Biz scene

MARKET

Extra shares

China Railway Construction Corp sold an extra HK$1.94 billion of shares, using an option to allocate more stocks in its initial public offering in Hong Kong.

China Railway Construction sold 181.5 million of over-allotment shares at HK$10.7 each, the company said in a statement to the Hong Kong stock exchange yesterday.

The Beijing-based company sold 1.71 billion shares at the same price in an offering last month that raised HK$18.3 billion.

Software goal

Kingdee International Software Group Ltd expects to more than double revenues to 2 billion yuan in 2010 and spin off a fast-growing division.

Kingdee, which sells software to help businesses run more efficiently, posted revenues of 766.9 million yuan in 2007. It yesterday said it plans to float shares in its middleware business, which sells software that links application users with back-end or support software.

Executives said the firm plans to try to list that unit on a soon-to-be-launched market intended to host high-growth enterprises once "conditions stabilize".

Refinery unit to be shut

PetroChina Co, the nation's second largest oil refiner, will shut half the crude processing capacity at its largest plant, in Dalian, a company official said yesterday.

The refinery will shut a 200,000-barrel-a-day crude distillation unit and a 70,000-barrel-a-day fluid catalytic cracker for one month from mid-April for scheduled maintenance, said Zuo Hongbo, director of the equipment department of the Dalian plant.

The refinery has a total crude processing capacity of 400,000 barrels a day.

BIZ MOVE

Gamer CEO

China Cyber Port Co Ltd, an online game provider based in Wuhan, has appointed Zhang Peng as CEO, effective from Monday.

Zhang, who will also keep his former designation of executive director, has been the company's vice-president since June 2006.

BIZ UNUSUAL

Budding business

Peanut buds are poisonous but when cultivated in a scientific manner, they can prove healthy and delicious. Dipped in water with selenium and then kept in a box at constant temperature, 1 kilogram of peanut seeds can produce about 10 kg of buds within four to five days.

With essential microelement selenium, the buds are priced as high as 24 yuan per kg. "The buds have the smell of peanuts but taste much better," said a consumer.

Say it with metals

Fascinated by a metal business card from South Korea, Chen Weijiang, a veteran in Shandong province, decided to pursue the business in China. Metal business cards are as thin as the paper ones and can be colorful and gorgeous looking.

Through franchising, Chen has spread his business to more than 30 provinces in China and also exports his products.

GRAPEVINE

Mega project

China Petrochemical Corp plans to build a 15 million-ton-a-year oil refinery, the nation's biggest, in Zhejiang province, the China Business News reported citing unidentified company officials.

Sinopec Group, as China Petrochemical is known, will build an ethylene plant with an annual capacity of 1 million tons apart from the refinery, it said. The 23 billion yuan ethylene project is under construction and is due to start trial operations by the end of next year, it said.

Bank stake

Australia and New Zealand Banking Group Ltd (ANZ), Australia's third biggest lender, is one of the shortlisted parties to buy a controlling stake in Hong Kong lender Wing Lung Bank Ltd, Reuters reported yesterday, citing an unnamed industry source.

The bank has nominated three potential buyers after the second-round bid, which includes China Merchants Bank apart from ANZ.

The final bid will be held after completing the due diligence in the three banks, the report said.

LOCAL

Punch cards

From April, construction migrant workers in designated districts of Chongqing municipality will have to punch in and out. The government is testing the system in some districts and counties and will implement it all over the city next year, according to Cong Gang, deputy director of the Chongqing municipal construction commission.

The punch cards record the workers' basic information, vocational skills, labor contracts, wages, insurance, attendance and awards, which can help improve the management efficiency on building sites and secure the legal rights of migrant workers.

Rural investment

The Tibet autonomous region will invest 2.07 billion yuan in its rural areas this year, a 29.5 percent year-on-year increase.

According to the plan, 677 million yuan will be used on housing projects for farmers and 215 million yuan on infrastructure.

Apart from subsidies, the government will invest 150 million yuan to support farming and enhance the employment of farmers.

(China Daily 04/02/2008 page15)