CNOOC Sets Aside ¥10b for Coalbed Methane Development
CNOOC Ltd (NYSE: CEO, HKG: 0883), China's biggest offshore energy explorer, said it plans to invest ¥9.93 billion developing coalbed methane for the growth of its clean energy business. The plan is pending approval from shareholders.
Xiamen Airlines Orders $3.3b of Boeing 737s
China Southern Airlines Ltd (NYSE: ZNH, SHA: 600029, HKG: 1055), the nation's biggest carrier by passenger traffic, said its controlled Xiamen Airlines has signed a deal with Boeing Co (NYSE: BA) to purchase 40 of Boeing's 737s to restructure its fleet. The planes, which were worth a combined $3.36 billion, will be delivered between 2016 and 2019. China Southern Airlines owns 51% of Xiamen Airlines.
Sohu Q2 Earnings Plunge 74%
Sohu.com Inc (Nasdaq: SOHU), a leading Chinese web portal, posted $256 million in revenues and $11 million in net profits for Q2 2012, up 29% and down 74.2% respectively from Q2 2011. Its online gaming division's strong performance was credited for the increase in revenue, whereas rising operating expenses and weak demand for ads were blamed for the decline in earnings.
Todou Posts Bigger Quarterly Loss
Tudou Holdings Ltd (Nasdaq: TUDO), China's second largest online video site by viewership, said its Q2 net loss worsened to ¥154.7 million, up from ¥78.9 million a year earlier, after it improved broadband connectivity and mobile video services for a better customer experience. The company lost a total of ¥438 million over the past three quarters. This will probably be Tudou's last independent financial statement as its merger with industry leader Youku Inc (NYSE: YOKU) is expected to be completed in Q3 2012.
ICBC, Baosteel Offer E-Financing Services
Industrial & Commercial Bank of China Ltd (SHA: 601398, HKG: 1398), the nation's largest lender by market value, and Baosteel Corp, the parent of China's most profitable steelmaker Baoshan Iron & Steel Co (SHA: 600019), inaugurated a co-developed electronic supply chain and financing platform, the first of its kind in the country. ICBC said the system will facilitate Baosteel's 30,000 raw material suppliers nationwide – 80% of them small and midsized businesses – to apply for online financial services with the bank's branches in Shanghai. The system is expected to boost capital efficiency and cut financial costs.
Vanke Jul Sales Volume Falls 20% from Jun
China Vanke Co (SHE: 000002), the nation's biggest property developer by revenue, said it sold 960,000m2 in floor space valued at ¥10.39 billion in July. Both the volume and amount were down over 20% from the month before. Between January and July, the company sold 6.99 million m2 fetching ¥72.93 billion.
$1 = ¥6.33