Hongyun Group and Honghe Group, two Chinese tobacco and cigarette giants from southwestern China’s Yunnan province, have signed a merger pact in a move to form the country’s largest and the world’s fourth largest industry player, China Business News reported, citing a well-informed source. The two groups have remained silent about the rumor...

China’s cartoon and animation industry will constitute 1% of its gross domestic product (GDP) within five to ten years, China Business News reported, citing a Morgan Stanley report. The investment and financial services provider said China has 300 million children under the age of 14 and that most of them are the only, and in many cases spoiled, child ...

Electric equipment producer Wuzhou Minovo Co (600873.SH) plans to sell its 100% stake in Weifang Wuzhou Pearl Real Estate Co to Shandong Wuzhou Investment Group for US$2.64 million (RMB18.0956 million), the Securities Times reported. The price is RMB3.4281 million more than its net asset value. Weifang Wuzhou Pearl Real Estate has US$1.75 million (RMB12 mill...

The central government plans to speed up the consolidation of state-owned enterprises (SOEs) following the Olympics to meet its goal of forming 80-100 super industry players within 15 months, China Business News reported, citing an article in Qiushi magazine by Li Rongrong, director of the State-owned Assets Administration and Supervision Commission. Li wrot...

Aircraft and vehicle manufacturer AviChina Industry & Technology Co (2357.HK) said Monday its first-half turnover rose 0.59% to US$1.18 billion (RMB8.079 billion), the Shanghai Securities News reported. Snowstorms at the beginning of the year and the Sichuan earthquake delayed delivery of aero parts, resulting in sales dropping 11.23% to US$229.70 millio...

China Railway Construction Corp (CRCC) (601186.SH, 1186 HK) said Tuesday its first-half net profit was up 22% year-on-year to US$222.69 million (RMB1.525 billion) on US$12.01 billion (RMB82.236 billion) in revenue, up 12% year-on-year, the Shanghai Securities News reported. Revenues from domestic business grew 7.57% to US$11.17 billion (RMB76.501 billion) ov...

Giant Chinese household electrical appliance producer Qingdao Haier (600690) said Monday its first-half net profit climbed 45.99% year-on-year to US$80.34 million (RMB549 million) on US$2.77 billion (RMB18.9 billion) in revenue, up 10.44% year-on-year, the Securities Times reported. Its gross profit margin was 24.72%, 3.16 percentage points more than a year ...

Chinese electronic and telecoms manufacturer Konka Group (000016.SZ) said over the weekend that its first-half net profit surged 89.66% year-on-year to US$11.79 million (RMB80.555 million) while revenues grew just 0.1% to US$822.59 million (RMB5.621 billion), China Business News reported. Revenue fell 0.45% at its TV division to US$592.68 million (RMB4.05 bi...

The Shanghai United Assets and Equity Exchange supervised US$18.59 million (RMB127 million) worth of finance-related transactions last week (August 18-24), China Business News reported. A 30% stake in a local fund management firm held by a Shanghai-based state-owned company was hotly contested with the winning bid of US$15.76 million (RMB107.7 million) from ...

Northern China’s Shanxi province has launched two new wind power projects designed to produce 134 million eco-friendly kilowatt hours of electricity a year, saving 40,800 tons of standard coal, 493 tons of dust, 87,000 tons of carbon dioxide, 390 tons of sulfur dioxide and 1,640 tons of nitrogen oxide, China Business News reported. The wind generators,...