JetBlue Partners with Air China for Domestic US Service
JetBlue Airways Corp (Nasdaq: JBLU), a US budget airline, said it has formed a partnership with Air China Ltd (SHA: 601111, HKG: 0753), the nation's third largest carrier by passenger traffic, marking its first tie-up with a Chinese carrier. The two sides will work together to offer JetBlue flights from New York's JFK Airport and the Los Angeles Airport to other US cities.
Southern Airlines in ¥2b Rights Offer
China Southern Airlines Ltd (NYSE: ZNH, SHA: 600029, HKG: 1055), the nation's largest carrier by passenger traffic, said it plans to place ¥2 billion worth of shares with its parent, China Southern Air Holding Co, to shore up its capital and reduce its debt ratio. The deal is pending regulatory approval.
Shanda Games Q1 Net Profit Up 3.6%
Shanda Games Ltd (Nasdaq: GAME) a leading Chinese online game developer and operator, posted ¥1.39 billion in revenues and ¥381.8 million in net profits for Q1 2012, up 10.9% and 3.6% respectively from the same period a year ago. The Chinese New Year holiday, during which online gaming activity is usually light, was blamed for the slower growth in earnings.
7 Days Announces ADS Repo Plan
7 Days Group Holdings Ltd (NYSE: SVN), a leading Chinese economy hotel chain, said it will repurchase up to $25 million worth of outstanding American Depositary Shares over the next 12 months. The timing and extent of any purchases will be determined by the company's management, depending on market conditions.
Angang Steel to Offer ¥3b Bonds
Angang Steel Co (SHE: 000898, HKG: 0347), China's third biggest steelmaker by output, said it will issue ¥3 billion worth of one-year bonds next Tuesday. The company will use ¥1.98 billion of the money raised to repay bank loans and use the remaining ¥1.02 billion to replenish operating capital. Angang posted ¥18.89 billion in revenues and ¥1.89 billion in net losses for Q1 2012.
Ping An Premiums Total ¥109b Jan-May
Ping An Insurance Group Co of China (SHA: 601318, HKG: 2318), the nation's second biggest insurer, said its premium incomes added up to ¥109.22 billion between January and May, including ¥66.15 billion from life and casualty insurance and ¥40.18 billion from property insurance. No historic data was offered for comparison.
CSR Falters on Europe Acquisitions
CSR Corp (SHA: 601766, HKG: 1766), China's biggest train maker by market value, is unlikely to act on proposed acquisitions in Europe this year because of concerns about the eurozone’s troubled economy and the future of its single currency, Bloomberg reported, citing chairman Zhao Xiaogang. The debt crisis threatens the long-term profitability of companies in Europe and it could cause the euro to tumble, which would cut the value of earnings repatriated to China, Zhao said. CSR said in April that it was in talks on possible deals with Spain, Italy, Germany, Britain and France to add new technologies and to pare its reliance on domestic sales.
State Construction Posts Strong Performance
China State Construction Engineering Corp (SHA: 601668) said its construction division signed ¥366.4 billion worth of contracts between January and May, up 26% from the same period a year ago, and that its property division sold 3.29 million m2 in floor space valued at ¥43.9 billion, up 17.1% and 14.6% year on year respectively. Its land reserves increased by 3.57 million m2 to 65.41 million m2 as of the end of May.
$1 = ¥6.33