Sinopec's online sales reach 40 million yuan

Oil giant China Petrochemical Corp, known as Sinopec, said sales of its online platform, ejoy365.com, reached 40 million yuan ($6.42 million) at the end of January. Sinopec started the online business in January 2012. The website sells gasoline cards and lubricants to car owners, as well as items such as chocolate and liquor. Industry experts said Sinopec has advantages in its online oil-related business, but in the non-oil business sectors, the company is less competitive.

Asset management firms report record profits

Four asset management companies in China saw total pre-provision operating profits, or PPOP, of 37.6 billion yuan ($5.97 billion) in 2013, a record figure, China Business News reported on Monday. In 2012, China Cinda Asset Management Co Ltd achieved PPOP of 13.6 billion yuan, ahead of China Huarong Asset Managment Co Ltd's 12 billion yuan. China Great Wall Asset Management Corp and China Orient Asset Management Corp posted PPOP of 6 billion yuan.

First management method unveiled for 'third board'

The China Securities Regulatory Commission released the first management method for the newly launched national over-the-counter equity transfer system for non-listed small and medium-sized enterprises at the weekend. The National Equities Exchange and Quotations Co Ltd, in Beijing, is running the new trading platform, under the commission's supervision. Equity trading on the so-call "third board" can use a market-maker mechanism or come to a mutual agreement. It can also trade through a price-bidding system, according to a commission official.

Wujiang Hydropower to develop shale gas projects

Guizhou Wujiang Hydropower Development Co Ltd, a watershed hydropower development company, is to invest 12 billion yuan ($1.9 billion) to develop three to five exploration zones for shale gas development within five years. The company is controlled by China Huadian Corporation, a wholly State-owned enterprise. Xiong Yu, vice-president and general manager of the company, said the company plans to realize large-scale production in five years time, with an annual output of 600 million cubic meters of shale gas.

CSRC to ease regulation on approving brokers' branches

The business scope of China's securities firms is expected to be extended, with the top regulator planning to ease a rule on approving brokers' branches. "Securities companies that meet the requirements can launch branches on a national scale. The company itself can decide the location and number of branches based on the business type, scale and management capacity," said a statement from the China Securities Regulatory Commission.

Central bank leadership 'to change next month'

China signaled it is preparing for its first new central bank chief since 2002 as an official newspaper said Zhou Xiaochuan will step down from his position next month. The China Securities Journal, published by Xinhua News Agency, didn't attribute the information to anyone in its Saturday profile of Zhou, governor of the People's Bank of China. The successor to Zhou, 65, whose decade of service makes him the longest-tenured chief of China's central bank, will help decide the pace of loosening controls on interest rates and capital flows.

Five-year swaps climb to two-week high

China's five-year interest-rate swaps climbed to the highest level in more than two weeks after a pickup in services output added to signs growth is gathering pace in the world's second-largest economy.

Investors confident in stock market, survey shows

China's investor confidence index rose 24.36 percent month-on-month to stand at 62.8 in January, according to a recent survey. China Securities Investor Protection Fund Corporation said the monthly index in January was the highest it has been since April 2011, based on a survey carried out among 4,483 investors from Jan 1 to Jan 28. Nearly 45 percent of those polled said they expect the benchmark Shanghai Composite Index to rise in February, and almost half forecast a bullish market performance in the coming three months.

January sales surge for Japanese auto makers

Japanese auto makers reported a sales surge last month. Toyota Motor Corp said its January sales in China increased by 23.5 percent over last year to about 72,500, indicating the first growth in seven months, but still 8.9 percent lower than sales in January 2011. Nissan China reported a January sales rise of 22.2 percent, representing 115,700 vehicles delivered in the country. The company said it saw a trend for continuing recovery since being seriously affected by anti-Japanese protests that broke out in mid-September.

Property developers' sentiment improved in Q4

The China Developers Sentiment Index, an index developed by Standard Chartered Bank based on its quarterly survey of 30 mainland developers, indicated continuing expansion in the fourth quarter of 2012. The developers' expansion appetite is returning, with land purchases up. In both the primary and secondary land markets, bigger developers are getting even bigger at the expense of smaller firms, the bank said in a research note on Monday.

Beijing launches first quota trading platform for power

Beijing launched its first quota trading platform for electrical power saved during production in a bid to boost the energy service sector and let the market play a bigger role in fighting climate change. Quotas equivalent to 216.6 metric tons of standard coal have been traded, with the combined transaction volume reaching 130,000 yuan ($20,680 )on the Beijing Environment Exchange, China Securities Journal reported on Monday. The trading marks the first time that energy-hungry companies have been allowed to purchase power quotas from more efficient enterprises in order to stay below their power consumption cap.

Quanfeng Express eyes IPO in three to five years

Quanfeng Express, a Chinese courier firm launched in July 2011, has attracted investment interest from three private equity firms, paving the way for an IPO in three to five years. Leading Capital Fortune Ltd, Beijing Pengkang Investment Co Ltd and Phoenix Capital Asset Management said they will invest 200 million yuan ($32.1 million) in the company to boost its nationwide expansion, company president Chen Jiahai said.

China Daily - Agencies

(China Daily 02/05/2013 page14)