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CCB, AVIC start $2.95b aviation-industry fund

China Construction Bank Corp (CCB) and China Aviation Industry Corp (AVIC) started a fund to boost the country's aviation industry, according to a statement posted on the lender's website today. The fund, which plans to raise as much as 5 billion yuan ($737.67 million) in the ...

US steel firm defends Chinese investment

A US venture capital steel company that received an investment from a Chinese State-owned firm fought back on Tuesday against national security concerns raised by US lawmakers. Steel Development Co, whose first project is to build a steel "rebar" production mill in Amory, ...

Shougang inks agreement to take over Tonghua Steel

CHANGCHUN - Beijing-based Shougang Group Friday signed an agreement with the provincial government of Jilin in northeast China to spend 2.5 billion yuan ($369 million) to take over operating Tonghua Iron and Steel Group in the province. According to the agreement, Shougang Group ...

TCL, Toshiba to form joint venture

Chinese consumer electronics maker TCL Corp said it inked an agreement with Japan's Toshiba Corp Thursday to set up a 50-million-yuan joint venture to sell liquid crystal display (LCD) televisions in the Chinese market. The new company, called Toshiba Visual Products (China), ...

China Shipbuilding to raise $2.6b via placement

Major Chinese ship builder China Shipbuilding Industry Co said on Friday it planned to raise 17.3 billion yuan ($2.55 billion) via a share placement to buy assets from its parent company. China Shipbuilding will issue 2.5 billion new shares to its state parent and six other ...

Zijin executives detained after water contamination

SHANGHANG, Fujian - Three managing personnel of a copper plant have been detained and a county official has resigned after the plant contaminated a local river in Shanghang County, east China's Fujian province. Lin Wenxian and Wang Yong, head and deputy head of the plant owned by ...

China to further regulate rare earth exploitation

The Ministry of Land and Resources Wednesday ordered local governments to report the current mining situation in rare earth and other mineral resources and draft plans for future exploitation, as a further step to regulate the rare earth industry, Beijing Business Today reported. ...

China National Nuclear seeks to build reactor in Argentina

China National Nuclear Corp, the country's biggest builder of reactors, is seeking to construct a nuclear plant in Argentina as the company expands overseas. State-run China National Nuclear will place a bid to build Argentina's fourth atomic plant, President Sun Qin said at a ...

Big steel firms won't switch to spot market-Baosteel

BEIJING: China's top steel maker Baosteel Group said on Thursday that big Chinese steel makers would not switch to spot markets for iron ore even if prices were cheaper. Chairman Xu Lejiang also told reporters that China had yet to reach agreement with three global miners on the ...

Air China seeks to buy Airbus, Boeing jets-rpt

SHANGHAI: Air China is in talks to buy wide-bodied jets from Boeing Co and Airbus , including A350 and B787 jets, to revamp its fleet, a source close to the carrier said on Wednesday. The ongoing negotiations with Airbus and its US rival also cover exchange of Air China's used ...

4 steel firms in Tianjin merged into new giant

BEIJING - Four steel companies in the northern Chinese city of Tianjin have announced that they will merge as part of a central government plan to consolidate the sector, the local municipal government said on Wednesday. The new Bohai Steel Group, launched on Tuesday, consolidate...

Regulator probes Zijin's acid leak disclosure

Zijin Mining Group Co, China's largest gold producer, said the nation's securities regulator will investigate its disclosure of an acid leak at a plant in Fujian province. The company will cooperate with the China Securities Regulatory Commission, spokesman Zhao Jugang said by ...

VisionChina inks new deal with Beijing subway

Chinese digital advertising company VisionChina Media Inc said Wednesday that it has signed a five-year contract with Beijing's subway system. The agreement extends VisionChina's existing contract with the subway system. VisionChina, which is based in Beijing, operates a mobile ...

HNA Group seeks backdoor listing for leasing arm

HONG KONG: HNA Group, China's No 4 airline group, is seeking a backdoor listing in Hong Kong for its aircraft leasing arm by proposing a $722 million deal with Lung Cheong International Holdings. Investment holding firm Lung Cheong said late on Tuesday it intended to buy HNA's ...

Mainland delegation to seek co-op with Taiwan LED producers

TAIPEI - The mainland is in great need of LED blacklight device and we will visit main producers in Taiwan to discuss possible cooperation, said Bai Weimin, secretary general of the mainland-based China Video Industry Association, at a press conference here Tuesday. A delegation ...

Acid leak prompts new enviro-protection rules

China's Ministry of Environmental Protection said it will tighten rules on environmental information disclosure by listed companies, after a copper smelter of the country's largest gold producer leaked acidic water and killed large numbers of fish. In a document published on its ...

Shougang's takeover plan achieves breakthrough

China's Shougang Group will sign an agreement with Tonghua Iron & Steel Group (Tonggang) in Jilin province on July 16 for a takeover, marking a breakthrough in the long and winding road of their restructuring, the 21st Century Business Herald reported, citing an official from ...

Zijin Mining to probe management flaws

Zijin Mining Group Co, China's largest gold producer, will investigate its management methods after waste water from a mine contaminated a river and killed fish in Fujian province. "We earlier said that the accident was a result of heavy rains, but it's not just that," Zhao ...

New steel mill list to be unveiled next year

A list of steel enterprises that meet the new requirements set by the Ministry of Industry and Information Technology (MIIT) will be unveiled by the end of 2011, a source with the ministry said, China Securities Journal reported Wednesday. By then, the steel mills that are not on ...

China's civil aviation industry up 31.7% in H1

BEIJING - China's aviation industry has achieved double-digit growth in the first six months this year, due to sharp rise in air traffic demand, the top official of China's civil aviation said here Tuesday. From January to June, China's aviation industry saw 25.38 billion ton/km ...
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