IN BRIEF (Page 24)

Top train maker sees overseas orders rise

China Railway Rolling Stock Corp Ltd, the nation's largest rail transportation equipment maker, saw its overseas orders more than double in the first half of 2016 despite the lackluster global economy, company data showed. Newly signed overseas orders amounted to 14.88 billion yuan ($2.23 billion; 1.98 billion euros), an increase of 126 percent year-on-year, according to a CRRC filing with the Shanghai Stock Exchange on Aug 23. The overseas market expansion contributed to a 2.04 percent year-on-year increase in CRRC's net profits, which reached 4.8 billion yuan.

Smelter targets overseas M&A

Jiangxi Copper Co, China's biggest copper producer, said it will step up overseas mergers and acquisitions after low metal prices eroded profit by more than one-third. Net profit slumped 38 percent to 643 million yuan ($96.5 million; 86.5 million euros) in the first half, from 1.03 billion yuan a year earlier, the company said in a statement to the Hong Kong Stock Exchange on Aug 24, amid slowing domestic demand, rising production and record imports of the refined metal. Sales climbed 20 percent to 90 billion yuan under international accounting standards. The company will seek to capture M&A opportunities in mining that are arising from low commodity prices and "facilitate the progress of internationalization of the company", the state-owned smelter said.

Firms to invest in US biotech site

China's state-backed developer Greenland Holdings said on Aug 18 it will jointly invest more than $1 billion in a biotech industrial park in San Francisco along with Agile Group, Ping An Trust Co Ltd and Poly Sino Capital. The Shanghai company, the largest investor in the 210,000-square-meter project, said it aims to enhance cooperation between China and the US on biotech research and development. The company said it owns 49 percent of the project, while Ping An and Agile hold 36 percent and 10 percent respectively. The land was acquired for $171 million.

Rolls-Royce wins China Eastern order

Rolls-Royce Power Systems AG announced on Aug 24 that it has won a $1.5 billion order from China Eastern Airlines for its Trent 700 engines to power 15 Airbus A330 aircraft. The order also includes long-term engine support services. The aircraft are in addition to the 51 Trent 700-powered A330s that China Eastern Airlines already operates.

Duty-free outlet in Cambodia opened

China Duty Free Group, a state-owned enterprise, has launched the soft opening of its third shop in Cambodia, the Phnom Penh Post reported on Aug 18. The group, which already operates duty-free stores in Siem Reap province and Preah Sihanouk province, has leased nearly the entire 4,000 square meters of the NagaCity Walk, a $94 million shopping center in Phnom Penh, for its third outlet.

US firms in China remain upbeat

The 2016 China Business Environment report, an annual survey by the US-China Business Council, found that 90 percent of companies remained profitable, but at lower margins that reflected increasing competition, rising costs, regulatory hurdles - and in some sectors, overcapacity. The 90 percent profitability level is the second-highest in the last five years, surpassed only by the 91 percent in 2013, according to the Aug 23 report. About 30 percent of the companies expected increased profitability this year, while 35 percent expected the same as the previous year. The remaining 35 percent expected profitability to fall.

NZ welcomes new China air service

Tianjin Airlines is to start services between New Zealand's biggest city of Auckland and China from December, Auckland Airport announced on Aug 24. The airline would operate year-round between Tianjin, Chongqing and Auckland three times a week using an A330 aircraft, said airport general manager Norris Carter. "It is very exciting that Tianjin Airlines has chosen Auckland as their first Australasia destination," Carter said in a statement.

Aussie vitamin maker shares dive

Shares in Australian vitamin giant Blackmores Ltd dived on Aug 24 despite announcing a near doubling of full year profit, as it acknowledged challenges to exports in key Asian markets in the first quarter. Blackmores sales increased 52 percent A$717 million ($545.18 million) in the year ending June 30, doubling profit to A$100 million on the back of strong Australian sales, supported by Chinese tourists seeking its products in local stores.

( China Daily Africa Weekly 08/26/2016 page24)