IN BRIEF (Page 13)

Changfeng Axle plans HK float

Changfeng Axle (China) Co is planning to raise HK$892 million ($115 million) from an initial public offering in Hong Kong.

The Fujian province-based autoparts maker is offering 200 million new shares at HK$3.20 to HK$4.46 apiece. Changfeng Axle plans to price its shares on Sept 17 and start trading on Sept 24.

Nissan JV to launch new car

Nissan Motor Co plans to introduce a new passenger-car brand in the Chinese market with its local partner to help meet demand for cheaper models. The Japanese company and Wuhan, Hubei-based Dongfeng Motor Group Co will jointly produce and sell cars under the new brand Qi Chen from early 2012, said Hideki Kimata, senior general manager of the joint venture.

Qinzhou refinery goes on stream

China National Petroleum Corp said on Wednesday it had started operating a 15.1-billion-yuan refinery in Qinzhou, Guangxi Zhuang autonomous region. The project, which has annual capacity of 10 million tons, is the first of its kind in southwestern China. It is also the largest industrial project in Guangxi. The project will improve oil products supply in southwestern China and boost growth of other sectors like infrastructure construction and logistics.

Skyworth to cut TV prices soon

Skyworth Digital Holdings Ltd Chairman Zhang Xuebin said his company plans to cut the prices of its televisions over the next six months by less than the industry average of 10 percent, the Standard reported. The company is maintaining its full-year sales target of 9.5 million units; 7.5 million domestically and 2 million abroad.

Power firm bags Australian deal

Power plant contractor China National Electric Equipment Corporation signed an Engineering Procurement Construction contract on Wednesday with Australian coal technology company HRL, for a 600mW power plant in Australia.

The project, adopting the most advanced low-emission technology-integrated drying gasification for lignite to produce synthesis gas, is the largest clean energy power project by lignite gasification technology by far.

China Daily - Bloomberg News

(China Daily 09/09/2010 page13)