China Knowledge Online

Jiangsu tops ranking in 2011 tourism revenue

2/3/2012

East China's Jiangsu Province topped tourism revenue rankings among all provincial-level regions in country last year, sources reported. In 2011, Jiangsu's tourism revenue rose 19.8% year on year to RMB 561.14 billion. The province received 411 million domestic visitors where 7.37 million inbound visitors that spent overnight in the province in the year, 15.8% and 12.8% more than in 2010. Guangdong Province came in second with tourism revenue hitting RMB 486 billion, followed by Zhejiang Province seeing tourism at RMB 390 billion....

Yunnan Expo Tourism to issue RMB 330 mln notes

2/3/2012

Yunnan Expo Tourism Group Holdings Ltd, a state-owned tourism property developer based in Yunnan Province, intends to issue RMB 330 million worth of unsecured notes with a maturity of three years on the interbank market on Feb. 9, sources reported. Coupon rate will be determined in the process of book-building. Both value date and payment due date is set on Feb. 10, and the to-be-issued notes tradable on Feb. 13. Proceeds from the issue will be used to repay bank loans and replenish working capital, said the issuer....

Chongqing Longxin tops China motorbike exporter in 2011

2/3/2012

Chongqing Longxin Engine Co Ltd topped the list of motorcycle manufacturers ranked by export value at US$493 million in 2011, according to a report on 91 Chinese motorcycle manufacturers released by China Association of Automobile Manufacturers or CAAM. Lifan Group ranked second with export value of US$458 million, followed by Sundiro Honda Motorcycle Co Ltd’s US$332 million, Guangzhou Haojin Motorcycle Co Ltd’s US$297 million, Jiangmen Dachangjiang Group Co Ltd’s US$289 million and Chongqing Yinxiang Motorcycle Co Ltd’s US$288 million. Guangzhou Dayang Motorcycle Co Ltd ranked seventh with export value at US$281 million, followed by Guangzhou Zongshen Motorcycle Industrial Co Ltd’s US$278 million, Chongqing Aeronautic Bashan Motorcycle Manufacturing Co Ltd’s US$218 million and Wuyang-Honda Motors Co Ltd’s US$190 million....

China Overseas Land targets HK$80 bln sales in 2011

2/3/2012

China Overseas Land & Investment Ltd<0688>, a major real estate developer of state-owned China State Construction Engineering Corp Ltd<601668>, aims to sell HK$80 billion of properties this year, said Chairman Kong Qingping on yesterday. This year’s sales target is almost on par for 2011 though Kong predicts that the mainland's property market will further cool down this year. Last year, the developer's property sales reached HK$87.09 billion, reflecting a year-on-year increase of 29.8%. The company sold 5.58 million square meters of properties, 5.3% more than it sold in 2010, China Knowledge reported earlier....

CNPC to issue RMB 60 bln corporate bonds

2/3/2012

China National Petroleum Corp or CNPC, the parent company of PetroChina Co Ltd<601857><0857>, plans to issue RMB 60 billion or around US$9.5 billion worth of corporate bonds in three tranches over the next few months, said persons familiar with the matter. The first tranche, worth RMB 20 billion, is likely to have maturities of between 7 and 15 years, and would be issued this month. Underwriters of the first tranche included Galaxy Securities, Hongyuan Securities Co<000562> and China International Capital Corp....

Juli Group to issue RMB 400 mln in bills

2/3/2012

China Juli Group said today that it would issue RMB 400 million in unsecured bills with a maturity of 366 days on the inter-bank market on February 8. The firm said in a statement that the bills will be issued at face value, and the coupon rate will be determined during the process of bookbuilding. Both value date and payment due date is set at February 10, and the to-be-issued bills are tradable on February 10....

Swire Pacific may bid for retailer Courts Asia

2/3/2012

Swire Pacific Ltd<0019><0087>, a Hong Kong-based conglomerate with businesses mainly in property, aviation, beverage, marine services and trading, is preparing to bid for electronics and furniture retailer Courts Asia Ltd, said two persons familiar with the matter. Courts Asia is valued at nearly US$400 million, the sources added. Swire Pacific, the parent co of Swire Properties Ltd<1972>, and Courts Asia both have yet commented on the news....

Jiangxi's GDP up 12.5% in 2011

2/3/2012

Jiangxi Province reported a 12.5% growth in gross domestic product in 2011, and the growth rate was 3.3 % higher than the national average, according to the latest statistics released by the Jiangxi Statistics Bureau. The province's GDP totaled RMB 1.16 trillion last year, accounting for 2.4% of the country's total. The province's total fixed-asset investment exceeded RMB 1 trillion last year, of which RMB 875.61 billion was invested in projects each with minimum investment of RMB 5 million....

Wynn Macau's profit for Q4 up 15%

2/3/2012

Wynn Macau Ltd<1128>, the owner and operator of casino gaming and entertainment resort facilities in Macau, saw its net profit increase 15% year on year to US$239.9 million from US$208.8 million in the fourth quarter of 2011. In the reporting period, the Hong Kong-listed firm's sales rose to US$995.5 million from US$912.2 million a year earlier, representing an increase of 9.1%. Adjusted property EBITDA or earnings before interest, taxes, depreciation and amortization stood at US$ 313.1 million in the fourth quarter of last year, up 5.5% year on year....

China's food industry gross output up 31.6% in 2011

2/3/2012

The food industry in China saw its gross output surge 31.6% year on year to RMB 7.81 trillion in 2011, accounting for 9.1% of the country's total gross industrial output, according to data from the National Bureau of Statistics. The top ten food producing regions, including Shandong Province, Henan Province, Sichuan Province, Guangdong Province and Liaoning Province, saw their gross food industrial output reach RMB 5.18 trillion, which accounted for 66.4% of the country's total. The industry's sales revenue grew 31.6% year on year to 7.65 trillion last year, and sales-to-output ratio rose 10 basis point to 98.03%....

PetroChina buys Canadian shale gas assets from Shell

2/3/2012

PetroChina Co Ltd<601857><0857>, China's largest oil producer, said yesterday it has inked an agreement to acquire a 20% stake in a shale gas project, located in Canada, from Royal Dutch Shell Plc. The Chinese oil giant has acquired Shell's Groundbirch assets, in British Columbia, on Canada's west coast, as parts of the deal, said PetroChina Spokesperson Mao Zefeng, declining to reveal the value of the acquisition. Analysts, however, estimated that the Groundbirch deal is valued at more than US$1 billion....

CIC to acquire minority stakes in EIG Global Energy

2/3/2012

China Investment Corp or CIC, the country's sovereign wealth fund, will buy a minority stake in Washington-based asset manager EIG Global Energy Partners, said the U.S. energy company yesterday. EIG, however, did not disclose details, including the size of the stake or purchase price of the deal. CIC is an investor in some funds managed by EIG, said the U.S.-based firm, adding that Goldman Sachs advised on the transaction. A spokesperson for CIC declined to comment on the news....

CNOOC, Spain's Isofoton to start solar power plant

2/3/2012

China's largest offshore oil producer China National Offshore Oil Corp or CNOOC Ltd<0883> plans to spend US$300 million to build a solar power plant in Tianjin with the cooperation of Spain-based solar company Isofoton SA. According to the plans, CNOOC will set up a joint venture, named Isofoton Lishen New Energy, with the Spanish firm via a subsidiary Tianjin Lishen Battery Joint-Stock Co Ltd. Tianjin Lishen Battery Joint-Stock will own a 51% stake in the JV, while Isofoton will have the remainder....

China Development Bank to auction RMB 40 bln bonds

2/3/2012

China Development Bank or CDB, one of the three policy banks in the country, has said that it plans to auction two tranches of bonds worth a total of RMB 40 billion on February 7. The lender said that it will issue this year's fifth financial bonds worth RMB 20 billion. The bonds will have a maturity of five years and carry a fixed coupon rate. Payment due date and value date will be February 9 and the bonds tradable on February 15. In addition, the lender will issue this year's sixth bonds worth RMB 20 billion. The bonds will have a maturity of ten years and carry a floating rate. Payment due date and value date will be February 9 and the bonds become tradable on February 15....

Bank of Nanjing expects 2011 profit to rise 39%

2/3/2012

Bank of Nanjing Co Ltd<601009> said yesterday that it expected its net profit to surge 39% year on year to RMB 3.2 billion in 2011. The bank said in a statement filed with the Shanghai Stock Exchange that basic earnings per share were estimated at RMB 1.09 last year, up 21.11% year on year. The lender's unaudited operating revenue surged 40% year on year to RMB 7.4 billion in the period....

Zijin Mining forecast 20.03% rise in 2011 profit

2/3/2012

Zijin Mining Group Co Ltd<601899><2899>, the largest listed gold miner in China, said yesterday that it expected its net profit to grow 20.03% year on year to RMB 5.80 billion in 2011, due to an increase in gold price. The gold producer said in a statement filed with the Shanghai Stock Exchange basic earnings per share were estimated at RMB 0.27 last year. Zijin Mining saw its operating revenue increase 39.51% year on year to RMB 39.82 billion in the period....

Chengdu Xingrong Inv't reports 40.24% surge in 2011 profit

2/3/2012

Chengdu Xingrong Investment Co Ltd<000598>, mainly engaged in water supply and sewage treatment, said yesterday that its net profit rose 40.24% year on year to RMB 588 million in 2011. Basic earnings per share were RMB 0.51. The company has declared a final dividend of RMB 1 per ten shares. The company said in its annual report that its operating revenue grew 19.08% year on year to RMB 1.92 billion last year....

AU Optronics nets Japan's Idemitsu Kosan for OLEDs

2/3/2012

Taiwan-based AU Optronics Corp, the world's third-largest maker of liquid crystal displays by revenue, yesterday signed an agreement with Japanese display material supplier Idemitsu Kosan Co Ltd to jointly develop next-generation OLED displays. Pursuant to the agreement, Idemitsu Kosan will supply the materials of OLEDs, or organic light-emitting diodes, while AU Optronics will reinforce the development of OLED products at the Japanese firm. The small-sized OLED panels will be installed in smartphones and tablet PCs, while the large-sized OLED displays for TVs, said AU Optronics....

SAIC-GM-Wuling targets 1.35 mln-auto sales for 2012

2/3/2012

SAIC-GM-Wuling Automobile Corp, a joint venture of General Motors, Shanghai Automotive Industry Corp and Liuzhou Wuling Motors Co, aims to sell around 1.35 million vehicles this year. In 2011, the JV, which specializes in truck and van development, sold more than 1.3 million autos with Wuling vehicle's share reaching 45.3% in China's van market last year. Performance of the JV's Baojun models showed strong momentum with sales exceeding 8,000 units in December 2011....

China CNR to raise RMB 7.1 bln via rights issue

2/3/2012

China CNR Corp<601299>, one of the country's two leading train manufacturers, has announced plans to raise around RMB 7.1 billion via a rights issue, according to a statement filed with the Shanghai Stock Exchange. The company intends to issue 2.5 shares for every ten existing shares held by each shareholder, or a total of 2.08 billion shares on the basis of its total capital of 8.3 billion shares. The issue price is expected to reach between RMB 3.00 and RMB 3.50 apiece, usually lower than the issuer's net asset value per share or NAVPS, which was RMB 2.92 as of Feb. 2, 2012, said analysts....