Andatee China Marine Fuel Services Corporation (NASDAQ: AMCF), a leading producer, distributor, and retailer of quality marine fuel for small cargo and fishing vessels, posted $63.1 million in revenues, up 43.3% year on year, and $1.4 million in net income for Q2 2011, down from $2.7 million a year earlier due to increased global oil prices and higher general and administrative expenses.
Sinovac Biotech Ltd (Nasdaq: SVA), a leading Chinese provider of biopharmaceutical products, said that it has obtained the GMP certificate for its seasonal flu vaccine and hepatitis A vaccine from the Mexican regulatory authority, the Federal Commission for the Protection Against Sanitary Risk of Mexico Ministry of Health. Sinovac is the first Chinese vaccine manufacturer to be granted GMP certification by the commission.
Ping An Insurance Group Co of China (SHA: 601318, HKG: 2318), the nation's second biggest insurer, said its premium income totaled ¥129.48 billion in the first seven months of the year.
China Rongsheng Heavy Industries Group Holdings Ltd (HKG: 1101) has received a $220 million credit package from a consortium led by Credit Agricole Corporate and Investment Bank, marking the first foreign credit line given to a Chinese privately-owned shipbuilder. Rongsheng hopes the funds will reduce foreign exchange exposure when it uses them to step up offshore operations, president Chen Qiang said.
Jinduicheng Molybdenum Co (SHA: 601958), Asia's largest producer of the metal by output, said its net profit fell 19.4% year on year to ¥359 million in 1H 2011 as molybdenum prices decreased in China. It posted ¥3.69 billion in revenues over the same period, up 21.3% year on year.
Xiamen Tungsten Co (SHA: 600549) said it plans to expand its tungsten smelting business by founding a new company with China Minmentals Nonferrous Metals Co, which holds a 20.58% stake in Xiamen Tungsten as its second largest shareholder. The project is estimated to cost ¥805 million, and Xiamen Tungsten will fund 70% of the money to own 70% of the joint venture.
Hua Xia Bank Co's (SHA: 600015) 1H net profits rose 41.9% year on year to ¥4.27 billion. Propped up by its ¥20 billion additional share offerings, the bank's capital adequacy ratio increased to 13.3% by June 30, 2011.
Zhejiang Semir Garment Co (SHE: 002563) posted ¥3.01 billion in revenues and ¥437 million in net profits for 1H 2011, up 36.6% and 29.1% year on year respectively due to strong demand for its products.
Tangshan Jidong Cement Co (SHE: 000401) posted ¥7.14 billion in revenues and ¥748 million in net profits for 1H 2011, up 56% and 38% year on year respectively as cement prices increased and the company improved cost control. Its cement output was up 48% year on year to 25.78 million tons during the same period.
$1 = ¥6.4