Briefs, October 25, 2012

PUBLISHED : Thursday, 25 October, 2012, 12:00am
UPDATED : Thursday, 25 October, 2012, 4:53am

Citic Bank shareholder selling 458m shares

A Citic Bank shareholder offered US$235 million worth of the bank's shares for sale at a discount of up to 3.15 per cent, a term sheet showed yesterday. The unidentified shareholder offered 458 million of the bank's shares at between HK$4 and HK$4.07 each, it showed. The bank's shares closed at HK$4.13. Reuters


BYD to sell electric cars to London cab company

Mainland carmaker BYD won a preliminary order to supply 50 electric cabs to a London-based minicab company, gaining its first foothold in the international market. BYD's e6, a pure electric car, will join the fleet of Greentomatocars, London's second-largest minicab service company, from the second quarter of next year. Charlotte So


Ad revenue to top 20b yuan, Baidu says

China's largest search engine, Baidu, estimates advertising revenue will exceed 20 billion yuan this year, up from 14.5 billion yuan last year, NetEase Technology News reported, citing Baidu's vice-president. The firm posted 9.8 billion yuan in online marketing revenues for the first half of the year. Reuters


Rare earth producer halts some smelters

Inner Mongolia Baotou Steel Rare-Earth Hi-Tech, China's biggest producer of rare earths, has halted output at some of its smelting units for one month. Average prices of rare earths have fallen almost 70 per cent from last year's record levels. Bloomberg


Results roundup

  • Angang Steel, the biggest Hong Kong-listed Chinese steel producer, reported a net loss of 1.19 billion yuan in the third quarter, compared with a net profit of 19 million yuan a year earlier. The firm blamed the slump in steel prices. Yvonne Liu
  • Mainland cement giant Anhui Conch Cement's third-quarter net profit fell 66.75 per cent year on year to 1.02 billion yuan. The firm cited a sharp fall in prices for its products. Yvonne Liu