Yingli Green Energy Holding Co (NYSE: YGE), a leading Chinese integrated photovoltaic producer, will build a factory in the US state of Texas or Arizona, said chairman and CEO Miao Liansheng. The company also plans to spend $17 million sponsoring the World Cup in 2014.
Qihoo 360 Technology Co (Nasdaq: QIHU), a leading Chinese online security software developer, has paired up with German IT security software provider Avira to share antivirus technology and cooperate in research. Qihoo 360 president Qi Xiangdong said that on top of existing tie-ups with Avira and Romania-based antivirus developer BitDefender, Qihoo 360 would seek partnership with more overseas peers.
Royal Dutch Shell Plc (NYSE: RDS.A) said it will work with China National Petroleum Corp, the parent of PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857), to set up a 50:50 venture to drill onshore gas wells in China. China wants to triple its use of natural gas to 10% of energy consumption by 2020 as it cuts reliance on coal.
The China Development Bank said it had signed an agreement to offer a ¥60 billion credit line to China Southern Airlines Ltd (NYSE: ZNH, SHA: 600029, HKG: 1055) to support the nation's largest carrier's operating activities. Separately, China Southern Airlines ordered $250 million worth of V2500 engines from Rolls Royce Holdings Plc for its Airbus A320 aircraft.
China Mobile Ltd (NYSE: CHL, HKG: 0941) said it attracted 5.02 million new customers including 2.62 million 3G service users in May, increasing their total numbers to 611 million and 32 million respectively. China Unicom Ltd (NYSE: CHU, SHA: 600050, HKG: 0762) said it attracted 1.74 million new 3G service users and 834,000 new broadband users in May, taking their total numbers to 22.09 million and 51.26 million respectively.
Agricultural Bank of China Co (SHA: 601288, HKG: 1288) said it plans to set up a ¥20 billion logistics fund with Hainan Airlines Group, the parent of Hainan Airlines Co (SHA: 600221). The fund will be based in Chongqing municipality in southwestern China.
Bank of America Corp (NYSE: BAC) may sell some of its $21 billion stake in China Construction Bank Corp (SHA: 601939, HKG: 0939), the nation's largest mortgage lender, to bolster capital before new international standards take effect, said three people briefed on the plan. The US bank wants to keep about half its CCB shares so it can remain a strategic investor, according to the source.
Mamacn.com, China's largest website about baby care, said it had received ¥50 million in venture capital funding from Tencent Holdings Ltd (HKG: 0700), China's largest Internet company by market value. The website was founded in Guangzhou in 2007.
Jiangsu Miracle Logistics System Engineering Co (SHE: 002009) said it plans to raise ¥773 million in a private placement to build an assembly line for logistics automation systems.
Sany Heavy Industry Co (SHA: 600031) began construction on an industrial park in Germany. China's largest investment in Europe is expected to cost €100 million and generate €350 million in revenues when operational, said Sany chairman Liang Wengen.
Hua Xia Bank Co (SHA: 600015) has signed a framework deal with China UnionPay, the nation's sole bankcard network operator, to cooperate in mobile billing service. The bank is the first of its kind in China to reach a mobile billing service deal with UnionPay.
Tibet 5100 Water Resources Holdings Ltd, a bottled water maker that sources glacial spring water from 5,100 meters above sea level, plans to raise HK$1.6 billion from a Hong Kong IPO. It will use the money to expand capacity and acquire new water sources.
$1 = ¥6.47 = €0.7 = HK$7.79