Zhejiang Geely Holding Group, the parent company of Geely Automobile Holdings (0175.HK) signed an agreement with Ford on March 28 to acquire Volvo for $1.8 billion, reports China Business News. 

According to the report, both the unions in Volvo and China's Ministry of Commerce support the acquisition. 

With Geely needing to obtain the approval of other relevant departments, the acquisiton will be completed in the third quarter of 2010.

China Construction Bank (CCB) (601939, 0939.HK) recorded a 15.29 percent year-on-year increase in 2009 net profit to 106.7 billion yuan, reports NetEase, citing a company filing.

Earnings per share and net assets per share hit 0.46 yuan and 2.38 yuan respectively. The bank announced cash dividends of 0.202 yuan per share.

Total assets and total net assets for the bank increased 27.37 percent and 19.56 percent year-on-year to 9,623.3 billion yuan and 559 billion yuan at end 2009.

The average weighted return on assets and average weighted return on equity in 2009 were 1.24 percent and 20.87 percent respectively.

Balance of loans and advances increased 1,025.8 billion yuan to reach 4,819.7 billion yuan at end 2009, an increase of 27.04 percent. Deposits in 2009 rose 25.49 percent year-on-year to 8,001.3 billion yuan.

Profit from CCB's corporate banking sector reached 84.2 billion yuan, an increase of 24.92 percent. This sector contributed 60.66 percent of the bank’s total profits. Profit from the personal banking sector rose 15.12 percent year-on-year to 23.3 billion yuan, contributing 16.8 percent of the bank’s total profits.

The cumulative total number of credit cards issued by the bank reached 24.24 million. Total spending on CCB's credit cards in 2009 hit 292.7 billion yuan.

Non-performing loans (NPLs) and the NPL ratio hit 72.15 billion yuan and 1.5 percent, down 11.7 billion yuan and 0.71 percentage point. Provision coverage ratio was 175.77 percent as of end 2009.

According to Guo, the price of the phone is exected to drop to less than 1,500 yuan by the end of 2010.

TCL Communication has a current mobile phone production capacity of 20 million units at it Huizhou production base. Production capacity of this base will be increased to close to 50 million units.

During the reporting period, revenue from its department stores accounted for 91.43 percent of total revenue, slightly up from 91.06 percent in 2008.

According to data from the Changsha Municipal Bureau of Statistics, the company’s market share of the department stores industry in Changsha was 38.2 percent in 2008 and 38.56 percent in 2009, said the company in its Annual Report.

A reading of more than 50 indicates expansion while a reading below 50 indicates contraction.

Of the index components, the sub-index for new orders rose 4.4 percentage points to 58.1 while the production sub-index rose 4.1 percentage points month-on-month to 58.4.

The imports sub-index rose 4.6 percentage points month-on-month to 53.7 while the sub-index for new export orders was up by 4.2 percentage points month-on-month to 54.5.

The input prices sub-index rose four percentage points month-on-month to 65.1.

According to Fan, from 1997-1998, the company had inflated sales revenue by five billion yuan. 

In addition, in the period from 1995-1998, Sichuan Changhong bought a large amount of bank acceptances and issued a huge amount of value-added tax invoices. More than one billion yuan worth of bank acceptances has been discovered by investigators.

Hisense Electric (600060) recorded a 121 percent year-on-year increase in 2009 net profit to 498 million yuan, reports p5w.net, citing a company filing.

The company announced that it will distribute dividends of 0.15 yuan and 0.5 additional shares per share held.

In 2009, operating revenue rose 37.29 percent from 2008 to 18.4 billion yuan. 

Earnings per share hit 1.009 yuan, a surge of 119.35 percent year-on-year.

Hisense Electric recorded a 20.13 percent year-on-year increase in the gross margin of its television business in 2009, up 1.44 percentage points from 2008.

The company is targeting net profit to increase by not less than 14 percent in 2010. Return on equity is expected to increase by not less than eight percent.

China’s power industry continued to suffer losses in February, reports Shanghai Securities News, citing Liu Nanchang, director of the State-owned Assets Supervision and Administration Commission's (SASAC) general bureau.

The debt to asset ratio of centrally-owned power generation enterprises exceeded 80 percent. 

At present, SASAC directly controls 10 power enterprises, including State Grid, China Southern Power Grid, the five major power generation groups such as China Huaneng Group, China Datang Corporation, China Huadian Corporation, China Guodian Corporation and China Power Investment Corporation as well as China National Nuclear Corporation, China Guangdong Nuclear Power Group, State Nuclear Power Technology Corporation and China Three Gorges Corporation. These enterprises account for 90 percent of the grid assets and 50 percent of the power generation assets in China.

According to Zheng Baosen, deputy general manager of State Grid, centrally-owned power generation enterprises recorded pre-tax profits of 45.38 billion yuan in 2009 with sales margin of two percent. In the same period, the average sales margin of all central enterprises hit 6.3 percent. 

According to the report, both the unions in Volvo and China's Ministry of Commerce support the acquisition. 

With Geely needing to obtain the approval of other relevant departments, the acquisiton will be completed in the third quarter of 2010.

China Construction Bank (CCB) (601939, 0939.HK) recorded a 15.29 percent year-on-year increase in 2009 net profit to 106.7 billion yuan, reports NetEase, citing a company filing.

Earnings per share and net assets per share hit 0.46 yuan and 2.38 yuan respectively. The bank announced cash dividends of 0.202 yuan per share.

Total assets and total net assets for the bank increased 27.37 percent and 19.56 percent year-on-year to 9,623.3 billion yuan and 559 billion yuan at end 2009.

The average weighted return on assets and average weighted return on equity in 2009 were 1.24 percent and 20.87 percent respectively.

Balance of loans and advances increased 1,025.8 billion yuan to reach 4,819.7 billion yuan at end 2009, an increase of 27.04 percent. Deposits in 2009 rose 25.49 percent year-on-year to 8,001.3 billion yuan.

Profit from CCB's corporate banking sector reached 84.2 billion yuan, an increase of 24.92 percent. This sector contributed 60.66 percent of the bank’s total profits. Profit from the personal banking sector rose 15.12 percent year-on-year to 23.3 billion yuan, contributing 16.8 percent of the bank’s total profits.

The cumulative total number of credit cards issued by the bank reached 24.24 million. Total spending on CCB's credit cards in 2009 hit 292.7 billion yuan.

Non-performing loans (NPLs) and the NPL ratio hit 72.15 billion yuan and 1.5 percent, down 11.7 billion yuan and 0.71 percentage point. Provision coverage ratio was 175.77 percent as of end 2009.