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Chalco Forecasts ¥3.2b Loss for 1H
Aluminum Corp of China Ltd (NYSE: ACH, SHA: 601600, HKG: 2600), also known as Chalco, said it lost an average ¥17.87 million per day in 1H 2012 grossing ¥3.25 billion in net losses during the six-month period as aluminum and alumina prices kept running low while raw material costs kept rising. The company posted a ¥1.16 billion loss in Q1 2012. Its final 1H report is due August 24.
China Mobile Said to Acquire USTC iFlytek
China Mobile Ltd (NYSE: CHL, HKG: 0941) has reportedly done due diligence and signed an agreement to contribute as a strategic investor to Anhui USTC iFlytek Co (SHE: 002230), a Chinese voice recognition software developer. No more details were available and both parties could not be reached for comment.
UC Broswer to Float in US in 2013
UC Browser, a Chinese browser developer for cellphone users worldwide, plans to postpone its US listing plan to next year as market conditions are not ripe at the moment, CFO Rong Shengwen told Bloomberg. The company currently has 300 million users and expects to serve one billion users by 2017, Rong said. UC Browser gets 75% of its revenue from ads and the remaining 25% from online gaming services.
Sino-US Bank Founded for Hi-Tech Firms
Shanghai Pudong Development Bank Co (SHA: 600000) and US-based Silicon Valley Bank agreed to set up a new bank to support hi-tech firms. The 50:50 joint venture with ¥1 billion in registered capital will be based in Shanghai and deal with onshore dollar-denominated business only in the very beginning.
CSR Wins $2b Aussie Deals
CSR Corp (SHA: 601766, HKG: 1766), China's biggest train maker by market value, said it has sealed $2 billion worth of contracts to supply mining wagons and trucks to Australia's Fortescue Metals Group Ltd. The amount is equivalent to 15.7% of CSR's revenue last year.
Soho 1H Profit Dives 65%
Soho China Ltd (HKG: 0410), a Beijing-based property developer, posted ¥1.22 billion in revenues and ¥613 million in net profits in 1H 2012, down 54% and 65% year on year respectively due to zero developments completed that led to fewer sales volume. With two projects to finish building in Q4, the company expects a big increase in revenue for year-round results.
China Coal Energy Budgets ¥5.4b for Joint Rail Project
China Coal Energy Co (SHA: 601898, HKG: 1898), the nation's second largest coal producer by revenue, said it will join other firms building a ¥54 billion railroad that will carry coal from western Inner Mongolia through to central China. The company will phase in a total of ¥5.4 billion investments in three years to hold a 10% stake in the project.
Nanning Sugar Swings to Loss
Nanning Sugar Industry Co (SHE: 000911), China's largest listed sugar maker, posted a ¥32.46 million loss for 1H 2012 due to lower sugar prices and higher raw material costs. It posted a ¥143 million net profit a year ago. Revenue was down 14.8% year on year to ¥1.83 billion in 1H 2012, during which it sold sugar at an average price of ¥6,626/ton, down from ¥7,230/ton in 1H 2011.
$1 = ¥6.36
@2011 China Economy @ The China Perspective.
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