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Mcox Lane Ltd (NASDAQ: MCOX), the operator of Chinese online retailing site M18.com, has teamed up with Sina Corp (NASDAQ: SINA) to put up shopping links on the latter's popular Weibo microblogging service.
China Southern Airlines Ltd (NYSE: ZNH, SHA: 600029, HKG: 1055) will become China's first and the world's seventh carrier to operate the Airbus A380 plane in October. It will fly the jumbo jet between Beijing, Guangzhou and Shanghai before using it for international flights. China Southern Airlines has ordered five A380 aircraft.
Canadian Solar Inc (NASDAQ: CSIQ), one of the world's largest solar companies, said it has been awarded a contract to provide solar panels for a new 2.1MW solar power installation at St Peter's University Hospital in New Brunswick, New Jersey. The project is scheduled to begin construction in October, 2011. The hospital will invest $9 million in the project, and will realize substantial savings in its energy costs over the next several decades.
SAIC Motor Corp (SHA: 600104), China's biggest automaker, said it will develop electric cars with General Motors Co (NYSE: GM) in China, becoming the first Chinese automaker to join forces with a heavyweight global peer for the development of cleaner energy-powered cars. GM, which currently operates 10 joint ventures with SAIC, plans to introduce 60 new and upgraded models in China during the next five years.
Sany Heavy Industry Co (SHA: 600031), a leading construction and engineering machinery manufacturer, said its export-focused subsidiary Regency Material Trading Co has signed $14.95 million worth of contracts with a Burmese buyer. The company said the deals will strengthen its presence in Southeast Asia.
China Everbright Bank Co (SHA: 601818) said its board has approved a plan to issue financial bonds equaling no more than 5% of its existing outstanding loans by the end of 2013. The bonds will be issued domestically and overseas and expire in 10 years. The lender had ¥1.4 trillion in debts as at the end of 2010.
Beijing Gehua CATV Network Co (SHA: 600037), a cable, radio and television networks provider, said it had received ¥346 million in subsidies from the city government for installing set-top boxes with high-resolution reception for 1.3 million households. The company's net profit declined 14.5% year on year to ¥121 million in 1H 2011.
Hongrun Construction Group Co (SHE: 002062) said it had won ¥548.66 million worth of contracts from a subway project in Hangzhou. The amount is equivalent to 9.1% of the company's revenue in 2010.
Bank of China Ltd (SHA: 601988, HKG: 3988) has told UBS AG and BNP Paribas SA that it will not trade with them in China's local derivatives markets, the Wall Street Journal reported, citing trading sources familiar with the matter. This is a move that comes amid broader investor concerns over Europe's debt troubles. The move is likely to have only a muted financial impact on the banks. Bank of China is a minor player in global funding markets, and the European banks will still likely be able to access liquidity needed within China from other lenders and participants in the interbank market.
Sinovel Wind Group Co (SHA: 601558), the world's second biggest wind turbine maker, will provide power equipment to Desenvix SA as the Brazilian developer seeks to sell wind energy at the world's lowest price, Bloomberg reported. Desenvix will use 23 of Sinovel's SL1500/82 turbines for its 34.5MW Barra dos Coqueiros wind farm in the northeastern state of Sergipe, Sinovel said. This is the first South American developer to buy Chinese wind turbines.
$1 = ¥6.37
@2011 China Economy @ The China Perspective.
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