Manufacturers to improve global competitiveness overseas
The country’s manufacturers are being encouraged to list on overseas stock markets to raise funds or conduct mergers and acquisitions through capital markets to improve international competitiveness, Shanghai Securities Journal said. The People’s Bank of China, Ministry of Industry and Information Technology as well as the watchdogs for banking, securities and insurance jointly released the guideline.
US$27.6 million invested for major tech breakthroughs
The Chinese Academy of Sciences allocated 190 million yuan (US$27.6 million) to launch 11 big projects in agricultural technology, biotechnology, hi-tech and the resources and environmental sectors, Xinhua reported. The projects aim to upgrade industries with major technological breakthroughs. The projects include the industrialization of 5G chips, and the research and development of deep-learning processors.
Sinopec biggest loser among Shanghai-listed peers
Sinopec Oilfield Service has the title of biggest loser among its Shanghai listed A-share peers after reporting a net loss of 16.115 billion yuan in its 2016 annual report, Caixin reported on Wednesday. The oil and gas engineering and technology affiliate of China Petroleum & Chemical Corporation released its annual report on Tuesday night. Sinopec recorded revenue of 42.924 billion yuan last year, a 28.9% decreasing from 2015, with its earnings per share declining to minus 1.14 yuan.
CRRC profits slips by 4% to US$1.64 billion in 2016
Rolling stock maker CRRC Corporation Ltd posted a 4.42% decline in profit to 11.3 billion yuan in 2016 compared to 2015, Caixin reported on Wednesday, citing the company’s annual report. This is the company’s first profit decline since it formed on June 1 following a merger of China CNR Corporation and China CSR Corporation, the report added. Railway equipment revenue dropped by 17.9% to 106.9 billion yuan, the only business area suffering a contraction.
Reshuffle in eight provincial party leadership posts
Sichuan, Yunnan, Guizhou, Liaoning, Gansu, Chongqing and Shaanxi provinces as well as Tianjin city will see party leadership changes on Tuesday and Wednesday, Caixin reported. He Rong, originally a grand justice of second rank, will head the provincial discipline inspection team in Shaanxi, in her first post outside the judicial system, it added. She is the third woman to head the provincial discipline department in the country.