Business Digest

PUBLISHED : Thursday, 23 August, 2012, 12:00am
UPDATED : Thursday, 23 August, 2012, 2:13am

Li Ning net profit plunges 85pc

Sportswear group Li Ning posted an 85 per cent drop in first-half net profit yesterday, lagging expectations as high inventories, rising costs and competition from foreign and domestic rivals hit the bottom line. Li Ning recorded a profit of 44.3 million yuan (HK$54.2 million) for the January-June period. Revenue in the period fell to 3.88 billion yuan from 4.29 billion yuan a year ago. Reuters

HKEx to launch yuan futures next month

Hong Kong Exchanges and Clearing (HKEx) will introduce yuan futures on September 17. The futures contract will be the world's first exchange-traded deliverable yuan-denominated futures. The futures will be quoted in yuan per US dollar. Peggy Sito

ZTE sees 68pc drop in first-half earnings

Telecommunications equipment manufacturer ZTE yesterday announced a 68.17 per cent drop in first-half net profit to 244.87 million yuan. Profit before tax fell 48.49 per cent to 656 million yuan. The company said it would announce plans to sell its first fourth-generation handset through China Mobile's Hong Kong unit next week. Peggy Sito