China Corporate News: Doubt Cast Over Chalco's SouthGobi Bid; Canadian Solar Acquires 11 US PV Projects

Doubt Cast Over Chalco's SouthGobi Bid
Ovoot Tolgoi coalmine, core assets of Mongolia-based SouthGobi Resources Ltd (HKG: 1878), in which Aluminum Corporation of China Ltd (NYSE: ACH, SHA: 601600, HKG: 2600) said it would finalize its $941 million bid for a 56% to 60% stake on July 5, has faked the amount of its reserves and it is a fraud to attract buyers, according to a person who names himself Liu Xin and claims he was a senior engineer at SouthGobi from 2007 to 2012. Liu has sent email messages containing supporting facts and graphs to investment banks, brokerages and consulting firms. Liu has not made a public appearance. SouthGobi has denied all the claims and said it never hired anyone named Liu Xin.

Canadian Solar Acquires 11 US PV Projects
Canadian Solar Inc (Nasdaq: CSIQ), a leading Chinese solar company, announced the acquisition of a total of122MW of utility solar projects in the US. The 11 photovoltaic power plants range in size from 2MW to 29MW, and construction is to begin this year. The projects are spearheaded by Canadian Solar's US projects team, which covers all of its business in North America.

Evergrande Renews Guangzhou Land Price Record
Evergrande Real Estate Group Ltd (HKG: 3333), which eclipsed China Vanke Co (SHE: 000002) as the nation's number one developer by monthly revenue in May, said it has paid ¥1.32 billion for a prime-location land plot in Guangzhou, Guangdong's provincial capital. The price represented a 160% premium, which translates into ¥33,000/m2, almost double the record set last year. It was the first time Evergrande purchased land since the beginning of this year. A five-star hotel will be built on the block, according to a person familiar with the matter.

Huayi Bro to Build Studio, Resort in Shanghai
Huayi Brothers Media Corp (SHE: 300027) plans to build a studio and a theme park in Shanghai, president Wang Zhonglei said, without disclosing details.

Wangfujing Explores E-Commerce
Beijing Wangfujing Department Store Co (SHA: 600859) said it plans to open five malls outside Beijing and invest ¥100 million in e-commerce operations this year. Wangfujing currently has 25 department stores across 17 cities.

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