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Ping An plans to acquire Shanghai Securities

SHANGHAI - Ping An Insurance (Group) Co of China plans to acquire Shanghai Securities Co to strengthen its brokerage business in a deal analysts estimate is worth 7 billion yuan ($1 billion), the 21st Century Business Herald reported on Thursday, citing unidentified sources. Ping ...

McDonald's aims to expand franchise trial in China

HONG KONG - McDonald's Corp, the world's biggest fast-food chain operator, is looking for new franchise partners in China, expanding a six-year-old trial program in its fastest growing market, a spokeswoman said on Thursday. McDonald's relies heavily on franchises in more mature ...

UnionPay expands to 5 more Asian countries

China UnionPay Co Ltd (UnionPay), a bank card services provider, announced Thursday it has expanded its card acceptance service to five more Asian markets - Brunei, the Maldives, the Philippines, Singapore and Sri Lanka. The new service, provided by Global Payments Asia-Pacific ...

Air China falls in Shanghai on concerns price jump overdone

Air China Ltd, the nation's largest international carrier, fell in Shanghai trading as investors locked in gains following an announcement about a business-tax exemption for overseas flights. The carrier dropped 3.7 percent to 12.90 yuan, following a 7.1 percent jump yesterday. ...

Taizinai says Deloitte never provided auditing report

A Deloitte report which was used as the main evidence in a Cayman Islands court ruling on the liquidation of Chinese dairy group Hunan Taizinai Group is not legally valid, cb.com.cn reported Thursday. The website claimed that Deloitte told Taizinai it had never produced any ...

Evergrande leads in cutting property prices

Chinese developer Evergrande Real Estate Group on Thursday started to offer a 15 percent discount on prices of its 40 property projects across the country to promote sales amid government tightening measures to cool down the red-hot sector, Shanghai Securities News reported. ...

Air China sees 549m yuan tax-exemption saving

Air China Ltd, the nation's largest international carrier, said it may save 549 million yuan ($80 million) after the government announced a business-tax exemption for overseas flights and shipping services. The forecast was based on 2009 earnings, the company said in a Hong Kong ...

Baosteel importing iron ore on temporary price basis

Baoshan Iron & Steel Co, China's largest listed steelmaker, is importing iron ore from top global miners on a temporary price basis, Ma Guoqiang, the listed unit's general manager, said on Wednesday. He said the company was studying how to deal with the adverse impact of iron ore ...

China Cosco posts annual loss on overcapacity, shipping rates

China Cosco Holdings Co, the world's largest operator of dry-bulk ships, slumped to an annual loss after rates for hauling commodities and containers tumbled on overcapacity and the global recession. The 7.47 billion yuan ($1.09 billion) net loss compared with a restated profit ...

Air China wins Shenzhen Air control for southern hub

Air China Ltd will gain control of Shenzhen Airlines Ltd through a 682.1 million yuan ($100 million) investment, giving the nation's largest international carrier a hub in southern China. Air China's stake in the Shenzhen-based carrier will rise to 51 percent from 25 percent ...

China Mobile expects domestic listing

China Mobile does not have a detailed schedule of returning to the domestic listing now, but the company is eagerly awaiting the launch of the international board at the Shanghai Stock Exchange, which will accelerate China Mobile's listing, company chairman Wang Jianzhou told ...

Chinalco, Rio sign up to Guinea venture

Project to tap into world's biggest undeveloped iron ore deposit BEIJING: Aluminum Corp of China (Chinalco), the nation's largest aluminum producer, agreed to set up a joint venture with Anglo-Australian miner Rio Tinto to develop the Simandou iron ore project in West African ...

Wuliangye '09 net profits up 79%

Wuliangye Yibin Co, one of China's top liquor producers, made net profits of 3.25 billion yuan ($476.10 million) in 2009, up 79.18 percent year-on-year, cnstock.com reported Friday, citing the company's annual report. Special Coverage:2009 Annual Reports of Listed Companies It ...

China Fire Q4 profit halves

Fire safety products maker China Fire & Security Group Inc posted a 57 percent drop in quarterly profit, hurt by income tax on its operating subsidiary in China and the delay in signing a steel project contract. The Nasdaq-listed company sees 2010 earnings of $1.65 to $1.70 per ...

Big miners eye copper assets

BEIJING: Central State-owned miners will accelerate acquisition of copper assets this year to capitalize on the price rally as the government encourages mergers and acquisitions (M&A) to streamline the industry. The nation's top two copper producers, Jiangxi Copper Corporation ...

78 SOEs to withdraw from real estate industry

Seventy-eight State-owned enterprises (SOEs) will withdraw from the real estate industry, the State-owned Assets Supervision and Administration Commission (SASAC) said in a press release on March 18, people.com.cn reported Thursday. According to the commission's requirement, the ...

Shandong Gold Mining net profit jumps in 2009

Shandong Gold Mining Co Ltd, a major gold producer in China, reported Thursday that its net profit rose 17.08 percent year-on-year. Special Coverage:2009 Annual Reports of Listed Companies The company attributed the surge in net profit mainly to its increasing gold output, which ...

China Mobile revenue up on surprise ARPU gain

HONG KONG China Mobile, the world's largest mobile carrier by market value and subscribers, reported its best quarterly profit in a year, beating expectations for little growth, as customers began spending more on value-added services. China Mobile has about 500 million users, ...

Blackstone in $600m China agricultural deal

HONG KONG/SHANGHAI - A consortium led by Blackstone Group has agreed to invest about $600 million in a Chinese agricultural company ahead of its planned Hong Kong listing, sources with knowledge of the deal said on Wednesday. China Shouguang Agricultural Product Logistic Park, ...

Meiling profits high, no dividends for 11 years

The outstanding annual report of Hefei Meiling, a household electrical appliances manufacturer in East China's Anhui province, didn't stimulate investors' enthusiasm with news of no dividends for the 11th year, National Business Daily reported Wednesday. The Shenzhen listed ...
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