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Yancoal Australia Mulls Further Acquisitions
Yancoal Australia, a subsidiary of Yanzhou Coal Mining Co (NYSE: YZC, SHA: 600188, HKG: 1171), China's fourth biggest coal producer, is open to all possible acquisitions and will likely take action within a year, Yancoal Australia chief executive Murray Bailey said, without clarifying if the action would take place only in Australia. The remarks came after Yancoal Australia merged with Australia's Gloucester Coal Ltd after purchasing a 78% stake for $618 million. The new entity is to go public in Australia later this month. Yancoal Australia aims to produce 60 million tons of coal annually by the end of 2016.
China Telecom to Set Up Brazilian Units
China Telecom Corp (NYSE: CHA, HKG: 0728) and China Communications Services Co (HKG: 0552) said their parent, China Telecommunications Corp, will open two subsidiaries in Brazil via the two business entities. China Telecom do Brazil will offer Internet access, data management and cloud computer services, and China Communications Services do Brazil will offer telecommunications facilities and outsourcing services. The two Brazilian firms will be the backbone of China Telecommunications Corp's business in Latin America, said China Telecom Americas president Donald Tan.
ChinaEdu Net Earnings Rocket 196%
ChinaEdu Corporation (Nasdaq: CEDU) a leading Chinese online educational services provider, posted $18.1 million in revenues and $1.6 million in net profits for Q1 2012, up 24.7% and 195.5% from a year ago. The sharp increase in earnings was credited to effective cost control and higher enrollment during the three-month period.
Ctrip to Buy Back $300m ADSs
Ctrip.com International Ltd (Nasdaq: CTRP), China's biggest online travel service provider, said it intends to buy back $300 million worth of American depositary shares with its existing cash balance. The proposed share repurchase may be effected on the open market at prevailing market prices and/or in negotiated transactions off the market from time to time.
Citic Bank to Offer ¥20b Bonds
China Citic Bank Corp (SHA: 601998, HKG: 0998) said it will issue ¥20 billion worth of subordinated bonds on June 19. The money raised will be used to shore up capital.
CNR, Danobat to Found JV for Subway Machine Tool
China CNR Corp (SHA: 601299), a leading train maker, said it has signed a deal with Danobat Group, a Spanish machine tool manufacturer, to establish a joint venture in Beijing to make high-end machine tools for subway trains and facilities. The new company will be the first of its kind in China. Machine tool sales revenue in China is projected to be ¥389 billion by the end of 2014.
$1 = ¥6.32
@2011 China Economy @ The China Perspective.
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