China Market Intelligence
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September Industrial Profit Growth Slows
Industrial sector profits increased 7.7% in September YoY, but slowed from 19.5% to 8.4% MoM, according to NBS data released on October 27. Industrial SOE profits rose 2.6% YoY while private industrial companies grew 7% YoY in the first three quarters of 2016. The best performing sectors were ferrous metals, petroleum, and coal mining, which surged 272%, 264% and 65%, respectively, YoY in the first three quarters of 2016. Earnings in electronics, steel, and electricity fell the most. The liability to total asset ratio slightly declined from 56.8% in May to 56.3% in September.
Fosun Partners with China Railway on PPP project
Fosun [0656:HK] signed an agreement with China Railway [601186:CH] on October 27 to set up an investor-constructor PPP platform. The first collaboration between the conglomerate and the SOE will be on the Hangzhou-Taizhou intercity rail project, an 1005-kilometer, RMB205b project due to start on December 25, according to Fosun. Fosun and China Railway will also be cooperating on various projects including real-estate development, elderly care, public service, Belt and Road Initiative, and eco-friendly projects.
Lenovo and Fujitsu Negotiate on PC Cooperation
Lenovo [0992:HK], Fujitsu [6702:JP], and Fujitsu Client Computing (FCC) announced they are in talks to cooperate in the development, design and manufacturing of personal computers (PCs) for the global market. Fujitsu, a Japanese information technology equipment and services company that had created Fujitsu Client Computing as a wholly owned subsidiary in February to house its PC business, had been in negotiations to sell its PC arm to Lenovo earlier this month. However, Fujitsu announced that it will keep its brand on PCs.
ZTO Lands 2016’s Largest US IPO
On October 26, China courier ZTO Express launched the biggest IPO of the year on NYSE. ZTO Express’s stock market debut raised USD1.4bn, making it the largest IPO by a Chinese company following the USD25bn IPO of e-commerce giant Alibaba [BABA:US] in 2014. The company said it will spend USD720m of its IPO proceeds to expand by purchasing more trucks, land, and facilities.
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