Geely Automobile Holdings Co (HKG: 0175), China's largest private carmaker which acquired Volvo a year ago, has paired up with Foxconn International Holdings Ltd (HKG: 2038), a leading Chinese contract manufacturer, for cooperation on developing electric vehicles. The move will likely pose a threat to BYD Co (HKG: 1211), one of China's largest electric car makers backed by Warren Buffet.
Industrial & Commercial Bank of China (SHA: 601398, HKG: 1398) has opened 5 branches in Paris, Brussels, Amsterdam, Milan and Madrid respectively, taking the number of its European branches to 9.
Industrial Bank Co (SHA: 601166) posted ¥43.48 billion in revenues and ¥18.53 billion in net profits for 2010, up 37.25% and 39.5% respectively from a year earlier.
China Everbright Bank Co (SHA: 601818) posted ¥35.38 billion in revenues and ¥12.68 billion in net profits for 2010, up 45.84% and 65.88% respectively from a year earlier.
Ping An Insurance Group Co of China (SHA: 601318, HKG: 2318) posted ¥226.56 billion in premium incomes in 2010, compared to ¥172.97 billion a year earlier.
China Pacific Insurance Group Co (SHA: 601601, HKG: 2601) posted ¥139.4 in premium incomes in 2010, including ¥87.9 billion from life insurance and ¥51.5 billion from casualty insurance. In 2009, it posted ¥101.8 in premium incomes in 2010, including ¥67.6 billion from life insurance and ¥34.2 billion from casualty insurance.
Sinovel Wind Group Co (SHA: 601558), a wind power generator maker, forecast its net profit will rise 50% in 2010.
Jiangxi Ganyue Expressway Co (SHA: 600269), a highway operator, said it would spend ¥5.83 billion building a highway from provincial capital Nanchang to Zhangshu. The project is pending regulatory approval.
Beiqi Foton Motor Co (SHA: 600166), China's largest commercial vehicle manufacturer, produced 695,400 vehicles in 2010, up 9.8% on 2009.
Angang Steel Co (SHE: 000898, HKG: 0347) raised prices of its February-delivery products by ¥50-¥300/ton from January levels.
Vipstore.com, a luxury goods retail site, has received $10 million in its third round of fundraising from a group of venture capital investors led by GSR Ventures. The site was launched in late 2009.
$1 = ¥6.59