Apr. 7, 2009 (China Knowledge) - China Mobile Ltd<941><CHL>, the country's largest telecom operator, plans to add 140,000 TD base stations in the period from 2009 to 2011, sources reported on Tuesday.

After completion, all Chinese cities will be covered by the 3G network based on the TD-SCDMA technology with over 160,000 base stations.

The ongoing third phase construction of its 3G network, which is expected to be completed by the end of 2009, will add 238 cities in its 3G networks.

China Mobile last year finished building the TD network in 10 Chinese cities.

The company earlier said it planned to invest RMB 58.8 billion into the construction of 60,000 base stations in 2009 as part of its efforts to expand its 3G mobile phone network.

Mar. 30, 2009 (China Knowledge) - Baoshan Iron and Steel Co Ltd (Baosteel)<600019>, the largest listed steel maker in China, on Saturday released its annual report for fiscal year 2008, which shows that its net profit dropped 49.21% from one year earlier to about RMB 6.46 billion amid the global financial crisis, sources reported.

The company realized around RMB 200.64 billion in sales revenue in 2008, up 4.74% year on year. It sold around 22.81 million tons of pig iron and steel billets, up 0.9% from one year earlier.

Earnings per share (EPS) were RMB 0.37. The company will issue a dividend of about RMB 1.80 per 10 shares (including tax).

The company predicted that its sales revenues would drop to RMB 145.7 billion in 2009 and that it would produce 24.9 million tons of crude steel.

Top 5 News From ChinaKnowledge.comLegend to invest RMB 10 bln in clean energy sector in 5 yearsInvestor sells 9 mln shares of Kai Yuan HoldingsChina's Ministry of Finance to issue RMB bonds in HK: reportChina Mengniu Dairy reports 13.55% rise in net profit for H1HSBC China issues RMB 2 bln in bonds

Sep. 9, 2009 (China Knowledge) - Legend Holdings, parent of the world's fourth-largest PC manufacturer Lenovo Group Ltd<0992><LNVGY>, Tuesday announced that it will invest RMB 10 billion in clean energy and new materials sectors in the next five years, sources reported.

Legend is also interested in conducting investments in technology, financial services and industries that aim to satisfy domestic need.

Lenovo Chairman Liu Chuanzhi was appointed as chairman of Legend, representing the firm's employees who hold a combined 35% stake in Legend. Meanwhile, Chinese Academy of Sciences Holdings Co Ltd holds 36% stake in Legend, while China Oceanwide Holdings Group holds the remaining 29% stake in the firm at a cost of US$404 million.

The medium-term goal of Legend is to go public, so as to obtain more funds and a better platform for the firm's further development, according to Liu, adding that the Hong Kong Stock Exchange might be the possible listing place.

People familiar with the deal revealed that Legend will invest in industrial companies, expanding the fields it made direct investments nowadays. The firm will be converted to a company modeled on Sweden's Investor AB, which holds stake in several important firms in different fields, and will form its core assets through these direct investments.



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CREC wins $7.5b railway contract from VenezuelaPublished: 03 Aug 2009 00:02:01 PST

China Railway Engineering Corporation (CREC) successfully won a railway construction contract worth $7.5 billion for Venezuela and would transfer the contract to China Railway Group Ltd., which made the announcement Aug. 2.

In its report, China Railway Group Ltd.'s controlling shareholder, CREC has signed a contract to design and construct a railway between Tinaco and Anaco, two Venezuelan cities, with the South American country's National Railway Bureau on Jul. 31.

The contract is worth 51.22 billion yuan ($7.5 billion), or 22 percent of China Railway Group's revenue in 2008.

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China Unicom to begin W-CAMA 3G trialPublished: 26 Nov 2008 01:49:06 PST
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Nov. 26, 2008 (China Knowledge) - China Unicom Ltd<600050><762><CHU>, China��s second-biggest mobile phone carrier, said that the company will launch W-CDMA networks trial in seven Chinese cities, including Shanghai, Shenzhen, Foshan, Liuzhou, Zhengzhou, Baoding and Wuxi, the Beijing Times reported, citing Chang Xiaobing, chairman and CEO of China Unicom.

Around 100 W-CDMA base stations will be built in each of these cities and the trial networks will start once the company receives the 3G license from the Chinese government, said Chang.

The first W-CDMA network of China Unicom is expected to begin its trial run on Dec. 31. China Unicom��s customers in Wuxi can apply to participate in the W-CDMA networks and base stations.



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Pudong New Area Published: 17 Dec 2008 22:48:59 PST

Pudong New Area was born with the development and opening up of Pudong. Situated at the coast of East China Sea and along the bank of the Huangpu River, as a "Treasure Land" with exceptional advantages and attractive Oriental favorite land, Pudong New Area is increasingly displaying its fascinating charm and attraction.

On April 18, 1990, the Chinese government declared to develop and open up Pudong, thus awakening this sleeping land and starting the development and construction there on a large scale.

Pudong has undergone amazing changes and has begun to take shape through 16 years of development and construction, A model of an externally-oriented, multifunctional and modern new urban district is emerging on the eastern bank of the Huangpu River.

Pudong New Area is situated at the middle position of China's coastal areas opening to the outside world and at the estuary where the Yangtze River empties itself into the sea. Adjacent to Shanghai's urban districts with a solid and strong foundation, backed up by the Yangtze River Delta with rich resources and talents and facing the Pacific and East Asian Region, it covers an area of 569.57 square kilometers with a population of 2.8 million, it has a pleasant climate all year round with an average annual temperature of 16.2 degrees centigrade, an average annual rainfall of 1,183.1 millimeters, an average annual 122 rainy days and an average annual sunshine of 2068.6 hours.

Since October, 2004, Pudong New Area has set up, one after another, six functional zones of Lujiazui, Zhangjiang, Jinqiao, Waigaoqiao, Sanlin and Chuansha, speeding up the inter-action between zones and towns and promoting the zonal integration, thus energetically pushing forward a new round of development and opening up in Pudong.

Pudong New Area has four state-level development zones of Lujiazui Financial and Trade Zone, Jinqiao Export Processing Zone, Zhangjiang Hi-Tech Park and Waigaoqiao Free Trade Zone and one city-level development zone of Sunqiao Modern Agriculture Development Zone. It is composed of 12 sub-districts of Weifang, Lujiazhui, Tangqiao, Nanmatou, Shanggang, Dongming, Zhoujiadu, Yangjing, Jinyang, Hudong, Puxing and Huamu as well as 11 towns of Chuansha, Heqing, Gaodong, Gaoqiao, Gaohang, Jinqiao, Tangzhen, Zhangjiang, Beicai, Caolu and Sanlin.


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Industrial Bank issues subordinated bonds Published: 03 Sep 2009 16:02:01 PST

By Wang Xinyuan

The central bank has allowed Industrial Bank (IB) to issue up to 10 billion yuan ($1.46 billion) of subordinated bonds in the inter-bank bond market, according to its statement filed yesterday at the Shanghai Stock Exchange.

The Fujian-based bank is one of many banks that make this move in order to improve its capital adequacy ratio (CAR).

CAR is a measurement used to calculate the risks a bank takes compared to its assets. As of June 30, IB's CAR was 9.21 percent, slightly higher than the officially required 8 percent. If a bank's CAR is lower than eight, it is not allowed to issue loans.

Subordinated bonds have high risks because they are repayable only after other debts have been paid and therefore normally offer a higher rate of return to compensate.

Unlike shareholder's equities, subordinated bonds are categorized as supplementary capital.

Banks are under pressure to maintain their CARs because a record amount of loans was issued in the first half of the year, according to Wen Chunling, associate director of Fitch Ratings China.

Large State-owned banks such as Communications Bank (CB), Bank of China (BOC), Industrial and Commercial Bank of China (ICBC), and China Construction Bank (CCB) recently all issued subordinated bonds valued between 20 billion yuan ($2.93 billion) to 40 billion yuan ($5.86 billion) over the past three months.

"IB needs room for further business growth, as the amount of total new loans is estimated to increase 20 to 25 percent next year," said Guo of Shanghai Securities.

Media reported recently that the CAR threshold for small-and medium-sized banks was raised to 12 percent. The China Banking Regulatory Commission (CBRC) later denied the account without giving a specific threshold.

Though the written requirement of CAR is 8 percent, the benchmark is actually set at 10 percent by CBRC.

"If failed to reach the 10 percent CAR, banks will not have their new business plans approved by CBRC," Wen added.

If two banks hold each other's subordinated bonds, the bonds are double-counted as both banks' capital, artificially inflating their CARs.

To prevent this, the CBRC is considering subtracting subordinated bonds jointly held between banks from their supplementary capital.

Subordinated bonds would still be counted as capital if lent to non-bank financial institutions.

If made into law, the new regulations will affect many banks, because the cross-held subordinated bonds amount to 200 billion yuan ($29.28 billion), around half of the total subordinated bonds currently lent out, said Guo Min, an analyst at Shanghai Securities.

However, financial institutions other than banks, such as insurance companies, might still be willing to buy it if offered at a higher rate of return, Guo remarked.

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Chinalco denies rumors about cooperating with Rio TintoPublished: 24 Aug 2009 20:02:02 PST

Lv Youqing, vice-general manager of Aluminum Corporation of China (Chinalco) denied rumors today the company was cooperating with Rio Tinto as reports Monday said Chinalco was in negotiations with Rio Tinto on a bauxite and alumina deal.

He added that Chinalco is willing to cooperate with Rio Tinto as one of the latter's shareholders, but no further information on this issue was disclosed.

It was reported Monday that Guy Elliott, Rio Tinto's CFO said preliminary negotiations on a cooperation between Rio Tinto and Chinalco on bauxite and alumina was underway, but there was still a long way to go.

This is the second time Rio Tinto showed willingness to cooperate with Chinalco recently. Thomas Albanese, Rio Tinto's CEO indicated last week his hope to cooperate with Chinalco and to improve the relationship between Rio Tinto and China. Meanwhile, Chinalco gave a prudent response as there may be possibilities.

The two companies have been in negotiations about possible cooperation in recent years, since their mines in Queensland State in Australia are near each other, so Chinalco can benefit from Rio Tinto's railway and ports.

A metal analyst who declined to be named believed that if the two companies cooperate on aluminum they will have bright prospects, but it is not a good time for Chinalco to talk about cooperation yet. The analyst added that Chinalco's attitude toward the cooperation will be more prudent due to Rio Tinto's breach of promise in their previous negotiation.

Rio Tinto walked away from a 19.5 billion yuan merger deal with Chinalco in June.


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