Industrial & Commercial Bank of China (SHA: 601398, HKG: 1398), the world's largest lender by market value, has been approved to issue ¥22 billion ($1 = ¥6.8) worth of subordinated bonds to increase its capital adequacy ratio which currently stands at 11.3%.
JPMorgan Chase has increased its holdings in Agricultural Bank of China Co (SHA: 601288, HKG: 1288) to 5.12% from 4.97% after buying nearly 47 million shares at HK$3.54 apiece.
Agile Property Holdings Ltd (HKG: 3383) sold 198,000m2 in floor space fetching ¥2 billion in August, bringing the figures for the first 8 months to 1.4 million m2 and ¥14.1 billion, up 2% and 33% respectively from the same period a year ago.
SAIC Motor Corp Ltd (SHA: 600104), China's biggest automaker, sold 286,800 vehicles and produced 273,400 vehicles in August, up 22.3% and 17.8% respectively from a year ago. Its sales and production both exceeded 2.3 million units in the first 8 months, up nearly 40% from a year ago.
China Merchants Securities Co (SHA: 600999) netted ¥230 million from ¥473 million in revenue in August, down 2.3% and 7.3% respectively from in July due to the bearish stock market. It posted ¥3.4 billion in revenue and ¥1.7 billion in net profit for the first 8 months of 2010.
China Petroleum & Chemical Corporation (NYSE: SNP, SHA: 600028, HKG: 0386), Asia's largest oil refiner, will issue ¥10 billion worth of 365-day maturity financing bonds in the interbank bond market on September 13 to repay bank loans.
Gome Electrical Appliances Holding Ltd (HKG: 0493), China's second biggest white goods and electronics retailer, has placed ¥30 billion worth of orders with hundreds of manufacturers including Haier (SHA: 600690), LG, Sharp, Samsung, Sony, Lenovo and Hisense to boost its stock for the upcoming shopping spree during the National Day holidays in early October.
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