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Sinopec Takes Stake in Natural Gas Firm
Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386), China's biggest refiner, has stepped into the natural gas business after buying 49% of Yanzhou Green Energy Co for ¥8.21 million. The deal came after a $2.15 billion bid for China Gas Holdings Ltd (HKG: 0384) by Sinopec and ENN Energy Holdings Ltd (HKG: 2688) was dealt a further blow when Beijing Enterprises Holdings Ltd (HKG: 0392) earlier this week raised its stake to a higher price, stirring up competition.
Qihoo Unveils New Phone
Qihoo 360 Technology Co (NYSE: QIHU), a leading Chinese computer security software developer, launched the prototype of its third smartphone, which was jointly developed with Qingdao Haier Co (SHA: 600690), a major home appliance maker. The "Haier Super Flagship", priced ¥1,888, comes with a 1.5GHz processor, a camera capable of capturing 1080p images and a 4.5-inch touchscreen. The handset will be commercially available by the end of July.
Suntech Inks 50MW Supply Deal
Suntech Power Holdings Co (NYSE: STP), the world's largest producer of solar panels, announced it has agreed to supply 50MW of solar panels to IBC Solar through 2012. No financial details were disclosed. Suntech and IBC Solar began their successful partnership in 2004 with the joint goal of providing quality solar systems to resellers and installers.
Chalco to Offer ¥2b Short-Term Bonds
Aluminum Corp of China Ltd (NYSE: ACH, SHA: 601600, HKG: 2600) said it will issue ¥2 billion worth of 30-day bonds Thursday, without disclosing purposes. The company posted ¥33.59 billion in revenues and ¥1.09 billion in net losses for Q1 2012.
Tencent to Operate Activision Blizzard's Game in China
Tencent Holdings Ltd (HKG: 0700), one of China's largest internet companies, has formed a partnership with US video game maker Activision Blizzard Inc (Nasdaq: ATVI), to introduce a free version of the latter's popular online game "Call of Duty" in China. Tencent will be the exclusive authorized mainland Chinese company to operate the game in a multiyear contract.
Huadian Foresees Heavy Loss for 1H
Huadian Energy Co (SHA: 600726), an electric power and heat supplier, said it was likely to post a ¥321.25 million net loss for 1H 2012 as small rises in energy prices were not enough to cover a sharp increase in coal prices. The company already posted a ¥81.67 million loss for Q1 2012.
$1 = ¥6.35
@2011 China Economy @ The China Perspective.
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