5% and 45.4% respectively from a year earlier. Between January and May, it sold 3.07 million m2 valued at ¥34.78 billion, up 26.4% and 23.8% year on year respectively.
Datang Power to Build ¥8b Plant in Ningxia
Datang International Power Generation Co (SHA: 601991, HKG: 0991) said it will invest ¥8 billion building a power plant in Ningdong, Ningxia Autonomous Region, to generate electricity by gasified coal.
Shanghai Port Traffic Rise Nears 3% in May
Shanghai International Port Group Co (SHA: 600018), the operator of China's largest port, said it handled 44.62 million tons of cargo and 2.84 million TEU shipping containers in May, up 2.5% and 2.8% respectively from a year ago.
$1 = ¥6.32
@2011 China Economy @ The China Perspective.
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