Jardine Matheson

China Stock Watch 15/11/13

The major stocks moved strongly upwards today as disappointment with the Third Plenum’s lack of dazzle ebbed. Only two finished down on the day, notably both Hong Kong-based companies Noble Group (down 0.48%) and Jardine Matheson (down 0.38%). Of the risers, Aluminum Corp gained most at 4.56%, while Ping An Insurance also rose strongly, putting on 3.89%. Energy companies Sinopec and CNOOC, buoyed by deals for expansion, also gained, at 2.59% and 2.00% respectively

The Shanghai Composite Index finished the week strongly, up 35.32 points, or 1.68%, at 2,135.83.

Name Price Change Mkt cap
52wk high 52wk low EPS P/E
Sinopec 4.76 +0.12 (2.59%) 554,850.76M 6.39 4.05 CN¥0.62 7.74
ICBC 3.79 0.00 (0.00%) 1.33B 4.53 3.4 CN¥0.74 5.15
China Construction Bank 4.31 0.00 (0.00%) 1.08B 5.19 3.9 CN¥0.85 5.1
Agricultural Bank 2.53 +0.01 (0.40%) 821,729.11M 3.28 2.38 CN¥0.50 5.04
Bank of China 2.8 +0.01 (0.36%) 781,615.74M 3.26 2.48 CN¥0.53 5.27
China Mobile 81.00* +0.85 (1.06%) 1.63B 91.8 74.9 HK$8.14 9.95
Noble Group 1.04 0.00 (-0.48%) 6,892.16M 1.27 0.785 SGD0.04 29.1
China State Construction 3.25 +0.05 (1.56%) 97,500.00M 4.18 2.9 CN¥0.62 5.28
CNOOC 15.28* +0.30 (2.00%) 682,213.12M 17.38 12.04 HK$1.88 8.12
China Railway Construction 5.08 +0.09 (1.80%) 62,674.71M 6.49 3.95 CN¥0.81 6.29
China Railway Group 2.85 +0.04 (1.42%) 60,704.71M 3.38 2.3 CN¥0.44 6.5
SAIC Motor 15.04 +0.15 (1.01%) 165,824.52M 19 11.83 CN¥2.05 7.33
China Life Insurance 14.04 +0.30 (2.18%) 396,836.46M 22.7 12.88 CN¥0.97 14.52
Dongfeng Motor 11.72* +0.20 (1.74%) 100,980.93M 13.26 9.45 HK$1.37 8.57
Ping An Insurance 38.17 +1.43 (3.89%) 302,159.13M 53.27 31.69 CN¥3.45 11.07
China Telecom 3.97* +0.09 (2.32%) 321,301.50M 4.46 3.48 HK$0.26 15.47
China Communications Construction 4.13 +0.06 (1.47%) 66,801.66M 5.79 3.8 CN¥0.81 5.1
Bank of Communications 4.03 +0.05 (1.26%) 299,278.80M 5.68 3.68 CN¥0.84 4.78
Jardine Matheson 52.29 -0.20 (-0.38%) 16,000.74M 70 51.02 4.59 11.4
Aluminum Corp. of China 3.9 +0.17 (4.56%) 52,745.50M 5.38 3.01 -CN¥0.42

Over the week, eight stocks rose, two were static and ten fell. Ping An Insurance come out the winner, rising 5.3% over the week, while Noble Group showed the largest fall, down 2.8%. Sinopec and China Telecom were flat.

risers

fallers

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China Stock Watch 14/11/13

The major stocks rebounded somewhat today after yesterday’s drubbing. Eleven finished up at closing, with SAIC Motor leading the pack (up 3.98%). Only Jardine Matheson (up 1.36%) also managed to rise by over 1%. Seven stocks fell, with two banks (ICBC and Bank of Communications) amongst on news that non-performing loans were up in Q3. China Construction Bank and Agricultural Bank reported lower non-performing loans in Q3, and rose by 0.47% and 0.4% respectively.

The Shanghai Composite Index finished at 2100.51, up by 12.57 points or 0.6%.

Name Price Change Mkt cap
52wk high 52wk low EPS P/E
Sinopec 4.64 -0.04 (-0.85%) 540,862.89M 6.39 4.05 CN¥0.62 7.54
ICBC 3.78 -0.02 (-0.53%) 1.33B 4.53 3.4 CN¥0.74 5.14
China Construction Bank 4.3 +0.02 (0.47%) 1.08B 5.19 3.9 CN¥0.85 5.08
Agricultural Bank 2.53 +0.01 (0.40%) 821,729.11M 3.28 2.38 CN¥0.50 5.04
Bank of China 2.79 +0.01 (0.36%) 778,824.25M 3.26 2.48 CN¥0.53 5.25
China Mobile 80.05* +0.45 (0.57%) 1.61B 91.8 74.9 HK$8.14 9.83
Noble Group 1.04 -0.00 (-0.48%) 6,970.48M 1.27 0.785 SGD0.05 23.03
China State Construction 3.2 0.00 (0.00%) 96,000.00M 4.18 2.9 CN¥0.62 5.2
CNOOC 14.96* +0.10 (0.67%) 667,925.94M 17.38 12.04 HK$1.88 7.95
China Railway Construction 4.98 -0.01 (-0.20%) 61,440.96M 6.49 3.95 CN¥0.81 6.17
China Railway Group 2.81 0.00 (0.00%) 59,852.72M 3.38 2.3 CN¥0.44 6.41
SAIC Motor 14.88 +0.57 (3.98%) 164,060.43M 19 11.83 CN¥2.05 7.25
China Life Insurance 13.74 +0.01 (0.07%) 388,357.04M 22.7 12.88 CN¥0.97 14.21
Dongfeng Motor 11.48* +0.16 (1.41%) 98,913.05M 13.26 9.45 HK$1.37 8.39
Ping An Insurance 36.6 +0.33 (0.91%) 289,730.79M 53.27 31.69 CN¥3.45 10.61
China Telecom 3.88* +0.01 (0.26%) 314,017.60M 4.46 3.48 HK$0.26 15.11
China Communications Construction 4.08 -0.01 (-0.24%) 65,992.92M 5.79 3.8 CN¥0.81 5.04
Bank of Communications 3.98 -0.05 (-1.24%) 295,565.65M 5.68 3.68 CN¥0.84 4.72
Jardine Matheson 52.8 +0.71 (1.36%) 16,156.80M 70 51.02 4.59 11.51
Aluminum Corp. of China 3.73 -0.04 (-1.06%) 50,446.34M 5.38 3.01 -CN¥0.42

China Stock Watch 13/11/13

China’s stocks delivered a resounding “Not impressed” to the results of the Third Plenum, with every single major stock falling. This should not be much of a surprise, despite the sentence that markets will have a “decisive role”. Chinese political statements are not the grandiose decisive pronouncements that we in the west are familiar with. This is through a difference in governing and relations to media. In the west, governments have to talk big to lay down their markers and influence the debate; they have to raise their banners high so that they can be heard and understood over the media babble. China, with its control of media and the (official) political discourse, has no such problems here. It can talk small, even opaquely, but move on its own terms. Those expecting a “Big Bang” announcement of deregulation and dismembering of the SEOs would do well to remember the Russian experience of the early 1990s (and that these disastrous policies were advocated by the World Bank and other “experts”), and the Chinese leadership is right to be wary of this. But small changes in official language (such as that regarding the market) can have enormous consequences. The market may signal short-term disappointment at the lack of dazzling policy announcements, but the Third Plenum may yet herald significant moves.

On the day, Bank of Communications (down 3.12%), SAIC Motor (down 2.98%) and Ping An Insurance (down 2.94%) were the biggest fallers. Jardine Matheson was relatively unscathed, down 0.25%. The Shanghai Composite Index was down 38.83, or 1.83%.

Name Price Change Mkt cap 52wk high 52wk low EPS P/E
Sinopec 4.68 -0.08 (-1.68%) 545,525.49M 6.39 4.05 CN¥0.62 7.61
ICBC 3.79 -0.04 (-1.04%) 1.33B 4.53 3.4 CN¥0.74 5.15
China Construction Bank 4.27 -0.07 (-1.61%) 1.07B 5.19 3.82 CN¥0.85 5.05
Agricultural Bank 2.52 -0.03 (-1.18%) 818,481.17M 3.28 2.38 CN¥0.50 5.02
Bank of China 2.78 -0.03 (-1.07%) 776,032.77M 3.26 2.48 CN¥0.53 5.24
China Mobile 79.60* -0.85 (-1.06%) 1.60B 91.80 74.9 HK$8.14 9.77
Noble Group 1.05 -0.03 (-2.78%) 6,970.48M 1.27 0.785 SGD0.05 23.09
China State Construction 3.2 -0.06 (-1.84%) 96,000.00M 4.18 2.9 CN¥0.62 5.2
CNOOC 14.84* -0.42 (-2.75%) 662,568.25M 17.38 12.04 HK$1.88 7.89
China Railway Construction 4.99 -0.09 (-1.77%) 61,564.33M 6.49 3.95 CN¥0.81 6.18
China Railway Group 2.81 -0.04 (-1.40%) 59,852.72M 3.38 2.3 CN¥0.44 6.41
SAIC Motor 14.34 -0.44 (-2.98%) 158,106.63M 19.00 11.83 CN¥2.05 6.99
China Life Insurance 13.74 -0.33 (-2.35%) 388,357.04M 22.70 12.88 CN¥0.97 14.21
Dongfeng Motor 11.30* -0.32 (-2.75%) 97,362.16M 13.26 9.45 HK$1.37 8.26
Ping An Insurance 36.27 -1.10 (-2.94%) 287,118.48M 53.27 31.69 CN¥3.45 10.52
China Telecom 3.86* -0.10 (-2.53%) 312,398.93M 4.46 3.48 HK$0.26 15.04
China Communications Construction 4.09 -0.08 (-1.92%) 66,154.67M 5.79 3.8 CN¥0.81 5.05
Bank of Communications 4.03 -0.13 (-3.12%) 299,278.80M 5.68 3.68 CN¥0.84 4.78
Jardine Matheson 52.09 -0.13 (-0.25%) 15,939.54M 70.00 51.02 4.59 11.36
Aluminum Corp. of China 3.77 -0.11 (-2.84%) 50,987.32M 5.38 3.01 -CN¥0.42

China Business Briefs 12/11/13

By 9:19 pm, the value of transactions on Tmall and Taobao surpassed 30 billion yuan, up nearly 60 percent on sales for the event last year, as Ma had predicted.

The projected increase is driven in part by China’s growing number of mobile Internet users, which research firm Analysys International has forecast will exceed 700 million this year.

China Credit Trails Estimates as Officials Check Debt Risks – Bloomberg

China’s top four banks posted their biggest increase in soured loans since at least 2010 as a five-year credit spree left companies with excess manufacturing capacity and slower profit growth amid a cooling economy.

Bad debts at Industrial & Commercial Bank of China Ltd., China Construction Bank Corp., Agricultural Bank of China Ltd. and Bank of China Ltd. rose 3.5 percent in the third quarter to a combined 329.4 billion yuan, data compiled from earnings reports showed.

Watch: China’s Urbanization Push Heads Underground – China Real Time Report – WSJ

China is stepping up what is already one of the most ambitious urban rail projects in history despite concerns that the country’s obsession with infrastructure could be dragging it into a pit of unmanageable debt. The aim of the expansion isn’t stimulus but urbanization.

China to allow more private investment in state firms – Yahoo Finance UK

According to the China Daily, private partners will be allowed to take 10 to 15 percent stakes in the country’s state-owned enterprises (SOEs).

The move would give such companies or investors a bigger say in decision-making, it quoted officials of the state-owned Assets Supervision and Administration Commission (SASAC) as saying.

The agency is a powerful body that oversees large SOEs collectively worth trillions of dollars, many of which enjoy monopolies in key sectors such as rail and energy.

China’s Recovery Gives Boost to Xi Amid Reform Summit: Economy – Bloomberg

China’s economy entered the final quarter of 2013 with an acceleration in manufacturing and exports, momentum that offered confidence to Communist leaders gathering to determine policy shifts for the coming decade.

Industrial output rose a more-than-estimated 10.3 percent from a year earlier in October and manufacturing investment strengthened, according to data released Nov. 9 by the National Bureau of Statistics. Customs data the previous day showed overseas sales rebounded by more than forecast.

Companies

When a Chinese engineering firm sets off to build a road or a dam in a distant country, a Chinese bank is usually not far behind them. Bank branches bearing Chinese characters can be found on the streets of Lima and Warsaw, as well as Paris and New York.

A deal at the end of October in which China Construction Bank (CCB) acquired a lender in Brazil underscores the size of the banks’ ambitions. The second-largest Chinese bank by assets agreed to pay 1.62 billion reais (US$716 million) for 72% of Banco Industrial e Comercial.

Let’s take four of the STI’s components, Jardine Matheson Holdings (SGX: J36), Jardine Strategic Holdings, Jardine Cycle & Carriage and Hongkong Land Holdings, as an example.

An investor who had invested in these four companies might think he’s diversified, but he’s not: all four companies have inextricable links with each other.

JMH owns more than 80% of JSH, which in turn owns half of Hongkong Land and almost three-quarters of Jardine C&C.

And to top it off, JSH also owns slightly more than half of JMH. This creates a complex web of ownership-links between these few companies and unites them in the realm of risk-exposures. An untoward development in properties that Hongkong Land Holdings owns, for instance, might turn out to be a kick in the gut for JMH and JSH as well.

(Reuters) – Singapore state investor Temasek Holdings TEM.UL and China-focused private equity firm Hopu were among five investors buying a $213 million stake in Yashili International Holdings Ltd (1230.HK), after parent China Mengniu Dairy Co Ltd (2319.HK) sold down shares to meet Hong Kong listing requirements.

Temasek, through one of its Mauritius subsidiaries, Hopu and three individual investors agreed to buy 471.13 million shares of Yashili from Mengniu for HK$3.50 each, putting the total deal at HK$1.65 billion ($213 million), the dairy companies said in a securities filing on Monday.

Industrial & Commercial Bank of China Ltd. was added to a list of too-big-to-fail banks that must set aside additional capital to guard against losses as part a global regulator’s plans to protect the economy.

ICBC was the only firm joining the Financial Stability Board’s annual list of too-big-to-fail banks, which it produces in preparation for capital rules scheduled to be phased in starting in 2016. Other changes include lower surcharges for Deutsche Bank AG (DBK), and Citigroup Inc. (C), which both drop out of the top category and Bank of New York Mellon Corp.

LONDON (ShareCast) – BG Group has sold its stake in the Queensland Curtis LNG (QCLNG) project in Australia for 1.93bn dollars to China National Offshore Oil Corporation.CNOOC has also reimbursed BG for project expenditure in line with its increased interests incurred from January 1st 2012 to September 30th 2013.

Carlsberg A/S’s pursuit of faster growth in Asia may make takeover targets out of Tsingtao Brewery Co. and Beijing Yanjing Brewery Co.

The Danish brewer’s controlling shareholder signaled last month that it will give Carlsberg more leeway to pursue deals. The $15 billion company is eyeing about a half-dozen potential candidates, especially in Asia, including Tsingtao and Yanjing, for a possible purchase, said a person with knowledge of the matter, who declined to be identified as the discussions are private. The Chinese companies each produce some of the most popular beer brands in China, the world’s biggest beer market.

Financial Results

Chindex International, Inc. Reports Financial Results for Third Quarter and First Nine Months of 2013

**Chindex owns United Family Hospitals, which runs Beijing United hospital. I once wrote a profile of CEO Roberta Lipson.**

Third Quarter 2013 Financial Highlights
  • Revenue from healthcare services increased 16% to $43.1 million from $37.3  million in the prior year period.
  • Adjusted EBITDA was $5.0 million, compared to $6.0 million in the prior  year period.
  • Development, pre-opening and start-up expense was $4.9 million, compared  to $2.7 million in the prior year period.
  • Loss from operations was $2.8 million, compared to income from operations  of $1.5 million in the prior year period.
  • Net loss was $3.8 million, or $(0.23) per diluted share, compared to net loss of $664,000, or $(0.04) per diluted share, in the prior year period.
  • Full year guidance adjustment primarily due to government regulatory delays.

China Yuchai International Announces Record Third Quarter Net Revenue

Financial Highlights for the Third Quarter of 2013
  • Net revenue increased 21.6% to RMB 3.7 billion (US$ 608.7 million)  compared with RMB 3.1 billion in the third quarter of 2012;
  • Gross profit rose 25.7% to RMB 781.5 million (US$ 127.1 million), with a  gross margin of 20.9% compared with RMB 621.5 million and a gross margin  of 20.2% in the third quarter of 2012;
  • Operating profit increased 17.4% to RMB 252.8 million (US$ 41.1 million)  compared with RMB 215.2 million in the same quarter a year ago;
  • Earnings per share were RMB 2.86 (US$ 0.46) compared with RMB 2.98 in the  third quarter of 2012;
  • Total number of diesel engines sold rose 21.5% to 118,282 units compared  with 97,328 units in the third quarter of 2012.

Posted from Diigo.

China Business Briefs 8/11/13

China is on the cusp of its 4G rollout, but handset maker Huawei doesn’t want smartphone owners getting complacent. The company just announced it will invest $600 million into 5G research and development.

The money will be spread out over four years. The end goal is a 10Gbps broadband connection by 2018. That’s 10 times faster than 4G and a whopping 5,000 times faster than 3G, which most of the Chinese smartphone-owning population is currently connected to. To give you an idea of how fast that is, Huawei CEO Eric Xu says, “5G mobile networks with the peak data rates of over 10Gbps will allow people to download high-definition movies in one second.”

Record-breaking milestones have become routine in the breathtaking development of high-speed railways in China, known as gaotie. In just five years, since the first one connected Beijing with the nearby port of Tianjin in 2008, high-speed track in service has reached 10,000 kilometres (6,200 miles), more than in all of Europe. The network has expanded to link more than 100 cities. In December the last section was opened on the world’s longest gaotie line, stretching 2,400km from Beijing to Shenzhen, on the border with Hong Kong (see map). The network has confounded some sceptics who believed there would not be enough demand. High-speed trains carry almost 2m people daily, which is about one-third of the total number of rail passengers.

China’s exporters had a good month in October, with shipments up 5.6% from a year earlier, far better than the 1.5% growth forecast by economists. That was enough to more than double China’s monthly trade surplus to $31.1 billion, despite strong imports. Matched with decent performance from other East Asian exporters, that suggests that an upturn in demand from the U.S. and Europe is helping support the Chinese economy, which has had a wobbly year. But it may not be out of the woods yet.

The Shanghai Composite Index fell 1.1 percent to 2,106.13 at the close, adding to a 2 percent loss this week. China’s exports rose 5.6 percent in October, compared with a median estimate for 1.7 percent growth in a Bloomberg News survey. The yuan was poised for a weekly advance as the central bank raised the reference rate on anticipation the Communist Party meeting will lead to further economic reforms.

According to Yahoo Finance, over the past 10-odd years since the start of 2003, the Straits Times Index (SGX: ^STI) has gained 8.4% per year

Blue chips like Jardine Matheson Holdings (SGX: J36), Singapore Exchange (SGX: S68), and United Overseas Bank (SGX: U11) have had average annualised returns (including dividends) of 23.5%, 20% and 8.8% respectively in the same period.

Standard Bank said in July it was exploring closer cooperation with its biggest shareholder Industrial & Commercial Bank of China on its global markets and commodities businesses.

Qunar, a travel search and service provider, went listed on the NYSE last week. Its shares soared 89% on the first day of trading. As Qunar became more than a search engine when it built a transaction system in 2012, it is believed it will eventually become direct competitors of existing online travel agencies such as Ctrip and eLong. With that concern, in early this year, a handful of online travel services, including Ctrip and eLong decided to stop working with Qunar. But later they resumed cooperation with Qunar. One the reasons is the traffic on the search service is too high to ignore.

Now Qunar’s market cap is a little less than half of that of Ctrip who is still the largest player in online travel in China. When asked about the potential competition with Qunar on the earnings call for Q3 2013, James Liang, chairman and CEO of Ctrip, said it’s more of competition on air ticket but more of partnership on hotel, for Qunar’s hotel inventory mostly depends on third-party suppliers.

But like what it has done on air ticket, Qunar also possibly can build partnership directly with hotels rather than travel agencies or other third parties. Mr. Liang thinks what can eventually differentiate Ctrip from Qunar is the quality of service — it sounds it doesn’t have any technological advantage.

China looks set to snap up over 350 million new smartphones this year. So what brands are Chinese people buying? How much do they spend on 3G? Who are these people exactly? What OSes do they prefer?

Alibaba’s foray into the world of fund management—through a money-market fund-like investment product called Yu’E Bao, or leftover treasure—has so far been a huge success. The lingering question, however, is how exactly it works.

One of Yu’E Bao’s appeals is that it gives customers the convenience of a demand deposit—they can withdraw their funds whenever they like—with returns similar to wealth-management products or other longer-term deposit options like CDs, which typically lock the funds for three to six months.

Posted from Diigo.

China Stock Watch 8/11/13

Yesterday’s gains instantly vanished, in what was probably a swift bout of profit-taking and awareness that the rises were not market-driven. Only one stock rose, SAIC Motor climbing 0.14%. The largest fallers were New China Life Insurance (2%) and Aluminum Corp of China (1.99%). The four major banks were unscathed, with ICBC, China Construction Bank, Agricultural Bank, and Bank of China all flat on the day.

Name Symbol Price Change Mkt cap
52wk high 52wk low EPS P/E
Sinopec 600028 4.78 -0.01 (-0.21%) 557,182.07M 6.39 4.05 CN¥0.62 7.77
ICBC 601398 3.83 0.00 (0.00%) 1.34B 4.53 3.4 CN¥0.74 5.21
China Construction Bank 601939 4.32 0.00 (0.00%) 1.08B 5.19 3.82 CN¥0.85 5.11
Agricultural Bank 601288 2.55 0.00 (0.00%) 828,224.98M 3.28 2.38 CN¥0.50 5.08
Bank of China 601988 2.8 0.00 (0.00%) 781,615.74M 3.26 2.48 CN¥0.53 5.27
China Mobile 941 80.60* -0.70 (-0.86%) 1.62B 91.8 74.9 HK$8.14 9.91
Noble Group N21 1.04 -0.02 (-1.88%) 6,937.29M 1.3 0.785 SGD0.05 23.03
China State Construction 601668 3.23 -0.02 (-0.62%) 96,900.00M 4.18 2.9 CN¥0.62 5.24
CNOOC 883 15.24* -0.20 (-1.30%) 680,427.22M 17.38 12.04 HK$1.88 8.11
China Railway Construction 601186 5.01 -0.03 (-0.60%) 61,811.09M 6.49 3.95 CN¥0.81 6.2
China Railway Group 601390 2.79 -0.02 (-0.71%) 59,426.72M 3.38 2.3 CN¥0.44 6.36
SAIC Motor 600104 14.7 +0.02 (0.14%) 162,075.83M 19 11.83 CN¥2.05 7.17
New China Life Insurance 601336 22.01 -0.45 (-2.00%) 68,661.22M 32.36 17.63 CN¥1.46 15.06
Dongfeng Motor 489 11.26* -0.08 (-0.71%) 97,017.51M 13.26 9.36 HK$1.37 8.24
Ping An Insurance 601318 36.1 -0.45 (-1.23%) 285,772.72M 53.27 31.69 CN¥3.45 10.47
China Telecom 728 3.91* -0.06 (-1.51%) 316,445.57M 4.47 3.48 HK$0.26 15.25
China Communications Construction 601800 4.15 -0.05 (-1.19%) 67,125.15M 5.79 3.8 CN¥0.81 5.13
Bank of Communications 601328 4.15 -0.01 (-0.24%) 308,190.32M 5.68 3.68 CN¥0.84 4.93
Jardine Matheson J36 52.41 -0.85 (-1.60%) 16,037.46M 70 51.02 4.59 11.43
Chinalco 601600 3.94 -0.08 (-1.99%) 53,286.48M 5.38 3.01 -CN¥0.42

The Week’s Movers
On a poor week (where the Shanghai Composite Index fell 43.44 points, or 2.02%), only three stocks moved ahead, while a full fifteen fell. Sinopec rose by an impressive 5.75%, while Jardine Matheson (of Kong Kong) did worst, falling 3.94%.

Rising:

Name Monday Price Friday Price Change Change%
Sinopec 4.52 4.78 0.26 5.75
Noble Group 0.99 1.04 0.05 5.05
China Construction Bank 4.3 4.32 0.02 0.47

Stayin’ Steady:

Name Monday Price Friday Price Change Change%
Agricultural Bank 2.55 2.55 0 0
China Communications Construction 4.15 4.15 0 0

Falling:

Name Monday Price Friday Price Change Change%
Jardine Matheson 54.56 52.41 -2.15 -3.94
China Telecom 4.03 3.91 -0.12 -2.98
New China Life Insurance 22.68 22.01 -0.67 -2.95
Ping An Insurance  37.15 36.1 -1.05 -2.83
China Railway Group 2.87 2.79 -0.08 -2.79
China Railway Construction 5.14 5.01 -0.13 -2.53
Aluminum Corp. of China 4.04 3.94 -0.1 -2.48
SAIC Motor 15.05 14.7 -0.35 -2.33
China State Construction 3.3 3.23 -0.07 -2.12
CNOOC 15.52 15.24 -0.28 -1.8
Dongfeng Motor 11.38 11.26 -0.12 -1.05
Bank of Communications 4.19 4.15 -0.04 -0.95
Bank of China 2.82 2.8 -0.02 -0.71
ICBC 3.84 3.83 -0.01 -0.26
China Mobile 80.65 80.6 -0.05 -0.06

China Business Briefs 7/11/13

Conglomerate Jardine Cycle & Carriage (SGX: C07) announced third quarter earnings yesterday evening and turned in a performance that investors would likely want to forget.

The company is more than 70% owned by Jardine Strategic Holdings (SGX: J37), which is in turn majority owned by Jardine Matheson Holdings (SGX: J36).

Jardine C&C’s main business interest lies in its 50% ownership of Indonesia conglomerate Astra, with the latter accounting for more than 90% of the former’s sales and profits.

Astra is involved with a wide range of businesses which includes automobile dealerships; manufacturing, assembling, and distribution of motor vehicles; financial services related to consumer loans for vehicles; insurance; banking; mining; oil palm plantations; information technology; infrastructure and logistics; and heavy equipment engineering, among others.

Some basic numbers

During the three months ended 30 Sep 2013, the company brought in US$4.64b in revenue, representing a 13% decline compared to a year ago. Its profits suffered even more as it dropped 31% year-on-year to US$222m.

In China, the Shanghai Composite was down 0.8 per cent even though oil major Sinopec’s state-owned parent said it would buy back up to $17.7bn of its shares in the next year as the government seeks to support the sagging local stock market.

SoftBank Corp. (9984) said it plans to keep its stake in Alibaba Group Holding Ltd. if China’s largest e-commerce company proceeds with what may be the biggest initial public offering since Facebook Inc.

The Tokyo-based wireless carrier holds about 37 percent of Alibaba, Yoshimitsu Goto, SoftBank’s general manager for finance, said in an interview. SoftBank hasn’t told Alibaba when to hold an IPO or where to hold it, Goto said.

“Alibaba is among the most important companies in our group, so our plan is to hold the stake for a long period of time,” Goto said. “What’s important for us as a shareholder in Alibaba is that the company conti

Alibaba-owned Chinese traffic stats company CNZZ‘s latest report shows a strong performance by Qihoo’s 360 search engine, which is now above the 20 percent market share benchmark. Qihoo (NYSE:QIHU) says it aims for 25 percent by the end of the year.

In the past three years, China’s domestically traded Class-A share market rose in the 10 trading days before seven of the eight top-level economic-policy meetings, according to calculations by UBS AGUBSN.VX +1.87%, with gains of as much as 5.2%. The benchmark Shanghai Composite Index has delivered an average gain of 1.1% in the 10 days leading up to such meetings since 2010.

The index has risen 1.1% since the market closed on Oct. 25, and with Chinese leaders ramping up the official rhetoric on the reform-oriented nature of the party meeting, investors have snapped up stocks in energy, railway, agriculture and financial services companies, which are expected to benefit from reforms.

BEIJING (Reuters) – In defying four years of official cooling efforts, China’s soaring house prices reveal an uncomfortable truth: government is one of the biggest obstacles to the success of taming the market.

State income is so entwined in the need for rising land prices that policy efforts to try to curb the house market create an inherent conflict of interest.

With one hand on a patchwork of controls aimed at taming record house prices, governments with their other hand are at the same time selling land to developers at rising prices.

Speaking together at an event in Shanghai on Wednesday, Alibaba Group Holding Ltd. Chairman Jack Ma, 49, and Tencent Holdings Ltd.Chief Executive Pony Ma, 42, both agreed that growing older in the fast-changing tech sector is a challenge.

“My biggest crisis is that I don’t understand what young people like,” Pony Ma said, speaking to an auditorium of students from Shanghai’s Fudan University, where the two announced the new venture—called Zhong An Online Property Insurance and jointly invested in by Tencent, Alibaba, and Ping An Insurance—which will sell insurance products online.

Posted from Diigo.