China's Xiaomi postpones planned CDR offering -- Chinese tech giant Xiaomi will postpone its planned share offerings via China Depositary Receipts (CDRs) issuance in the mainland market, the country's securities regulator said June 19. The Beijing-based smartphone maker has applied to suspend the review of its CDR issuance application, as the company has decided to complete its listing in Hong Kong first and then "pick an opportunity" to issue CDR in the mainland market, said the China Securities Regulatory Commission (CSRC). The CSRC said it respects Xiaomi's decision and has cancelled the review on its CDR application scheduled for June 21.
China's oil giants likely to spin off pipeline assets into new company, report -- Three Chinese oil and natural gas giants including CNPC, Sinopec and CNOOC will likely spin off their pipeline assets into a new pipeline network company, the Xinhua-run cnstock.com reported on June 22. Proportion of their stakes in the new company will be determined by the valuation of their pipeline assets. The new company is expected to be valued at approximately 300 billion yuan to 500 billion yuan. According to the report, after the new pipeline network company has acquired assets, it plans to introduce social capital including state investment funds and private capital and bring the proportion of the social capital in the company to be about 50 percent.
Chalco (601600.SH) to merge its two subsidiaries -- Aluminum Corporation of China or Chalco (601600.SH) announced on June 21 the decision of merging its wholly-owned subsidiaries including Zunyi Alumina Corp and Zunyi Aluminum Co., Ltd. The Shanghai-listed company will reorganize its two subsidiaries by using Zunyi Alumina's assessed net assets and liabilities of about 2.311 billion yuan (about 356 million U.S. dollars approximately) to increase the capital of Zunyi Aluminum. When the merge completes, the registered capital of Zunyi Aluminum will increase from approximately 900.97 million yuan to 3.2 billion yuan, and the listed company’s stakes in this subsidiary will increase from 52.523 percent to around 67.445 percent.
China Eximbank: balance of B&R project loans exceeds RMB830 bln -- By the end of the first quarter of 2018, the balance of Belt and Road (B&R) project loans issued by the Export-Import Bank of China (China Eximbank) exceeded 830 billion yuan (about 128 billion U.S. dollars), according to Li Zhongyuan, general manager of the Risk Management Department of the bank. At a press conference on June 14, Li noted that China Eximbank was involved in 28 loan agreements in the list of achievements of the Belt and Road Forum for International Cooperation in 2017. Among this agreement, 23 have come into effect, 14 of which have been allocated for the first time. As a policy banking institution, China Eximbank has supported construction of a series of significant B&R projects, including the Mombasa Port-Nairobi Railway, the China-Laos Railway, the Addis Ababa-Djibouti Railway, the Hungary-Serbia Railway, and the Gwadar Port, according to Li.
Jiangsu Hagong Intelligent Robot, Hyundai Heavy Industries reach strategic agreement -- Jiangsu Hagong Intelligent Robot Co., Ltd. (000584.SZ) will work with the Republic of Korea-based Hyundai Heavy Industries Holdings Co. on Chinese robot business, according to the company’s filing to the stock exchange on June 20. The move will further enhance the company’s technological reserve, enrich its product line and expand market space. Hyundai Heavy Industries Holdings Co. is one of the leading industrial robot enterprises in the world.
Magna, BAIC Group to form JVs for NEVs in China -- Canadian global automotive supplier Magna International on June 18 signed an agreement with Beijing Automotive Group Co., Ltd. (BAIC Group), China's largest new energy vehicle (NEV) maker, to set up two joint ventures to engineer and build NEVs in China, the world's largest NEV market. According to the agreement, the new joint ventures are expected to take over an existing BAIC manufacturing plant in Zhenjiang, east China's Jiangsu Province. The vehicles are expected to roll off the assembly line in 2020, with an annual capacity of 180,000 vehicles.
CRCC builds over 10,000 km railway, urban rail in Africa -- China Railway Construction Corporation Limited (CRCC) has built 10,605 kilometers of railway and urban rail in Africa and 4,800 kilometers of highway in total, with value of contract at hand reaching 56 billion U.S. dollars, according to Wang Wenzhong, vice president of the company. By far, CRCC has seen its business cover 46 countries in Africa. Wang said that China and Africa have constantly innovated investment and operation mode in transportation field in recent years, with a large number of projects related to railway, highway, regional aviation and ports conducted.
A single purchase
