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News Bites
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Sinopec to issue A shares
China Petroleum & Chemical Corp (Sinopec) is expected to raise 10 billion yuan (US$1.21 million) in a Shanghai A-share listing in July, a source close to the company confirmed on Tuesday.
The stock sale would fund Sinopec's acquisition of oil and gas producer Sinopec National Star. A Sinopec official said in May, that the company plans to issue up to three billion A shares, which would make the deal mainland China's largest yuan-denominated initial public offering.
Kejian downplays Legend talk
SHENZHEN-LISTED China Kejian Co said on Tuesday that it has had only preliminary contact with Hong Kong-listed Legend Holdings Ltd about co-operating on wireless communications and has made no substantial progress.
The company said that it hasn't spoken with Legend about a share transfer or a joint venture. It issued the statement at the request of the Shenzhen Stock Exchange.
Kejian's shares have soared in recent sessions on reports that Legend might take a stake in the company.
Zhengzhou Baiwen sets deadline
SHANGHAI-LISTED debt-ridden retailer Zhengzhou Baiwen Co said on Tuesday that it had reached an agreement with bailout partners Sanlian Group and Cinda Asset Management, under which its asset restructuring must be completed by June 30.
If the restructuring isn't finished by June 30, any party can abandon the plan or all parties can agree to extend the deadline, Zhengzhou Baiwen said in its announcement.
Changhong-Philips tie-up far from final
Sichuan Changhong Electric Co, China's biggest television maker, denied on Thursday that the government has approved its tie up with Dutch home appliance giant Philips.
Chinese media reported earlier last week that one of Philips' China units would become a strategic investor in Shanghai-listed Changhong to co-operate together in information technology.
Philips would also merge its China-based mobile phone and home appliance units with Changhong's corresponding business, the news reports said.
But Changhong said its talks on strategic co-operation with Philips had not borne fruit.
Chang'an trims prices again
Chongqing Chang'an Automobile Co's joint venture with Japan's Suzuki Motor Corp said on Wednesday that it had trimmed the prices of a second model, the Gazelle, by up to about eight per cent so as to boost sales.
The cut came only days after the compact car venture slashed prices on its mini Alto cars for the second time this year, to fight off stiff competition in the crowded Chinese sedan market.
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