Bank of China (3988 HK) and Temasek Holdings may invest as much as 20 billion yuan to set up as many as 400 rural banks, and BOC would own a controlling stake in the joint venture, according to Bloomberg. (Hong Kong Economic Times A12)
Chinese battery and carmaker BYD (1211 HK) plans to boost capital spending by 59 per cent to 10 billion yuan in 2010 to expand its automobile production amid robust domestic demand. The company targets to sell 800,000 autos this year. (Sing Tao Finance B2)
China Life Insurance (2628 HK) said its accumulated premiums income for January and February amounted to 77.4 billion yuan, edging up 15 per cent year-on-year. (Sing Tao Finance B4)
China Taiping Insurance (966 HK) has signed a framework agreement with a potential buyer about the disposal of entire stake in Ming An Insurance Company (China) Limited. The disposal is subject to the approval from the regulatory. (Sing Tao Finance B4)
Leading offshore producer China National Offshore Oil Corp (883 HK) says it has agreed to pay US$3.1 billion to form a joint-venture with a major Argentine energy firm, helping to expand China’s access to natural resources in South America. (Hong Kong Economic Times A12)
Dynamic Energy (578 HK) has entered into a non-binding framework agreement about the possible acquisition of 22 coal mines in Henan Province. Total coal reserve and annual designed production capacity of the mines is over 50 million tons and 3.3 million tons respectively. (Sing Tao Finance B4)
Hi Sun Technology (China) (818 HK) recorded a profit of HK$85 million for 2009, down 25 per cent compared with a year ago. Earnings per share were 3.5 cents. No final dividend was declared.(Hong Kong Economic Journal P.7)
Hong Kong Resources (2882 HK) has agreed to acquire 40 per cent stake in China Gold Silver for HK$543.9 million. (Hong Kong Economic Journal P.7)
Integrated Distribution Services (2387 HK) has recorded a net profit of US$29.83 million for 2009, surging 21.6 per cent compared with a year ago. Earnings per share were 9.35 US cents. A final dividend of 30 HK cents per share was declared. (Sing Tao Finance B4)
New World Department Store China (825 HK) said its net profit has edged up 5.2 per cent to HK$272 million for the six months ended December 31 in 2009. A final dividend of 8 HK cents per share was declared. (Sing Tao Finance B3)
Regal Hotels International (78 HK), Paliburg Holdings Limited (0617) and Century City International Holdings Limited (0355) issued positive profit alert for 2009, expecting to return to the black. (Sing Tao Finance B4)
Samling Global (3938 HK) has posted a net profit of HK$206 million for the six months ended December 31 in 2009. Earnings per share were 2.89 HK cents. No final dividend was declared. (Sing Tao Finance B4)
Shanghai Forte Land (2337 HK) has recorded a net profit of 497 million yuan for 2009, surging 389 per cent year-on-year. Earnings per share were 0.196 yuan. A final dividend of 0.06 yuan per share was declared. (Sing Tao Finance B4)
Shougang Concord Century (103 HK) said it is expected to record a significant increase in profit for 2009 as compared to that for 2008 on rapid growth of the tyres industry and increasing demand for tyres. (Sing Tao Finance B4)
Sino-Ocean Land (3377 HK) has won a land bid in Beijing for 4.08 billion yuan. The land plot is located at the Chaoyang District, which will be used for residential housing, with a total construction area of 169,500 square meters. (Sing Tao Finance B4)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
