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China Mobile Ltd (NYSE: CHL, HKG: 0941) posted ¥383.85 billion in revenues and ¥91.98 billion in net profits for the first three quarters, up 8.8% and 5.4% respectively from the same period a year ago. It attracted 49.5 million customers including 22.46 million 3G service users over the period, bringing the total numbers to 633.5 million and 43.16 million respectively as of the end of September 2011.
PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857) would lose at least ¥50 billion from its refining business this year should government-set fuel prices not be raised, chairman Jiang Jimin estimated.
Ninetowns Internet Technology Group Co (NASDAQ: NINE), one of China's leading providers of online solutions for international trade, posted $4.9 million in revenues and $800,000 in net profits for 1H 2011. Revenue was down 17% and net profit was compared to a $1 million loss a year earlier.
Shanghai Pudong Development Bank Co (SHA: 600000) said it has received regulatory approval to set up a joint venture bank with Silicon Valley Bank, operated by SVB Financial Group (NASDAQ: SIVB). The two sides will equally fund the ¥1 billion in registered capital for the new bank.
Baosteel Group, the parent of Baoshan Iron & Steel Co (SHA: 600019), has been given the green light to issue Renminbi-denominated corporate bonds in Hong Kong, the first mainland company to do so. The steelmaker aims to raise ¥6.5 billion from the plan.
Guangxi Liugong Machinery Co (SHE: 000528) said it plans to establish a 50:50 company with Cummins China. Guangxi Liugong will contribute ¥200 million to the ¥400 million registered capital for the joint venture, and is expected to invest another ¥600 million in the initial phase.
Zhongjin Gold Corp (SHA: 600489), China's biggest gold producer by output, said its subsidiary, Hebei Jinchangyu Mining Co, has paid ¥145 million for a gold mine in Qianxi, Hebei province.
China National Chemical Engineering Co (SHA: 601117), said China Chengda Engineering Co, its wholly-owned subsidiary, has won a ¥1.77 billion contract. The amount is equivalent to 5.4% of the parent company's revenue in 2010.
Changjiang Securities Co (SHE: 000783) posted a ¥84.95 million loss for Q3 2011 after losing almost ¥150 million in September, when the average daily value of stock trading plummeted to a three year low of ¥105.9 billion.
Hisense Electric Co (SHA: 600060), a leading household appliance maker, posted ¥16.46 billion in revenues and ¥886 million in net profits for the first three quarters, up 7.3% and 93.7% respectively from a year earlier.
Beijing Yanjing Brewery Co (SHE: 000729), a beer brand popular in northern China, posted ¥10.37 billion in revenues and ¥784 million in net profits for the first nine months, up 15.8% and 10.2% year on year respectively. Its sales volume rose 10.9% from a year earlier to 4.63 million kiloliters over the period.
$1 = ¥6.36
@2011 China Economy @ The China Perspective.
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