PetroChina to Issue ¥40b Bonds
PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857) said it has been approved to issue ¥40 billion worth of corporate bonds. China's largest oil explorer will offer bonds worth no less than half this value in the first issue within six months, and the remainder will be issued within 24 months.
Zijin 1H Profit Slips 20% on Higher Costs
Zijin Mining Group Co (SHA: 601899, HKG: 2899), China's largest gold producer by output, posted ¥20.99 billion in revenues and ¥2.39 billion in net profits for 1H 2012, up 32.4% and down 19.9% respectively from 1H 2011. Rising operating expenses were blamed for the decline in earnings. Zijin's gold output grew 27.3% year on year to 42,928kg in 1H 2012.
Baosteel Cuts Prices for Third Month
Baoshan Iron & Steel Co (SHA: 600019), China's most profitable steelmaker, lowered the ex-factory prices of its major products for September delivery by between ¥80 and ¥180 per ton. It was the third straight month of markdowns as demand from construction, manufacturing and car-making industries is expected to remain weak.
Citic to Offer ¥20b Bonds
Citic Securities Co (SHA: 600030, HKG: 6030) said it has been approved to issue ¥20 billion worth of short-term bonds to replenish capital, fund innovation and shore up capital efficiency. No other details were disclosed.
$1 = ¥6.34