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Liaoning, China-based steelmaker Lingyuan Iron & Steel announced revenue and net profit attributable to its shareholders of 9.7 billion yuan (approx. US$1.5 billion) and 122 million yuan (approx. US$19.3 million) for the first three quarter of 2012, down 14.4 percent and 69.9 percent respectively over the same period of last year. In the third quarter, revenue totaled some 3.1 billion yuan (approx. US$492 million), representing a year on year decline of 16.8 percent, while net profit jumped 147 percent year on year to 354 million yuan (approx. US$56.2 million). The company managed to turn profitable in the quarter thanks to the fiscal subsidies from the government. Noticeably, the steelmaker’s administrative expenses totaled 44.9 million yuan (approx. US$7.1 million) in the third quarter, down nearly 50 percent compared to 87.4 million yuan (approx. US$13.8 million) in the same quarter of 2011. An industry analyst, however, said that it is still uncertain whether the steelmaker can achieve a turnaround for the whole of 2012 given the continued downturn in the industry.

Jiangsu province, China-based Nantong Jiangshan Agrochemical & Chemical announced that the company plans invest up to 210 million yuan (approx US$34 million) to acquire a 90 per cent stake in Thailand's LADDA. The company will also inject an additional 24.5 million yuan (approx US$3.9 million) into LADDA as operating capital upon completion of the deal, increasing its interest in LADDA to 91 per cent. Subject to approval by relevant authorities, the deal is expected to be completed in the first quarter of 2013.

China's Hwa Create recently announced that the company plans to acquire a 95 per cent stake in a Tianjin-based electronics technology company for 20.9 million yuan (approx US$3.4 million).

China Non-ferrous Metal Industry's Foreign Engineering and Construction (NCF) announced it has agreed with the reduction in holding of Shengda Mining by its controlling shareholder China Nonferrous Metal Mining (Group). NCF, the second largest shareholder, held 10.26 per cent stake in Shengda at 7.45 yuan (approx. US$1.2). Calculating on the recent closing price of 19.06 yuan (approx. US$3.06) of Shengda, NCF may gain 620 million yuan (approx. US$99.6 million) in floating profits, representing a floating yield of up to 155.84 per cent.

China Resources Land, a Chinese property developer principally engaged in development and management of residential and investment properties in Mainland China and a unit of China Resources Group, announced contract sales of 41.8 billion yuan (approx. US$6.6 billion) for the first ten months of 2012, up 53 percent from the same period of last year. Contract sales volume, when measured by the number of square meters transacted, totaled 3.87 million square meters for the period, representing a year on year rise of 69 percent and higher than the company’s full-year sales target. The property developer is working on six major projects collectively worth some 100 billion yuan (approx. US$15.8 billion) in Shenzhen, Guangdong province.

Shanghai Diesel Engine announced recently that it has signed a strategic cooperation framework agreement with SAIC-GM-Wuling Automobile (SGMW) for the long term development of its diesel engine business. Because SGMW is a holding subsidiary of SAIC Motor, the cooperation is a connected transaction. According to the agreement, Shanghai Diesel Engine will be SGMW's core supplier of diesel engine products. Both parties have agreed to further cooperate on the business of diesel engines between 1.0 to 2.0 liter for small vehicles. In addition, Shanghai Diesel Engine will establish manufacturing bases with an annual output capacity of over 400,000 units of small diesel engines each in the cities of Liuzhou and Shanghai.

Great Wall Motors sold a total of 492,900 vehicles over the first ten months of the year, according to the China Association of Automobile Manufacturers. That amount is 28.8 percent higher than what the Hebei-based manufacturer managed to sell from January to October of last year, and makes Great Wall China's top performing own brand manufacturer. The manufacturer sold a total of 57,700 vehicles in October. Its year-on-year growth rate for the month reached 37 percent, far above the industry average of 25.47 percent. Great Wall's Haval series continued to lead the Chinese domestic SUV market, with total of 220,000 units sold over the first ten months of the year. Just looking at October's sales results, three of the month's ten best selling SUVs were from the line: the Haval H6, Haval M4 and Haval H5. October also marks the second month where the compact M4 ranked among the country's best selling SUVs, proof that the manufacturer's attempts to expand into other SUV segments has been successful.

Digital China Holdings Limited, a leading integrated IT services provider in China, announced its unaudited consolidated interim results for the six months ended 30 September 2012. During the reporting period, the company recorded turnover of HK$37,404 million, up 9.57% year-on-year as compared to HK$34,138 million for the corresponding period of last fiscal year. Turnover for the second quarter alone amounted to approximately HK$19,627 million, a record high for quarterly results. the company timely liquidated inventories to avoid risks, resulting in an overall gross profit margin of 6.87%. Credit to stronger cost control measures, the expense ratio was lowered by 0.63 percentage point to 5.02% year-on-year. Profit attributable to equity holders of the parent amounted to HK$741 million, up 11.39% as compared to HK$665 million for the corresponding period of last fiscal year. Basic earnings per share were 69.39 HK cents, up 11.92% from 62.00 HK cents for the corresponding period of last fiscal year.

Alipay revealed on Nov 20 that the number of its fast pay users has exceeded 100 million. Without its fast-payment system, most Chinese online banking payment systems could not have withstood the volume of online sales promotions on Singles' Day (November 11), which witnessed 105.8 million yuan ($17 million) in deals made via Alipay. During the one day sales promotions for Singles' Day, 45.8 percent of shoppers on Tmall, Alibaba Group's online shopping site, chose to pay through fast payment. The Singles' Day online sales push let more people know about Alipay's fast-payment system, which many consumers turned to when banking systems were overwhelmed by the payment peak, a staff member from Alipay said.

China's leading anti-virus software firm Qihoo 360 Technology Co disclosed that its net income for the third quarter this year reached $12.9 million, an increase of 18 percent from a year earlier. According to Qihoo's unaudited financial report for the third quarter, the company's revenue surged to $84 million, up 77 percent year-on-year. However, its operating expenses skyrocketed to $63.9 million, compared to $31.4 million a year ago, mainly driven by increased personnel-related expenses, bandwidth expenses, equipment depreciation expenses, as well as marketing expenses. For 2012, Qihoo expects its revenues to post a rise of about 90 percent over a year earlier.

During the first ten months of this year, China’s Chongqing witnesses its coal output reached 30.09 million tons, down 5.96 million tons (17%) year on year. The sales volume of coal commodities reached 27.4 million tons, down 5.43 million tons (17%) year on year. By the end of October, the city’s coal inventory reached 3.65 million tons, higher than that in most cities of China. Average price of coal commodities is 398 yuan per ton, down 4% year on year.

China National Gold Group, the largest gold producer in the country,
announced that it will be accelerating its overseas acquisitions to secure resources abroad. The company is currently conducting due diligence on African Barrick Gold before making a formal offer to acquire a 74 percent stake in the latter. To make the acquisition more in line with its expectations and get approval from Chinese regulators as soon as possible, including China National Development and Reform Commission, the gold producer has engaged the world’s three top investment banks, Merrill Lynch, Morgan Stanley and Goldman Sachs, as advisors to the potential takeover deal. African Barrick Gold reported a 72 percent year on year decline in net profit for the third quarter and the firm’s production for this year is expected to be 5 percent to 10 percent lower than its expected lower range of 675,000 ounces.

Famous Commercial and Frasers Property (China) jointly announced the closing of shares acquisitions and equity offers. Gemdale received valid acceptances in respect of a total of 1,391,876,954 shares under the share offer, representing approximately 20.27% of the entire issued share capital of Frasers Property and all the share options under the option offer which resulted in the cancellation of all outstanding share options. Taking into account the above valid acceptances received under the share offer, Gemdale and parties acting in concert with it are interested in an aggregate of 5,239,386,849 shares, representing approximately 76.29% of the entire issued share capital of the company and of the voting rights which may be exercised at general meetings of the Company.

Chinese carmaker Great Wall Motors recently said that the company has entered into a cooperation agreement with China’s three insurance giants, The People's Insurance Company (Group) of China, Ping An Insurance and China Pacific Insurance. Under the terms of the agreement, Great Wall Motors will cooperate with the three insurers to create a proprietary vehicle insurance brand for the carmaker. An executive at Great Wall Motors said that the automaker decided to build a proprietary insurance brand in April that will ensure vehicle owners’ interests while providing benefits for them and that the cooperation will further enhance the quality of its end services and increase its customer satisfaction.

China Petrochemical Corp. (Sinopec) said it will start to pumping gas from a shale project in the southwestern province of Sichuan in early June, the first such production in the country. This project is in Fuling, Sichuan, and will be completed by two subsidiaries of Sinopec, Jianghan Oilfield and Exploration Southern. Jianghan Oilfield is responsible for production and output, and Exploration Southern conducted exploratory work. Exploration Southern chose the Daanzhai area in Fuling for drilling, and two shale wells, Xinglong 101 and Fushi 1, will be the first to produce. Sinopec, the largest integrated petroleum and petrochemical enterprise in China, said the project in Fuling was significant in the overall development of shale oil and gas production in China. The shale process involves removing oil and gas from sediment or rock.

Standard Chartered Bank (China) was granted for approval for a renminbi denominated loan quota on behalf of an American multi-national company (MNC) client, making it the first foreign bank which has done so, the company said on Monday. The approval of the 3.3 billion yuan (approx.US$530 million) cross-border lending quota from People's Bank of China Shanghai Branch is part of a pilot program that supports foreign and local MNCs which have plans to channel surplus renminbi capital on the Chinese mainland to fund renminbi denominated activities overseas. The scheme has transformed the lending of renminbi between companies from one based on a traditional entrustment loan (with banks as intermediary agents) to one where two parties sign lending agreements directly, agree interest rates and manage the loan drawdown themselves.

Agricultural Bank of China said that it has received regulatory approval to buy a 51 per cent stake in Beijing-based Jiahe Life Insurance for CNY2.59 billion (US$416 million), as the bank's first foray into the insurance market. The bank said in a statement that it had gotten approval from the China Banking Regulatory Commission and China Securities Regulatory Commission to purchase the stake. The country's largest rural lender said in February last year that its board of directors approved its plan to buy the stake in Jiahe Life and that it planned to subscribe to 1.04 billion new shares to be issued by the insurer. Beijing-based Jiahe Life Insurance was set up in 2005 by a group of Chinese companies. It has operations in 15 cities and provinces in central and eastern China.

Yinxing Energy announced recently, given the influence of depressing domestic market, the company decided to cancel three new energy projects, two solar projects and one wind project in Inner Mongolia. The 300MW Wuliji wind project was announced in 2011, but has to be terminated due to the company's strategic and economic problems.

Chinese wind turbine manufacturer Sinovel said its operating income fell 82 per cent year-on-year in the third quarter to 548m yuan (approx. US$87.6 million). The company saw income fall by 57 per cent year-on-year so far in 2012 as the country's industrial policy influences intense market competition leading to lower sales volumes and declining selling prices, it said in a stock exchange statement. As guided just two weeks earlier, it recorded a net loss of 256 million yuan (approx. US$41 million) for the first nine months, after entering the red in the third quarter. Third quarter losses hit 280 million yuan (approx. US$45 million) compared with 242 million yuan (approx. US$39 million) in profit a year earlier. Market leader Goldwind also posted a third quarter loss, although a smaller number than Sinovel at 33.5 million yuan (approx. US$5.4 million) on a 42 per cent decline in revenues to 2.46 billion yuan (approx. US$395 million).

China Machinery Engineering, the State-owned contractor with projects in Nigeria, Serbia and Ivory Coast, plans to raise about $300 million in an initial public offering in Hong Kong, two people with knowledge of the matter said. The Beijing-based unit of China National Machinery Industry Corp may begin to gauge demand for the IPO later this week, the people said, asking not to be identified because the information is private. China Machinery shares may start trading in Hong Kong in December, they said. China Machinery is expanding overseas as China seeks closer ties with developing nations and greater access to raw materials in Africa. The company operates in more than 150 countries and regions, according to its website. ABCI Securities, BOC International Holdings and ICBC International Holdings are among banks arranging the share sale, the people said.

The Walmart investigation is under the Foreign Corrupt Practices Act ( FCPA), and the company follows a global compliance programme in every country it operates in. In the past one and a half years, Walmart spent over $35 million on its global FCPA compliance review efforts, the company said. It was in March 2011 that Walmart began conducting a worldwide review of its policies, practices and internal controls for FCPA compliance. It is conducting investigations regarding allegations of potential FCPA violations in many foreign markets including but not limited to Brazil, China and India. Meanwhile, Walmart has slowed the pace for opening new outlets, planning to open 100 new outlets in China in the next three years.

Wuhan Langold Real Estate announced that controlling shareholders, Xu Xiaoming and Xu Xianming brothers, plan to sell 29.75 percent equities to Sinohydro Real Estate. The two sides will negotiate sales price based on Langold average price of the latest ten trading days on the secondary market. Xu Xiaoming will hold 41.48 percent of Langold Real Estate after the stake transfer, remaining controlling shareholder; Sinohydro Real Estate will become the second majority shareholder. The brothers also plan to sell the 100 percent equities in Wuhan Xintiandi Investment to Sinohydro Real Estate. Wuhan Xintiandi Investment holds 208.81 million shares in Langold Real Estate, representing 21.75 percent of capital stock. Sinohydro Real Estate, with up to CNY 3.77 billion registered capital, is a unit under direct administration of Sinohydro Corporation. It has developed properties in a number of cities such as Beijing, Chengdu, Kunming and Wuhan.

China Industrial Bank recently announced that the bank has received approval from China Banking Regulatory Commission to establish a branch in Hong Kong, the first branch of the bank outside of Mainland China and its 39th top branch. The lender reported net profit of 26.3 billion yuan (approx. US$4.1 billion) for the first three quarters of 2012, up 40 percent compared to the same period of last year. Net profit totaled 9.2 billion yuan (approx. US$1.4 billion) for the third quarter, representing a month on month gain of 4.8 percent. Weighted average return on net assets was 20.78 percent, up 1.9 percentage points over a year earlier.

Xinjiang Goldwind Science & Technology, a China-based company engaged in the manufacture and distribution of wind turbine generator sets and spare parts, recently announced receivables of 11.1 billion yuan (approx. US$1.7 billion) as of the end of September, accounting for 35 percent of the company’s total assets, while accounts payable totaled 6.1 billion yuan (approx. US$968 million). Over the past two years, the wind turbine generator market has been plagued by overcapacity, which has also led to an increase in receivables of Xinjiang Goldwind Science & Technology.

Trina Solar, a Chinese manufacturer of photovoltaic modules, announced net revenue of US$298 million for the third quarter of 2012, down 13.9 percent compared to the previous quarter. Gross profits totaled US$2.4 million, down 91.9 percent quarter on quarter, while gross margin was 0.8 percent, compared to 8.4 percent in the second quarter. The company shipped some 380 MW of solar modules during the quarter, down 9.2 percent quarter on quarter, and saw no increase in receivables, compared to a growth of US$44.2 million in the second quarter. Net losses were US$57.5 million, compared to net profit of US$92.1 million in the previous quarter. Operating profit margin was -25.5 percent, compared to -22.7 percent in the second quarter.

Elec-Tech International Co., Ltd. , one of the world’s leading small appliance manufacturers, recently suspended trading in Shenzhen Stock Exchange, after a report pointing out several problems existed in the company. The report said that Elec-Tech did not perform well in terms of major contracts about everyday business, which is agreed by the company. However, for the other two issues including MOCVD equipment parameters not meeting government subsidy standards and doubt on hi-tech corporation qualification, Elec-Tech said it is a qualified company. The company disclosed five major contracts between Jan 19 and March 29, with a total value of over 1 billion yuan. During the first three quarters of this year, only 59 million yuan of the contracts were implemented.

China’s Guangdong Electric Power Development recently announced that its controlling subsidiary Maoming Zhenneng Thermal Power has acquired certain power generators of Maoming Thermal Power with combined installed capacity of 300,000 kw for 30 million yuan (approx. US$4.7 million). The acquisition is in line with Maoming Zhenneng Thermal Power’s development strategy as it will help facilitate the company’s new projects to start operation, according to the statement by Guangdong Electric Power Development.

Chinese steelmaker Baoshan Iron & Steel recently announced revenue of some 146 billion yuan (approx. US$23.1 billion) for the first three quarters of 2012, down 12.7 percent over the same period of last year, while net profit attributable to its parent totaled 10.7 billion yuan (approx. US$1.7 billion), representing a year on year gain of 70.7 percent. Weighted average return on net assets was 9.8 percent, up 3.8 percentage points over a year earlier. Revenue and net profit totaled 47.9 billion yuan (approx. US$7.6 billion) and 1.18 billion yuan (approx. US$187 million) for the third quarter, down 14.5 percent and 4.8 percent respectively from the same quarter of 2011. Weighted average return on net assets was 1.09 percent in the third quarter, down 0.12 percentage point over a year earlier.

Zhejiang Sanhua Co. Ltd and AWECO Appliance Systems GmbH & Co. KG have announced an agreement to acquire the business of AWECO Appliance Systems GmbH & Co. KG. Sanhua will acquire the assets and the customer base of AWECO including all patents, trademarks, production know how as well as the shares of AWECOS’s operational entities in Germany, Poland, Austria, Slovakia and China. The employees of the AWECO Group will become part of the Sanhua team and will continue to design and produce innovative products and systems for the home appliance industry. The acquisition of the assets of AWECO Appliance Systems GmbH & Co. KG is a major benefit for both, customers, suppliers and employees of AWECO Group and Sanhua Group. AWECO will remain its operational independency within the Sanhua Group with its own management team.

Noah Education, a leading provider of education services in China, announced its unaudited financial results for the first quarter of fiscal year ending September 30, 2012. Net revenue increased 13.5% year-over-year to RMB38.8 million (US$6.2 million). Gross profit decreased by 7.1% year-over-year to RMB15.1 million (US$2.4 million), and gross profit margin was 38.9%. Operating loss was RMB5.2 million (US$0.8 million) as compared to an operating loss of RMB1.9 million. Net loss was RMB0.07 million (US$0.01 million) as compared to a net income of RMB1.8 million. Non-GAAP net income, excluding share based compensation expenses, was RMB0.4 million (US$0.07 million) as compared to non-GAAP net income of RMB2.7 million. Basic and diluted earnings per share were RMB0.01(US$0.002) as compared to basic and diluted earnings per share of RMB0.02. Non-GAAP basic and diluted earnings per share were RMB0.03 (US$0.004) as compared to a non-GAAP basic and diluted loss per share of RMB0.05.

China had a net import of 217 million tons of coal in the first 10 months of this year, up 39.5 percent from a year ago, authorities said, though the market remained sluggish with rising stockpiles and falling prices. The high net import came amid rising stockpiles and growth slowdown in coal consumption, according to a press release issued by the National Development and Reform Commission (NDRC). A total of 1.87 billion tons of coal were transported by railway from January to October, down 0.6 percent year-on-year, while coal consumption, especially by power generators, slowed in the same period, the NDRC said. By the end of October, coal inventory in major power plants reached 93.71 million tons, equal to 29 days' usage, eight more days than the same time last year, and stockpiles at major ports were 35.62 million tons, up 37 percent year-on-year, according to the NDRC. Thermal coal with an energy value of 5,500 kilocalories per kilogram at benchmark Hebei Qinhuangdao port is currently priced at 635 to 645 yuan ($100-$102) per ton, 26 percent lower than earlier this year and 34 percent lower than a year ago, according to the NDRC.

China Resources Enterprise, Limited announced its unaudited financial and operational review for the nine months ended 30 September 2012 ("the review period"). The Group reported unaudited consolidated turnover and profit attributable to shareholders of HK$98,168 million and HK$3,373 million, respectively, representing increases of 16.8% and 33.1% year-on-year. Excluding the after-tax effect of asset revaluation and major disposals, the Group’s unaudited underlying consolidated profit attributable to the Company’s shareholders for the review period decreased by 4.8% to HK$1,799 million.

China TechFaith Wireless Communication Technology, a leading global mobile solutions provider for global mobile handsets market, recently announced revenue of US$31.5 million for the third quarter of 2012, compared to US$32.4 million yuan in the second quarter. Net profit totaled US$900,000 for the quarter, up significantly compared to a net loss of US$700,000 in the previous quarter but down 73 percent from the same quarter of last year. Gross profit totaled US$7.2 million, compared to US$7.3 million in the second quarter, while gross margin was 22.8 percent, up slightly compared to 22.6 percent in the previous quarter. TechFaith president and COO Dong Deyou said that the company will continue to develop mobile products for specific and corporate markets while its team will continue to work closely with local and regional customers to provide custom-made solutions. Looking forward, TechFaith expects revenue to be in the range of US$30 million and US$35 million for the fourth quarter of 2012.

According to statistics from Baiinfo.com, a Chinese industry information provider, the mainstream prices of 65% black and white tungsten concentrate reached 117,000-119,000 yuan (approx. US$18,802-19,123) and 115,000-117,000 yuan (approx. US$18,480-18,802), the second rebound after a bottom in September, representing a rise of 15 per cent during the months from September to November. With the decreasing stocks of downstream buyers, the demand for tungsten concentrate is seeing an upward trend. Earlier this month, China Minmetals raised its 65%tungsten concentrate price for November to 125,000 yuan ($19,854) per tonne, up 15,000 yuan ($2,410) or 13.6 per cent from October.

China’s all-steel tire capacity now reached 120 million units, accounting for over 80% of the worldwide all-steel tire demand. The all-steel tire capacity in China’s Shandong province reached 54.3 million units, accounting for nearly 45% of China’s capacity. The tire producers have to compete fiercely on price as the all-steel tire market is over matured.

According to official statistics, major Chinese tire producers and leading global tire firms are seeing lower sales but yet higher profits. Michelin reported a year-on-year rise of 6 per cent in sales and a year-on-year gain of 65 per cent for the first half of this year. Giti Tire's profits for the fist three quarters rose by 173 per cent on a yearly basis despite of lower output. Double Coin reported a year-on-year increase of 6.1 per cent and a year-on-year rise of 61 per cent in profits for the first nine months. Higher profits may be driven by reduced price of natural rubber.

Insiders said a fee plan for payment through bank card may be implemented since the end of February 2013. Commercial banks in China are receiving drafts of adjustment plan, and are starting to take measures against the newest version of the plan. Insiders said the fee of payment through POS machines may decrease 25% to 40% next year.

Inner Mongolia Baotou Steel Rare-Earth, the biggest rare earth producer in China, recently announced net profit of 120 million yuan (approx. US$19 million) for the third quarter of 2012, down 89.6 percent over the same quarter of last year. The company said that the significant decrease in third-quarter net profit was mainly attributed to the fall in rare earth prices. Prices of major rare earth products in the marketplace have showed continued decline since the fourth quarter of last year. Prices of dysprosium oxide and neodymium oxide fell 73.6 percent and 72.8 percent. Industry analysts said that the rare earth market is unlikely to see a recovery before the year-end as a result of the severe imbalance between supply and demand.

China Unicom Hong Kong has agreed to pay 12.2 billion yuan (US$1.95 billion) to acquire its parent company Unicom New Horizon Telecommunication's fixed-line infrastructure. The operator said in a filing that the transaction was being pursued because its network lease agreement with Unicom New Horizon Telecommunication would expire on Dec. 31, 2012. The deal could bring an estimated savings on future network lease fees which are expected to exceed the incremental depreciation, amortisation and financial costs arising from the proposed acquisition, the company stated, adding the deal is scheduled to close by end-December.

Data from National Development and Reform Committee shows that China produced 17.8 million metric tons of crude oil during October this year, rising by 7.9 per cent from the same period last year. The amount of crude oil processed during the month reached 35.5 million metric tons and the refined oil product output reached 21.8 million metric tons, increasing by 5.2 per cent and 6.1 per cent year-on-year, respectively. The combined output and net imports of refined oil totaled 20.9 million metric tons, declining by 1.3 per cent year-on-year. By the end of October, the refined oil stocks increased by 300,000 metric tons from the prior month and a rise of 1.34 million metric tons from the year-ago period. For the first ten months, nearly 170 million metric tons of crude oil were produced in China, rising by 0.7 per cent from the year-earlier period. 341 million metric tons of crude oil were processed during the period, a year-on-year growth of 1.3 per cent. The output of refined oil products amounted to 212 million metric tons, representing a year-on-year gain of 3.4 per cent. The combined output and net imports of refined oil products rose by 3 per cent year-on-year to 208 million metric tons.

According to statistics from the Statistical Bureau of Shanxi province, the coal shipments to outside Shanxi rose by 2.8 per cent from the year-ago period during the first nine months of this year, which was 9.1 percentage points lower than the year-earlier period. In September, the factory prices of coal, coking and black metal declined by 21.5 per cent, 29 per cent and 23.2 per cent from the year-ago period. For the first three quarters, the local coal industry saw profits declining by 26.1 per cent on a yearly basis.

China's Zijin Mining Group has recently won the bid for the rights to explore three gold mines in Gansu province with nearly 13.4 million yuan (approx. US$2.15 million). Zhejiang Gangtai Holding also spent 3.4 million yuan (approx. US$546,380) buying the exploration rights of one iron ore mine and one gold mine in the province.

Stockpiles of iron ore continued to drop at 25 major Chinese ports during the week ending Nov. 19, according to Xinhua's iron ore price report. Imported iron ore at the ports stood at 96.89 million tons last week, down 540,000 tons from the previous week, the report said. The decrease was slightly higher than the 480,000 tons decrement recorded in the week ending Nov. 12. The price index for 63.5-percent-grade iron ore imports remained flat at 123 points last week, while the index for 58-percent-grade imports stayed unchanged at 105 points, the report said. Import prices of iron ore are less likely to go up in the short term as demand for steel is expected to shrink further during the cold weather. However, Xinhua analysts predicted the market would pick up along with an improving economy in the longer term.

NetEase, Inc.’s 12Q3 results show that the company’s total revenue in the third quarter was CNY 2.0 billion or USD 325.4 million, identical to the previous quarter and the third quarter of 2011. Specifically, revenue from online games, which is a major revenue source, was CNY 1.7 billion or USD 276.8 million, essentially flat to the CNY 1.7 billion and CNY 1.8 billion in 12Q2 and 11Q3, respectively. Renren Inc.’s 12Q3 results show that the company total net revenue in the third quarter was USD 50.4 million, up 47.2 percent year-on-year. Net loss attributable to common shareholders was USD 15.4 million, compared to a net loss of USD 1.2 million in 11Q3. Giant Interactive Group Inc.’s 12Q3 results show that the company net revenue in the third quarter was CNY 543.2 million or USD 86.4 million, up 18.6 percent year-on-year. Net profit attributable to the common shareholders was CNY 311.7 million or USD 49.6 million, down 13.7 percent year-on-year. The 12Q3 results of Sohu.com Inc.’s show that the company’s operating revenue in the reporting period was USD 285 million, up 23 percent year-on-year. Non-GAAP net earnings were USD 24 million, down 47 percent year-on-year.

By-Health delivered operating revenue of 810 million yuan (approx US$130 million) for the first 9 months of this year, a year-over-year increase of 69.8 per cent. The company delivered net profit attributable to shareholders of the parent amounting to 242 million yuan (approx US$38.9 million) for the same period, up 63.8 per cent from a year earlier. The company’s net profit increased 161 per cent year on year for the first quarter of this year. The company recorded accounts receivable up to 49.4 million yuan (approx US$7.93 million) for the first three quarters, up 121 per cent from the beginning of this year.

As of the end of October of this year, China delivered an inventory of imported iron ore of 90.8 million tons, down 3.86 million tons from a month earlier. The country delivered a year-over-year increase of 75.2 million tons, or 18.8 per cent in production volume of iron ore for the month. The country’s imported iron ore increased 42.9 million tons, or 8.4 per cent compared with the same period of last year for the same month. The country imported 607 million tons of iron ore during the first 10 months of this year, up 8 per cent to 10 per cent year on year.

China produced 8.8 billion cubic meters of natural gas and 17.8 million tons of crude oil in October of this year, a year-over-year increase of 7.3 per cent and 7.9 per cent, respectively. The country produced 87.8 billion cubic meters of natural gas during the first 10 months of this year, up 6.4 per cent from a year earlier. It imported 34.4 billion cubic meters of natural gas during the same period, up 37.6 per cent compared to the corresponding period of last year. The country produced 169 million tons of crude oil during the same period, up slightly by 0.7 per cent from a year earlier. It processed 341 million tons of crude oil during the 10 months, up 1.3 per cent year on year. It produced 212 million tons of oil products during the same period, up 3.4 per cent from a year earlier.

According to data recently released by China Iron and Steel Association, the country’s large and medium-sized iron and steel companies delivered accumulated losses amounting to 5.53 billion yuan (approx US$888 million) for the first 9 months of this year. The loss-making companies delivered accumulated losses amounting to 26.7 billion yuan (approx US$4.29 billion) for the same period, up significantly by 4,150 per cent from a year earlier. The large and medium-sized companies delivered losses of 2.38 billion yuan (approx US$382 million) for September of this year. The loss-making companies delivered losses of 6.40 billion yuan (approx US$1.03 billion) for the same month, up 16.8 per cent month on month.

China produced 867,000 tons of silicon manganese in October of this year, up slightly by 14,000 tons from a month earlier and down slightly from 867,000 tons for the same period of last year, respectively. The country produced 8.17 million tons of silicon manganese during the first 10 months of this year, up from 7.64 million tons for the same period of last year. Hunan province produced 165,000 tons, up 25,200 tons; Inner Mongolia produced 67,000 tons, up 14,000 tons; Yunnan province produced 67,500 tons, up 9,600 tons.

A total of 185,100 used cars were sold in Beijing in the third quarter of 2012, representing a year on year increase of 52.5 per cent and a quarter on quarter growth of 7.8 per cent, statistics show.

Jiayuan.com delivered net revenue of 113 million yuan (approx US$18.1 million) for the third quarter of this year, a year-over-year increase of 24.8 per cent and a quarter-over-quarter increase of 14.2 per cent, respectively. The company delivered net profit of 15.9 million yuan (approx US$2.50 million) for the same period, down 35.9 per cent from a year earlier and down 22.4 per cent from a quarter earlier, respectively. The company delivered operating profits of 16.7 million yuan (approx US$2.70 million) for the same period, down 22.2 per cent compared with the corresponding period of last year. The company is expected to record net revenue between 106 million yuan (approx US$17.0 million) and 108 million yuan (approx US$17.3 million) for the fourth quarter of this year.

China Shenhua Energy announced that its parent Shenhua Group has acquire the full ownership of State Grid Energy Development from power distributor State Grid Corporation of China. As of the end of 2011, State Grid Energy Development had total assets of 55 billion yuan (approx US$8.8 billion). In 2011, the energy developer realized net profit of more than 78 million yuan (approx US$12.5 million) on operating revenue of 18.9 billion yuan (approx US$3 billion).

Parkson Retail Group delivered net profit attributable to shareholders of the company of 149 million yuan (approx US$23.9 million) for the third quarter of this year, a year-over-year decrease of 42.3 per cent. The group delivered net profit of 672 million yuan (approx US$108 million) for the first 9 months, down 20.2 per cent from a year earlier. The group delivered total expenditures of 2.93 billion yuan (approx US$471 million) for the same period, up 18.9 per cent compared with the corresponding period of last year.

eLong.com delivered net revenue of 197 million yuan (approx US$31.6 million) for the third quarter of this year, a year-over-year increase of 20 per cent. The company delivered operating losses of 56.2 million yuan (approx US$9.02 million) for the same period, compared with operating profits of 11.6 million yuan (approx US$1.86 million) for the same period of last year. renren.com delivered net operating revenue of US$50.3 million for the same period, up 47.2 per cent from a year earlier. It delivered operating losses up to US$20.6 million for the same period.

According to data released by the China Trustee Association, infrastructure construction-oriented trust products worth 755 billion yuan (approx US$121 billion) were launched in the first three quarters of 2012, representing an increase of 88.7 per cent compared to the corresponding period of last year. By contrast, new real estate-oriented trust products were valued at only 206 billion yuan (approx US$33 billion).

Italian auto parts supplier Magneti Marelli recently announced that the company will build its second exhaust systems plant in China. The new facility, to be built in Hefei, Anhui province, will be established as a joint venture between Magneti Marelli, Hefei-based automaker Jianghuai Automobile (JAC) and local investment company Hefei Lingdatang Collective Assets Management. The plant is scheduled to start production in early 2013 and will initially employ 160 workers. After reaching full capacity, it will produce 900,000 exhaust system parts for motor vehicle engines, including intake manifolds, exhaust pipes, catalytic converters and mufflers. The plant will supply products to other automakers operating in China besides JAC. Magneti Marelli's first China exhaust systems plant is located in Changsha, Hunan province and mainly supplies auto parts to GAC Fiat, a joint venture between Fiat and China's Guangzhou Automobile Group.

China Internet Network Information Center (CNNIC) recently released its 2012 Report for China's Secure Online Payments. The report found that only 5.3% of the respondents think it is unsafe to pay thorough internet. Quick payment services are a growing trend in online payment, with 40.4% of respondents using them. The most widely used third-party payment tool among Chinese internet users is Alipay, covering 80% of online payment service users.

Go.cn recently opened Ningbo gateway against the slumping group buying market in China. The group buying site is launching Ningbo site after less than a month since the opening of its Yinchuan, Dalian, Huzhou and Changzhou sites. Its number of subsites has exceeded 300, making it a real large group buying site in China. Currently the medium and small sized Chinese group buying sites are closing down one after another.

Phoenix New Media Limited’s 12Q3 results show that due to an 11.4 percent increase in net advertising revenue, company revenue increased 5.8 percent year-on-year to CNY 286.4 million (USD 45.6 million). Net profit attributable to common shareholders was CNY 11.5 million (USD 1.8 million), down 79.8 percent year-on-year. LIU Shuang, CEO of the company, disclosed that the increase of advertising revenue was due to a greater than 110 percent year-on-year growth of ifeng's daily unique visitors to 38 million in September. According to iResearch Consulting Group, the growth continued to significantly outpace ifeng’s competitors. Ifeng.com is the news portal of Phoenix New Media.

Jiangxi Jinko Solar, a fast-growing solar product manufacturer in China, released its financial results for the third quarter of 2012 recently. The company’s total shipment volume reached 335.2MW in the quarter, up 11.0 per cent quarter on quarter and up 30.1 per cent year on year, while its revenue reached US$221.1 million, up 12.2 per cent quarter on quarter, but down 22 per cent year on year. Gross profit margin was 9.9 per cent in the third quarter this year, compared with 8.4 per cent in the second quarter and 3.7 per cent in the third quarter of 2011. The company’s operating loss was US$8.2 million in the third quarter of 2012, compared with operating loss of 82.5 million yuan in the second quarter and operating loss of 197.3 million yuan in the third quarter of 2011. Net loss was US$8.7 million in the third quarter of 2012, compared with net loss of 310.5 million yuan in the second quarter of 2012 and net profit of 68.1 million yuan in the third quarter of 2011. Shipment volume of modules was 280MW in the third quarter of 2012, soaring 117 per cent quarter on quarter, thanks to China’s strong growth momentum.

Guodian Fuel Ltd., a subsidiary of China Guodian Corporation, one of the five largest power producers in China, put its 40 per cent stake in Pingmei Chang'an Energy Development for 2.4 billion yuan (approx. US$381 million) on 6 November. Pingmei Chang'an Energy Development is a Shaanxi-based joint venture established by Pingmei Group and China Guodian Corporation in May 2008. Pingmei Group’s China Pingmei Shenma Energy & Chemical Group holds a 60 per cent stake in Pingmei Chang'an Energy Development, while Guodian Fuel holds the remaining 40 per cent stake. After the stake sale, Guodian Fuel will not be shareholder of Pingmei Chang'an Energy Development anymore.

Future Land Development Holdings, a leading real estate developer based in Shanghai, announced that the company has started taking orders for its 1.42 billion shares IPO. Among them, 142 million shares will be issued in Hong Kong, with the price ranging from HK$1.45 (approx US$0.19) to HK$1.79 (approx US$0.23) per share, and 1.28 billion shares will be issued globally. Funds raised through the IPO are expected to be HK$2.13 billion (approx US$275 million), of which 90 per cent will be used for land acquisitions and 10 per cent will be used to replenish working capital. The share subscription will end at 12:00 am on November 22, and the final share price and distribution result will be released on November 28. The company will be officially listed on the HKEx on November 29.

Guangdong Chaohua Technology Co., Ltd announced on November 20 that it signed an acquisition agreement with Huizhou Uniplus Electronics Co., Ltd (Target Company) and its shareholder on November 18. The acquisition price is estimated at no more than 223 million yuan. Businesses of the target company include production and sales of pressed aluminum foil boards, multilayer pressed circuit boards, hole drilling equipments and accessories. The company’s products are sold in China and abroad. The acquisition is expected to help Guangdong Chaohua Technology extend its industry chain, integrate its sources, optimize product portfolio, reduce production costs and improve sales.

South Korea's top lender Kookmin Bank announced that it has opened a Chinese subsidiary in Beijing in a bid to tap China's fast growing banking sector. The lender said the subsidiary will provide banking services to South Korean clients based in China and at the same time offer advanced financial products to China's local companies and retail clients. The group unveiled its keyword of Chinese business: localization. To implement this principle, the bank appointed a Chinese board chairman and outside directors to brace for local customers. KB said that it will accelerate the localization process with its advanced information technology.

China’s foreign direct investment (FDI) into China dropped 0.24% year on year in October to 8.31 billion US dollars, according to figures released by China’s Ministry of Commerce. The drop was less sharp compared to September, when FDI into China dropped 6.8% year on year to 8.43 billion US dollars. Nevertheless, this is the fifth consecutive monthly drop in the country’s FDI inflow. The figure brought the total FDI inflow for the first 10 months of 2012 to 91.74 billion US dollars, down 3.45% year on year. In the first 10 months, investment from the United States reversed a trend of decline and rose 5.3% year on year to 2.7 billion US dollars. Investment from Japan surged 10.9% from a year earlier to 6.08 billion US dollars. Investment from the EU dropped 5% year on year to 5.24 billion US dollars. The fall was smaller compared to the first nine months. Investment from the EU dropped 6.3% year on year to 4.83 billion US dollars from January to September.

China’s combined pig iron output was 502.8 million tons in the first nine months of 2012, up 2.7 per cent year on year, while combined crude steel and steel products output was 542.3 million tons and 708.3 million tons in the period, up 1.7 per cent and 5.7 per cent year on year, respectively, according to data from National Bureau of Statistics. Average daily crude steel output was still high at 1.97 million tons. According to the China Iron and Steel Association, steel mill members’ output of steel products reached 439.5 million tons in the nine months, down 2.0 per cent year on year. Steel mill members have kept reducing their output since July. Average daily output of steel products was 1.53 million tons in September, compared with 1.64 million tons in July and 1.56 million tons in August. Combined output of steel products at non-members reached 100.4 million tons, up 18.6 per cent year on year. The county’s exports of steel products reached 45.78 million tons in the first ten months, up 11.8 per cent year on year, while imports of steel products stood at 11.55 million tons, down 12.2 per cent on a yearly basis, according to China Customs. Imports of billets stood at 290,000 tons in the ten months, diving 39.9 per cent year on year. China’s net exports of steel products reached 34.23 million tons in the ten months, while imports of iron ore reached 607.1 million tons, up 8.9 per cent year on year. China’s exports of steel products was 4.84 million tons in October alone, down 6.0 per cent month on month, while imports of steel products were 1.03 million tons, down 14.2 per cent month on month. Imports of billets reached 20,000 tons in October, almost unchanged from last month. China’s market stockpiles of steel products were 12.08 million tons as of 9 November, down 2.8 per cent from end-October. As for inventories of steel mill members, inventories reached the highest in July at 14.18 million tons and decreased to 12.46 million tons in August. Inventories of steel mill members further declined to 10.69 million tons in September. Middle and large-sized steel mills reported combined sales revenue of 2.66 trillion yuan (approx. US$0.4 trillion) in the first nine months, down 6.5 per cent year on year. Sales cost was 2.51 trillion yuan in the nine months, down 3.9 per cent on a yearly basis. The steel industry’s fixed-asset investment was 541.0 billion yuan (approx. US$85.9 billlion) in the first ten months, up 7.8 per cent year on year and the growth rate was down 10.7 percentage points from the same period a year ago.

According to statistics released by the State Intellectual Property Office, as of October 31, invention patents held by every ten thousand residents in Tianjin hit 7.6, fulfilling the annual target two months in advance and ranking the third across the country. In the first ten months this year, valid patents in Tianjin reached 50,314, up 43.5%, in which 16,294 were newly granted in 2012, up 32.4%. Invention patent applications and grants in the city amounted to 10,484 and 2,811, up 37.0% and 37.5% respectively. Valid invention patents recorded 9,842, up 25.5%. Enterprises played an increasingly important role in patent growth. In the first ten months, enterprises filed 21,105 patent applications, up 38.4%, and obtained 11,796 patent grants, up 49.5%. Valid patents owned by enterprises soared to 36,304, up 44.7%. Small and medium-sized enterprises based on science and technology were the main force in this regard which was proved by the fact that patent applications, grants and valid patents owned by those SMEs reached 16,000, 9,000 and 27,000 respectively in the period, accounting for 76.2%, 76.3% and 75.0% separately of the total in the city.

Sichuan Changhong Group’s Meiling unit announced that its high-end refrigerator project has been put into operation. The new project with three production lines is expected to add new production capacity of 2 million refrigerators annually. Meiling raised capital of not more than 1.2 billion yuan (approx. US$190 million) in 2010 and a large part of the proceeds was used for development of the high-end refrigerator project. Meiling aims to achieve an annual production capacity of 10 million units over the next three years. As competition in the home appliance market has become fiercer, manufacturers have sped up their transition to high-end products. As the new high-end refrigerator project becomes operational, Meiling’s revenue is expected to increase by 30 per cent.

Ankai Bus Company announced on November 21 that the second largest shareholder of it, Anhui Investment Group Holdings Company, overweighted 794,600 shares of the company, or 0.112 per cent of the total, on November 20, which increased Anhui Investment Group Holdings Company’s equity in Ankai to 115.71 million shares, accounting for 16.43 per cent of the total. The shareholder planned to continue for another less-than-2%-of-the-total in the following six months.

A disagreement over royalty rates between mining magnate Clive Palmer and Citic Pacific has gone to the courts, with Mr Palmer threatening to terminate Citic's right to produce from the Sino Iron project being built on Mr Palmer's mining ground in the Pilbara. The Hong Kong-listed, Chinese-controlled Citic has filed an injunction with the Supreme Court of Western Australia in an effort to prevent Mr Palmer's Mineralogy from terminating mining rights and site lease agreements. Rather than selling his mining ground, Mr Palmer sold Citic Pacific the right to mine three billion tonnes of iron ore for $600 million plus a royalty of up to 10 per cent on sales.

Hong Kong-listed Prosperity International Holdings announced that the company has agreed to acquire Sri Jaya Mines in Malaysia with reserves reaching 100 million tons. The consideration will be about US$500 million and will not surpass US$650 million. US$100 million will be paid through issuing bonds.

During the first 10 days of November, China’s large- and medium-sized enterprises recorded daily crude steel output of 1.6377 million tons, up 7.78 per from the previous 10 days, according to data from the China Iron and Steel Association. The daily crude steel output for the entire steel industry in the country was estimated at 1.9567 million tons for the first 10 days this month, up 1.61 per cent sequentially. Meanwhile, inventories of Chinese steel makers decreased. At in the first 10 days of November, 76 major steel makers had inventories of 10.06 million tons, down 3.12 per cent sequentially.

Hareon Solar Technology, a China-based designer, manufacturer and seller of solar cells and modules, announced that the company realized operating revenue of 3.66 billion yuan (approx US$588 million) in the first three quarters of 2012, representing a decrease of 31.7 per cent compared to the corresponding period of last year. Net loss was 200 million yuan (approx US$32 million) in the reporting period, down 161 per cent from a year earlier.

Beiqi Foton Motor Co., Ltd. announced on November 20 that it has signed a sales contract with a Nigerian company, Dangote Cement PLC, for 500 Foton Daimler heavy-duty trucks. The model of these trucks is BJ4253SMFKB-2. Dangote Cement PLC has already paid for the order. According to Beiqi Foton Motor, the contract marks a further step towards Foton Daimler’s expansion into the truck market in Nigeria, and will help the company promote its heavy-duty trucks in overseas markets.

BOC Aviation has agreed to lease two new A321-200 aircraft to United Arab Emirates-based carrier Etihad Airways. Equipped with IAE V2533-A5 SelectOne engines, both aircraft are scheduled for delivery in the second quarter of 2014. Etihad Airways will lease the two aircraft as part of a planned batch of Airbus A320s which the airline is converting to A321s.

China's pharmaceutical manufacturing industry realized sales revenue of 1.2 trillion yuan (approx US$193 billion) in the first nine months of 2012, representing an increase of 19.5 per cent compared to the corresponding period of last year. Total profits reached 116 billion yuan (approx US$19 billion), up 17.4 per cent over the year-ago period. In September alone, the industry recorded sales revenue of 159 billion yuan (approx US$26 billion), representing a 22.7 per cent increase from a year earlier and hitting a new monthly record this year. Total profits grew 11.9 per cent year on year to 16 billion yuan (approx US$2.6 billion). In the January-September period, accumulated gross margin of the pharmaceutical manufacturing industry stood at 29.2 per cent, while the figure for September was 28.9 per cent.

Hangzhou Binjiang Real Estate Group Co., Ltd. announced on November 21 that it signed an equity acquisition agreement with a Hangzhou-based real estate company on November 19, according to which Hangzhou Binjiang Real Estate will acquire a 49 per cent stake in the latter for 208 million yuan. The deal will add Hangzhou Binjiang Real Estate’s land rights by 126,000 square meters and further improve the company’s sustainability.

China Digital TV Holding recently announced its unaudited financial results for the third quarter ended September 30, 2012. Net revenues were US$20.4 million in the third quarter of 2012, representing a year on year decrease of 21.4 per cent and a quarter on quarter decline of 13.3 per cent. Net loss was US$11.4 million in the third quarter of 2012, compared to net profit of US$1.3 million in the corresponding period of last year and net profit of US$7.1 million in the second quarter of 2012. The company shipped about 3.84 million smart cards in the third quarter of 2012, compared to 4.66 million in the same period last year and 3.74 million in the second quarter of 2012. Gross margin was 75.8 per cent in the third quarter of 2012, compared to 80.5 per cent in the third quarter of 2011. Net loss per American depositary share was US$ 0.19 in the third quarter of 2012, compared to diluted earnings per ADS of US$0.17 in the year-ago period.

GE Oil and Gas, a subsidiary of the US giant General Electric Co, has signed a memorandum of understanding with CECEP Industrial Energy Conservation Co Ltd, a subsidiary of China Energy Conservation and Environmental Protection Group, to cooperate in the industrial waste-heat recycling and power-generation fields. GE Oil and Gas declined to disclose the value of the cooperation. CECEP Industrial Energy Conservation Co Ltd also signed an agreement on Nov 13 with the China National Petroleum Corp subsidiary company in charge of the West-East oil and natural-gas pipeline project to increase the energy efficiency of CNPC’s oil and gas pipelines.

A total of 73 Chinese publicly-listed communication companies recorded a year on year increase of 15.4 per cent in total operating revenues in the first nine months of 2012, while net profits fell 49.4 per cent from a year earlier. Excluding China Unicom and ZTE Corporation, operating revenues grew 16,5 per cent over the year-ago period, while net profits declined 22.7 per cent from the same period last year.

China’s coal imports via the Weifang port in Shandong province reached 402,500 metric tons in October, compared with 194,000 metric tons in the same period of last year. The increase in coal imports was mainly due to the drop in coal price. In October, the Weifang port posted cargo throughput of 1.8181 million tons, a growth of 43 per cent month on month.

China imported 31 million tons of iron ore from South Africa in the first nine months of 2012, representing an increase of 17.8 per cent from a year earlier and accounting for 5.7 per cent of China's total iron ore imports, according to statistics released by the General Administration of Customs. Meanwhile, the country imported 32 million tons of iron ore from India, down 47 per cent compared to the same period last year and making up 5.8 per cent of China's total iron ore imports. Market watchers predict that South Africa may replace India as China's third largest source of iron ore imports after Australia and Brazil. I

During the first 10 months this year, China imported 1.84 million metric tons of rice from Vietnam, 6 times as much as those for the same period of last year. China remained the largest export destination for Vietnam’s rubber and rice. In the first 10 months, China imported a total of 387,000 metric tons of rubber from Vietnam, rising 9.8 per cent year on year and accounting for 47.4 per cent of Vietnam’s total rubber exports. In the first 10 months of this year, Vietnam exported 815,000 metric tons of rubber, representing a year-on-year growth of 37.7 per cent.

China’s Shanxi province reported decreased exports of coal, coke, magnesium metal and stainless steel in the first nine months of 2012, with export value of the four kinds of products diving 61.9 per cent year on year. The province’s coke export volume was 366,500 tons in the first three quarters, diving 75.9 per cent, while export value was US$174 million, down 75.7 per cent. Coal export volume was 1.2 million tons in the nine months, down 8 per cent, while export value was US$231 million, down 24.2 per cent. Export volume of magnesium metal reached 41,400 tons, down 48.3 per cent, while export value was US$132 million, dropping 47.6 per cent. Export volume of stainless steel was 217,100 tons, down 2.1 per cent, while export value was US$600 million, down 21.1 per cent. Export value of coal, coke, magnesium metal and stainless steel accounted for 25.8 per cent of the province’s total export value in the nine months, down 23.5 percentage points compared with 49.3 per cent in the same period a year ago. The province’s weak exports of coal, coke, magnesium metal and stainless steel were mainly due to tough economic conditions in the US and Europe. However, handsets exports jumped in Shanxi province in the nine months. Export value of handsets soared to US$703 million in the period.

Mecox Lane Limited, which operates one of China's leading online platforms for apparel and accessories, on November 21 announced its unaudited financial results for the third quarter ended September 30, 2012. Internet platform net revenues decreased 42.8 per cent year on year to $17.2 million, compared with $30 million in the third quarter of 2011. Net revenues decreased 32.3 per cent year on year to $36.0 million, compared with $53.1 million in the same period of 2011. Gross profit margin rose 10 per cent year on year to 36.4 per cent, compared with 26.4 per cent in the third quarter of 2011. Gross profit decreased 6.6 per cent year on year to $13.1 million, compared with $14.0 million in the third quarter of 2011. Net loss was $6.1 million, compared with net loss of $14.4 million in the third quarter of 2011. In November 2012, the Company's board of directors approved an agreement with Giosis Pte. Ltd. (Giosis), which operates online marketplaces in several countries in Asia, to subscribe for the shares of, and contribute certain assets to, a new company, Giosis Mecoxlane Ltd. (Giosis Mecoxlane), in order for it to operate an online marketplace in China on the M18.com domain.

Jiangsu Hongtu High Technology Co Ltd, one of providers of information products in China, announced that the company’s board of directors approved the company to acquire 100 million shares of Bank of Jiangsu Co., Ltd from Sanpower Group for 465 million yuan (approx. US$73.8 million) in cash. After the share transfer, Sanpower Group will not be shareholders of Bank of Jiangsu anymore.

Taomee Holdings Limited, a company mainly engaged in children's entertainment and media in China, released its unaudited financial results for the third quarter ended September 30, 2012. The company’s total net revenue reached US$11.8 million in the third quarter, up 13 per cent quarter on quarter but down 6.7 per cent year on year, while non-GAAP net income attributable to holders of ordinary shares reached US$2.4 million, down 37 per cent quarter on quarter and down 52 per cent year on year. As of September 30, 2012, the company had US$119 million of cash and cash equivalents, and repurchased a total of 373,605 ADSs at an average price of approximately US$4.2 per ADS. The company repurchased approximately 193,191 ADSs in the third quarter alone. In addition, Taomee acquired an 8.59 per cent stake in Gamespedia Holdings for a consideration of US$6.2 million in cash in September. Gamespedia is the operator of the mini game portal website www.7k7k.com in China. Taomee paid US$3.0 million in September and the remaining amount in October 2012. Established in 2003, www.7k7k.com is a website focusing on casual games. Benson Wang, co-founder and chief executive officer of Taomee, said that the company will consolidate its offering across mobile, online and offline in future in a move to further enhance its brand value and diversify revenue channels.