CNPC raises PetroChina stake with purchase of 60m shares China National Petroleum Corp, the nation's largest oil and gas producer, bought 60 million PetroChina A shares from the open market in Shanghai yesterday, raising its stake to 86.32 per cent from 86.29 per cent. CNPC said it would continue to raise its stake over 12 months, subject to a ceiling that its total increase is no more than 2 per cent of PetroChina's share capital. Eric Ng Li Ning shares drop 9.7pc after finance chief quits Shares in Li Ning, the mainland's top sportswear maker, dropped 10.84 per cent before closing down 9.68 per cent at HK$14 yesterday after the resignation of its chief financial officer. The company announced last Friday that chief financial officer and executive director Tan Wee Seng had resigned, which analysts said might lead to a near-term share price overhang. Jasmine Wang China Rare Earth considers acquisition of two producers China Rare Earth Holdings may buy two rare-earth producers in southern China over the next six months in order to secure a supply of raw materials, financial controller Desmond Law Lap-tak said yesterday, without giving details. The company said net profit for the first half surged 81 per cent to HK$225 million. Carol Chan China Foods records 36pc drop in first-half earnings China Foods reported a 36 per cent drop in interim profit to HK$242 million after it spun off China Agri-Industries Holdings in March last year. If assumed the spin-off had been completed in January 1 last year, first-half earnings would have risen 19 per cent, it said. The company declared an interim dividend of 2.4 HK cents. Carol Chan Renji Medical signs deal to buy medical equipment maker China Renji Medical Group said it had signed a framework agreement to buy a mainland medical equipment company for HK$1.1 billion in cash, shares and convertible bonds. The acquisition of Masep Medical Science and Technology International (Holding) is expected to take place by October 31. Carol Chan
