IN BRIEF (Page 9)

CGNPC eyes Extract buy

China Guangdong Nuclear Power Corp (CGNPC) will offer $2.2 billion for Australia's Extract Resources Ltd if its agreed deal to buy Extract's top shareholder is successful. The move could kick off a bidding war for one of the world's largest uranium discoveries. CGNPC issued details of the proposed offer late on Thursday after it agreed to buy Kalahari Minerals PLC, the top shareholder in Extract, for $990 million.

CGNPC, which has been seeking new sources of uranium supply, wants to buy Kalahari for its 42.7 percent interest in Extract, which owns the Husab uranium project in Namibia. Husab is potentially the second-largest uranium mine in the world and has also attracted the attention of Rio Tinto Group.

Tax cut for small businesses

Small and micro-sized enterprises with an annual taxable income lower than 60,000 yuan ($9,430) will see corporate income tax halved, with a tax rate of 20 percent, the Ministry of Finance said in a statement on Friday.

The cut is the latest in a series of "targeted easing measures" toward smaller businesses that are struggling because of shrinking profits and rising costs. The policy will be effective from Jan 1, 2012 and will run until Dec 31, 2015.

PV firms fight US complaint

Officials from the Ministry of Commerce and representatives from major Chinese photovoltaic (PV) solar panel companies said on Friday that they will respond to a US investigation by going through the correct legal procedures and building business ties with US partner companies, as well as diversifying their overseas markets.

Deng Dexiong, a ministry official, called for Chinese companies to stand up and defend their rights through World Trade Organization regulations. "Whenever there is trade discrimination towards Chinese companies, the government will back up their lawful rights," said Deng.

After receiving a petition filed by a group of US companies, the US Department of Commerce made a preliminary ruling that Chinese PV solar companies were selling solar cells below cost and receiving illegal subsidies.

Rongsheng wins tanker orders

China Rongsheng Heavy Industries Group Holdings Ltd, a major Chinese heavy industrial group and shipbuilder, announced on Thursday that it received an order from Global Union Shipping Limited for 10 157,000-deadweight-ton Suezmax oil tankers, with an option to build 10 more. The vessels are scheduled for delivery between the end of 2013 and 2014. Rongsheng did not disclose the total value of the order. So far this year, the shipbuilder has received orders for more than 40 vessels, with a total contract value in excess of $2 billion.

Chow Tai Fook IPO raises $2b

Chow Tai Fook Jewelry Group Ltd priced its $2 billion IPO at the bottom end of expectations on Friday, the latest in a slew of Hong Kong offerings to aim low as volatile global markets limit investor appetite for new listings.

The Hong Kong-based jeweler raised about $2.02 billion in the third-biggest Hong Kong IPO of 2011, offering 1.05 billion new shares at HK$15 ($1.93) each, the bottom of an indicative range of HK$15 to HK$21, two sources with direct knowledge of the deal told Reuters on Friday.

China Daily -Agencies

(China Daily 12/10/2011 page9)