Emperor places 129m shares to independents
Emperor International Holdings has placed 129.49 million shares to independent investors at $1.80 per share, to raise about $228.4 million. The placing shares amount to about 15 per cent of the existing share capital and about 13.04 per cent of the enlarged share capital.
Huaneng tariffs on excess output increase
China's largest independent power producer Huaneng Power International says the central government has raised tariffs at seven of its power plants in Jiangsu and Zhejiang provinces and Shanghai by between 3.04 per cent and 7.69 per cent, for output in excess of their annual off-take amounts. The tariffs are effective on June 15.
China Motion in Taiwan
China Motion Telecom has obtained its Mobile Virtual Network Operator licence in Taiwan, becoming the first foreign capital telecommunications company on the island. The company said it had already forged a partnership with a market leader in Taiwan.
steel group lifts capacity
Anshan Iron and Steel Group, parent of H share Angang New Steel, plans to almost double steel output capacity to 20 million tonnes in five years. Last year, it produced 11.3 million tonnes of crude steel and 10.6 million tonnes of processed steel products.
licence for allianz
Allianz's China venture has won a licence to start business in Guangzhou, as Germany's largest insurer expands outside Shanghai to boost its share of one of the world's fastest-growing insurance markets, according to the company.