News Publisher: CapitalVue
News Publish Date:Friday 2012-02-03
News Article Title: CapitalVue China Market Preview - February 3, 2012
News Article Content: <br><p><strong>Top News</strong></p> <div>- S&amp;P forecasts lower GDP growth of 8% for China in 2012, predicts soft landing for China’s economy. Xinhua News Agency.&nbsp;</div> <div>- Premier Wen: China is considering playing a bigger role in resolving the European sovereign debt crisis through the European Financial Stability Fund and the European Stability Mechanism, China Business News.&nbsp;</div> <div>&nbsp;</div> <div><strong>Upcoming Data</strong></div> <div>&nbsp;</div> <div>- CFLP to release January non-manufacturing PMI at about 9 am today.</div> <div>&nbsp;</div> <div><strong>Industry News</strong></div> <div>&nbsp;</div> <div>- China may soon step up efforts to launch a deposit insurance scheme after planning for the past 10 years, China Securities Journal.</div> <div>- Land transactions in 300 cities down 63% m/m and 62%y/y to 56.78 million square meters in January, average transaction price down 22% m/m and 29% y/y to 751 yuan per square meter, according to China Index Academy, a Soufun affiliate, China Securities Journal.</div> <div>- Transactions of previously-owned homes in Beijing hit new low of 2,934 units in January, according to Centaline Beijing, Xinhua News Agency.</div> <div>- Inventory of wire rods and deformed steel bars up 15.6% m/m and 21.1% y/y to 8.44 million tons in January, according to JYD Commodities Hub, China Securities Journal.</div> <div>- Governments of several provinces and municipalities, including Ningxia, Tianjin and Hunan to provide large-scale fiscal support to the pharmaceutical industry in 2012, Shanghai Securities News.</div> <div>- MIIT: 2011 home appliance sales up 21.8%, export value up 15.4%.&nbsp;</div> <div>&nbsp;</div> <div><strong>Company News</strong></div> <div>&nbsp;</div> <div>- Total of 1,533 listed companies released 2011 earnings estimates as of Feb. 2, of which 315 forecast decreases in earnings, while 144 predict losses, China Securities Journal.</div> <div>- Huadian Power International (600027, <a href="http://1071.hk/" target="_blank">1071.HK</a>) controlling shareholder, China Huadian Corporation, pledges to inject power generation assets into the listed company over the next five years.</div> <div>- China Unicom (600050, <a href="http://0762.hk/" target="_blank">0762.HK</a>) and China Mobile (<a href="http://0941.hk/" target="_blank">0941.HK</a>) start procurement for WLAN equipment; purchasing volume to hugely increase this year, Shanghai Securities News.</div> <div>- Overseas Chinese Town (000069) controlling shareholder, OTC Group, bought 3.09 million shares at average price of 6.57 yuan per share in Jan.</div> <div>- Jiangsu Alcha Aluminum (002160) third-largest shareholder, Itochu (China) Holding, sold 6.8 million shares on Jan. 31.</div> <div>- Jiuzhitang (000989) shareholders and board of directors approve plans to allocate up to 600 million yuan in short-term investments.</div> <div>- Chongqing Yukaifa (000514) signs agreement to sell 40% stake and creditors’ right in Chongqing Jiecheng Property for 689 million yuan to Senyuan Furniture Group.&nbsp;</div> <div>- Heshun Electric (300141) to distribute dividends of 2 yuan and convert 10 shares from capital reserves for every 10 shares held.</div> <div>- Step Electric (002527) launches incentive stock option scheme, to provide 7.67 million shares to 105 senior executives and employees at exercise price of 6.89 yuan per share</div> <div>- Huaxiang Electronic (002048) completes acquisition of German auto component maker Sellner, China Securities Journal.</div> <div>- China Wuyi (000797) wins 237 million yuan contract to repair roads in Kenya.</div> <div>- Deren Electronic (002055) suspends share trading today for the planning of a material event.</div> <div>- Fangda Jinhua Chemical Technology (000818) receives government subsidies of 22 million yuan.</div> <div>- Gosun Telecommunications (300098) to buy 20% stake in Xincheng Electronic via cash, and acquire Chuanglian Electronic and the remaining 80% stake in Xincheng Electronic through share issuance.</div> <div>&nbsp;</div> <div><strong>Issues &nbsp;</strong></div> <div>&nbsp;</div> <div>- Xingrong Investment (000598) to issue up to 346 million new shares in rights issue, &nbsp;proceeds will be invested in tap water plant.</div> <div>- Yili Energy (600277) wins CSRC approval to issue up to 1.6 billion yuan of bonds.</div> <div>&nbsp;</div> <div><strong>Financial Performance</strong></div> <div>&nbsp;</div> <div>- Xingrong Investment (000598) 2011 earnings up 40.24% to 587.75 million yuan, plans to distribute dividends of 1 yuan for every 10 shares held.</div> <div>- Bank of Nanjing (601009) 2011 preliminary earnings up 39% to 3.2 billion yuan.</div> <div>- Chint Electrics (601877) 2011 preliminary earnings up 27.78% to 816.68 million yuan.</div> <div>- Yunnan Tourism (002059) forecasts return to profit in 2011, expects earnings of 15 million-20 million yuan.</div> <div>- Daoming Optics and Chemical (002632) 2011 preliminary earnings up 106.68% to 75,709 million yuan.</div> <div>&nbsp;</div> <div><strong>Ratings Changes</strong></div> <div>&nbsp;</div> <div>- Nari Technology (600406) upgraded to Strong Buy by Shenyin &amp; Wanguo Securities.</div> <div>- Shanxi Coal (600546) upgraded to Strong Buy by Everbright Securities.</div> <div>- Tiansheng New Materials (300169) downgraded to Neutral by AI Jian Securities.</div> <div>- Zhongxing Commercial (000715) downgraded to Buy by Everbright Securities.</div>
News Article URL:http://www.capitalvue.com/home/CE-news/inset/@76233/post/6713553