Simcere Pharmaceutical Group (NYSE: SCR), a Chinese manufacturer and supplier of branded generic drugs, has signed a framework deal with Merck & Co Inc (NYSE: MRK) to establish a joint venture in China to explore its healthcare market. The cooperation will concentrate on research and development, production and marketing of medicine for cardiovascular diseases and metabolic diseases. No other details were disclosed.
China Shenhua Energy Co (SHA: 601088, HKG: 1088), the world's largest coal producer, said it sold 191 million tons of coal including 3.2 million tons shipped overseas in 1H 2011, up 39.2% and down 44.8% respectively from a year earlier. Its electricity generation rose 24.2% year on year to 84.81 billion kW hours between January and June.
Sinovel Wind Group Co (SHA: 601558), China's biggest wind turbine manufacturer, will issue ¥5.8 billion worth of corporate bonds to repay bank loans and replenish capital. It said the bond will expire in 10 years but did not say when the bonds would be issued. The company raised ¥9.46 billion in its initial public offering in January.
China Merchants Property Development Co (SHE: 000024) acquired a land block in Shenzhen for ¥253 million. Up to 158,000m2 in floor space will be built on the 49,541m2 plot for residential purpose.
Jiangsu Zongyi Co (SHA: 600770), a photovoltaic maker, said it plans to spend $99 million setting up a branch in Luxemburg to expand its business in Europe. The Luxemburg unit will make and sell solar cells and offer consultation and installation services.
LandOcean Energy Services Co (SHE: 300157) agreed to pay ¥150 million for 42.42% of Henan Zhongyu Coalbed Methane Development Co. The Chinese government increasingly values unconventional gas sources such as coalbed methane and shale gas.
$1 = ¥6.45