Dec 01 - CCB and ABC Welcomes New Bank Leaders

Source: ChinaScope Financial (Data), CE.CN

+   On Nov. 29, China Construction Bank Co. announced on the HK Stock Exchange the choice of Wang Hongzhang as the bank’s new Executive Director.

+   On the same day, the Agricultural Bank of China Ltd. announced that Jiang Chaoliang will accept the position as the bank’s new Executive Director.

+   Wang Hongzhang, former Secretary of the Commission for Discipline Inspection at the PBOC, has been appointed as new chairman of the China Construction Bank.

+   Jiang Chaoliang, former president of the China Development Bank, has been appointed as chairman of the Agricultural Bank of China.

+   Related Data: Resumes of Wang Hongzhang and Jiang Chaoliang

+   Related Companies: China Construction Bank (SSE:601939), Agricultural Bank of China (SSE:601288)

Resume of Wang Hongzhang

+   Wang Hongzhang, male, born in July 1954, from Changtu, Liaoning

+   Holds a Masters degree in economics from Dongbei University of Finance and Economics, Wang is a senior economist, a certified accountant, a deputy to the 10th National People’s Congress, and a member of the 17th Central Commission for Discipline Inspection.

Resume of Jiang Chaoliang

+   Jiang Chaoliang, male, born August 1957, from Miluo, Hunan

+   Holds a Masters degree in economics from Southwestern University of Finance and Economics, Jiang is a senior economist, a deputy to the 17th National People’s Congress, and a member of the 11th National Committee of the Chinese People’s Political Consultative Conference.

Other News Headlines

• The CFLP PMI Drops to 49.0%, New Orders Fall Most Sharply
• Central Bank Lowers the RMB Reserve Ratio by 0.5 Percent
• NDRC: Retail Electricity Price Increased by RMB 0.03, Contract Thermal Coal Price Gains Limited to Less Than 5%
• Ministry of Finance: China’s 2011 Fiscal Revenue Will Exceed Budget Estimate

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Dec 01 - NDRC: Retail Electricity Price Increased by RMB 0.03, Contract Thermal Coal Price Gains Limited to Less Than 5%

Source: ChinaScope Financial (Data), CE.CN

+    The National Development and Reform Commission (NDRC) announced that from Dec. 1 electricity retail prices will increase at an average of RMB 0.03 per unit.

+    Contracted thermal coal price gains will be limited to less than 5%.

+    Residential electricity prices will remain unchanged.

+    The NDRC further announced plans of progressive power pricing.

+    Related Data: Power Generation, Consumption of Electricity by Sector, FOB Price of Qinhuangdao Q5500

+    Related Companies: Huaneng Power International (SSE:600011), Datang International Power Generational (SSE:601991), Huadian Power International (SSE:600027), GD Power Development (SSE:600795), SDIC Huajing Power (SSE:600886)

Information on Power Generation

Consumption of Electricity by Sector

Tendency of FOB Price of Qinhuangdao Q5500

For more data of independent power producers & Energy traders, please visit www.chinascopefinancial.com

Other News Headlines

• The CFLP PMI Drops to 49.0%, New Orders Fall Most Sharply
• Central Bank Lowers the RMB Reserve Ratio by 0.5 Percent
• Ministry of Finance: China’s 2011 Fiscal Revenue Will Exceed Budget Estimate
• CCB and ABC Welcomes New Bank Leaders

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Dec 01 - Central Bank Lowers the RMB Reserve Ratio by 0.5 Percent

Source: ChinaScope Financial (Data), CE.CN, Caijing.com.cn

+  After yesterdays 0.5% lowering of the reserve ratio, large banks and small and medium sized financial institutions have reserve ratios of 21% and 17.5%, respectively.

+  The last time the PBOC lowered the reserve ratio was in December 2008.

+  Related Data: RRR

The required reserve ratio is cut for the first time in three years.

For more data of RRR, please visit www.chinascopefinancial.com

Other News Headlines

• The CFLP PMI Drops to 49.0%, New Orders Fall Most Sharply
• NDRC: Retail Electricity Price Increased by RMB 0.03, Contract Thermal Coal Price Gains Limited to Less Than 5%
• Ministry of Finance: China’s 2011 Fiscal Revenue Will Exceed Budget Estimate
• CCB and ABC Welcomes New Bank Leaders

If you'd like to receive a daily e-mail update of ChinaScope Daily Dim Sum Newsletter, please contact us: newsletter@chinascopefinancial.com. If you'd like to try out ChinaScope Database, apply for a trial here.

Dec 01 - The CFLP PMI Drops to 49.0%, New Orders Fall Most Sharply

Source: ChinaScope Financial (Data), Xinhua

+   The CFLP PMI for November fell to 49.0%, down 1.4 percentage point MOM.

+   This is the first time since March, 2009 that the PMI has dropped below 50%

+   The production and new orders indicators both declined - new orders most sharply.

+   Related Data: PMI

PMI show a worsening outlook of the economy.

For more data of PMI and other indicators, please visit www.chinascopefinancial.com

Other News Headlines

• Central Bank Lowers the RMB Reserve Ratio by 0.5 Percent
• NDRC: Retail Electricity Price Increased by RMB 0.03, Contract Thermal Coal Price Gains Limited to Less Than 5%
• Ministry of Finance: China’s 2011 Fiscal Revenue Will Exceed Budget Estimate
• CCB and ABC Welcomes New Bank Leaders

If you'd like to receive a daily e-mail update of ChinaScope Daily Dim Sum Newsletter, please contact us: newsletter@chinascopefinancial.com. If you'd like to try out ChinaScope Database, apply for a trial here.

Nov 30 - PICC Plans 5 Billion Yuan 10:1 Rights Offering

Source: ChinaScope Financial (Data), Caijing.com.cn

+   PICC Property and Casualty Co., Ltd. (HKEX: 2328) plans a 5 billion 10:1 rights offering. With an H-share issue price of HKD5.5, it will raise a total of 5 billion yuan.

+   On June 30, 2011, PICC’s solvency adequacy ratio was 159%.

+   Related Data: Solvency Ratio

+   Related Companies: Ping An Insurance (Group) (SSE:601318), PICC Property and Casualty (HKEX:2328), China Life Insurance (SSE:601628)

Insurance companies improve their solvency by share issuing.

Trading Comparable

For more data about other insurance companies, please visit www.chinascopefinancial.com

Other News Headlines Today

• Lenovo Group Ltd. Acquires a 87% Stake in Chengde Qianlong Zuijiu
• Xinhua Iron Ore Price Index Falls 8 Units to 145
• Ministry of Transport: Negative Growth in Highways and Waterways Fixed Asset Investments
• More and More Investors Use RMB as Reserve Asset
• Coal Inventory at Qinhuangdao Port Increases for the Seventh Consecutive Week
• China to Create Ten Mega Coal Enterprises

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Nov 30 - Xinhua Iron Ore Price Index Falls 8 Units to 145

Source: ChinaScope Financial (Data),  Xinhua, Ifeng Finance

+  After three weeks of rising prices, the price of imported iron fell on November 28. Further, port inventories declined slightly and the volume of ask-and bids were reduced.

+  Domestic steel mines do not make large-scale strategic purchases, but make piecemeal adjustments to their inventories as they drop. Supply shortage is expected.

+  Related Data: Import Value, Import Volume, Port Stocks of Iron Ore

Due to sluggish downstream demand, imported ore prices lack support, which make it difficult for market volume to increase.

The storage of imported ore at ports on November 25 was slightly lower than that on November 18.

For more data of steel industry and companies, please visit www.chinascopefinancial.com

Other News Headlines Today

• Lenovo Group Ltd. Acquires a 87% Stake in Chengde Qianlong Zuijiu
• Xinhua Iron Ore Price Index Falls 8 Units to 145
• Ministry of Transport: Negative Growth in Highways and Waterways Fixed Asset Investments
• More and More Investors Use RMB as Reserve Asset
• Coal Inventory at Qinhuangdao Port Increases for the Seventh Consecutive Week
• China to Create Ten Mega Coal Enterprises
• PICC Plans 5 Billion Yuan 10:1 Rights Offering

If you'd like to receive a daily e-mail update of ChinaScope Daily Dim Sum Newsletter, please contact us: newsletter@chinascopefinancial.com. If you'd like to try out ChinaScope Database, apply for a trial here.

Nov 30 - Lenovo Group Ltd. Acquires a 87% Stake in Chengde Qianlong Zuijiu

Source: Sina Finance, Chongqing Economic Times

+ On Nov. 29, Lenovo Group Ltd. announced the acquisition of a 87% stake in Chengde Qianlongzui Distillery Co., Ltd.

+ Qianlongzui Distillery, a leading Chinese liquor producer in Hebei province, made sales revenue of RMB 1 billion and profits of RMB 200 million in 2010.

+ The price of high-end Chinese liquor such as Luzhou Laojiu, Maotai, and Wuliangye have all been hiked up this year; the suggested retail price of “Guojiao 1573”, a series of liquor produced by Luzhou Laojiu, was increased to RMB 1,389 per bottle last week.

+ Related Data: Revenue, Gross Margin of Wine Companies

+ Related Companies: Kweichow Moutai (SSE:600519), Lu Zhou Lao Jiao (SZSE:000568), Sichuan Swellfun (SSE:600779), Wuliangye Yibin (SZSE:000858), Shanxi Xinghuacun Fen Wine (SSE:600809), Jiangsu Yanghe Brewery (SZSE:002304)

The profitability of Chinese liquor companies have been high for the latest years.

For more data about Chinese liquor industry and companies, please visit www.chinascopefinancial.com

Other News Headlines Today

• Xinhua Iron Ore Price Index Falls 8 Units to 145
• Ministry of Transport: Negative Growth in Highways and Waterways Fixed Asset Investments
• More and More Investors Use RMB as Reserve Asset
• Coal Inventory at Qinhuangdao Port Increases for the Seventh Consecutive Week
• China to Create Ten Mega Coal Enterprises
• PICC Plans 5 Billion Yuan 10:1 Rights Offering

If you'd like to receive a daily e-mail update of ChinaScope Daily Dim Sum Newsletter, please contact us: newsletter@chinascopefinancial.com. If you'd like to try out ChinaScope Database, apply for a trial here.