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Sinopec, ENN Energy Put Off China Gas Bid
Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386), China's biggest refiner, and ENN Energy Holdings Ltd (HKG: 2688) said they have postponed the implementation of their joint bid for China Gas Holdings Ltd (HKG: 0384) for 30 days until September 6. This was the third delay for the bid as the consortium consisting of the two companies had not received any regulatory approval from an antitrust review. The consortium proposed buying China Gas for $2.15 billion in December. The deal was dealt a blow when Beijing Enterprises Holdings Ltd (HKG: 0392) raised its stake in China Gas last month to a higher price, stirring up competition.
China Life Forecasts Drop in 1H Profit
China Life Insurance Co (NYSE: LFC, SHA: 601628, HKG: 2628), the nation's biggest insurer by premium income, said its 1H net profit would continue to fall as a result of lower investment returns against a slack capital market and but the decline would not be faster than the 29.4% decline it reported in Q1 2012. The insurer posted ¥12.96 billion in net profits for 1H 2011 and ¥185.4 billion in premium incomes for 1H 2012.
Giant Interactive Q2 Profit Soars 29-Fold
Giant Interactive Group Inc (NYSE: GA), a leading Chinese online game developer and operator, posted ¥528.2 million in revenues and ¥307.2 million in net profits for Q2 2012, up 3.8% and 2,920.6% respectively from Q2 2011. The whopping increase in earnings was attributed to a tax return of ¥33.2 million as a result of a pilot corporate tax overhaul program in Shanghai and the continuous popularity of the company's Zheng Tu 2 game.
Vanke 1H Profit Rises 25%
China Vanke Co (SHE: 000002), the nation's top property developer, posted ¥30.72 billion in revenues and ¥3.73 billion in net profits for 1H 2012, up 53.7% and 25.1% year on year respectively. It had ¥47 billion in cash and ¥8.19 billion worth of properties available for sale as of the end of June 2012.
Saic Motor Sales Volume Up 18% in Jul
Saic Motor Co (SHA: 600104), China's largest carmaker by output, said it sold 320,568 vehicles in July and 2.55 million vehicles in the first seven months of 2012, up 18% and 12% respectively from the same periods a year earlier. Saic has partnerships with General Motors Co (NYSE: GM) and Volkswagen AG.
Southwest Securities Halts Peer Acquisition
Southwest Securities Co (SHA: 600369), a brokerage based in the megacity of Chongqing in southwestern China, said it failed to reach an agreement to acquire Guodu Securities as it miscalculated the value of the securities firm, botching China's first peer acquisition by a publicly traded brokerage. Southwest Securities said brokerage margins have continued to fall amid a sluggish Chinese stock market in the wake of global economic hardship and Europe's debt problems.
Yonghui Superstores 1H Earnings Drop 29% on Higher Expenses
Yonghui Superstores Co (SHA: 601933), a Fujian province-based supermarket chain, said its 1H net profit declined 28.6% year on year to ¥193 million due to a sharp increase in financial expenses and operating costs for new stores. Between January and June, revenue jumped 45.9% to ¥11.7 billion and 18 new stores were opened.
$1 = ¥6.33
@2011 China Economy @ The China Perspective.
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