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PetroChina Takes 20% of Shell's Canada-Based Groundbirch
PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857) agreed to buy a big slice of a shale gas field in Canada from Royal Dutch Shell Plc (NYSE: RDS.A), the Wall Street Journal reported. PetroChina Co said it bought a 20% stake in Shell's Groundbirch natural gas development in northeastern British Columbia. Shell said the deal was part of its longer-term cooperation with CNPC, PetroChina's parent. Neither PetroChina nor Shell disclosed more details.
Youku Hits Back at Tudou Suit
Youku Inc (NYSE: YOKU), a leading Chinese video site, filed a lawsuit against Tudou Holdings Ltd (NASDAQ: TUDO), its competitor, claiming ¥4.8 million in compensation for its stock price slump after Tudou's announcement of Youku infringing on its copyrighted content. Tudou held a press conference with fanfare after it brought Youku to court in December 2011, saying Youku had illegally broadcast its videos and claiming ¥150 million in compensation. The video of the press conference has been broadcast on a number of sites and resulted in denigration of Youku and unfair competition, Youku said.
Huadian Power Gains Support in Conventional Energy
Huadian Power International Co (SHA: 600027, HKG: 1071), China's third largest power producer by capacity, said its parent has decided to use it as the core asset to consolidate its conventional energy business. China Huadian Corp, which owns 47.21% of Huadian Power International, plans to inject all unlisted assets associated with conventional energy in the next five years.
Zijin Forecasts 20% in Profit Due to Pricier Gold
Zijin Mining Group Co (SHA: 601899, HKG: 2899), China's largest gold producer by output, expected its revenue to grow 39.5% to ¥39.82 billion and its net profit to grow 20% to ¥5.8 billion in 2011, bolstered by higher gold prices.
Sinovel Seals Big Wind Turbine Deal
Sinovel Wind Group Co (SHA: 601558), China's biggest wind turbine maker, said it sold 17 of its 6MW wind turbine units to Huaneng Renewables Co (HKG: 0958) for use in the Lingang Wind Farm in Shanghai, which is expected to become operational by the end of 2014. No financial details were disclosed.
Shanxi Coal Sets Up Singapore Branch
Shanxi Coal International Energy Group Co (SHA: 600546), a coal trader, said it plans to spend $3 million registering a branch in Singapore to explore overseas markets.
Bank of Nanjing Forecasts Profit Up 39%
Bank of Nanjing Co (SHA: 601009) posted ¥7.4 billion in revenues and ¥3.2 billion in net profits for 2011, up 40% and 39% respectively from the year before. The figures were unaudited.
$1 = ¥6.31
@2011 China Economy @ The China Perspective.
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