Short- and long-term borrowings should be 13.5 billion yuan instead of the misstated 12.9 billion yuan, the company said in a statement to the stock exchange. Total current liabilities and net current liabilities should on that basis be stated as 25.7 billion yuan (from 25.1 billion yuan) and 6.38 billion yuan (from 5.78 billion yuan). Wong Ka-chun

PCCW appoints executives from China Netcom

PCCW said it appointed China Netcom Group chief executive Zuo Xunsheng as deputy chairman and non-executive director.

China Netcom chief financial officer Li Fushen was made a non-executive director, PCCW said in a stock exchange statement. Both appointments were effective immediately.

Sources said the appointments indicated a good relationship between PCCW and shareholder China Netcom. The relationship was rumoured to have deteriorated as Richard Li Tzar-kai failed to sell his 22 per cent stake in PCCW last year to banker Francis Leung Pak-to. Frederick Yeung

China Shipping forecasts 50pc jump in first-half profit

China Shipping Development said its first-half profit was expected to jump by more than 50 per cent after it acquired 42 bulk carriers from its parent late last year.

The ships, which have a total capacity of 1.4 million deadweight tonnes, started operations at the beginning of this year. Carol Chan

Tai Ping shareholders to inject 300m yuan

Tai Ping Insurance said its major shareholders would inject 300 million yuan into the company for expansion in the property and casualty insurance sectors.

Hong Kong-listed China Insurance International Holdings and its parent will boost Tai Ping's capital to 1.3 billion yuan after the injection and have a combined 90.4 per cent stake, while ICBC (Asia)'s stake will be diluted to 9.6 per cent from 12.5 per cent. Nevin Nie

Vodone eyes HK$410m from convertible bond issue

Vodone said it planned to raise HK$410 million by placing convertible bonds to institutional investors including JPMorgan Securities and Lehman Brothers to fund its telecommunications and media business in the mainland.

The conversion price would be HK$4.10 each, a premium of 2.24 per cent over the stock's last closing on June 21 before trading was suspended. Vodone would pay bondholders an interest rate of 1.5 per cent a year. Staff reporter

China Southern to acquire US$3.7b worth of new aircraft

China Southern Airlines said its board had approved the purchase of new aircraft with a combined list price of up to US$3.69 billion.

The carrier would buy 20 Airbus A320 aircraft with a catalogue price of between US$66.5 million and US$85.9 million each. Carol Chan