CCB extends funds to Baoding Tianwei

    CHINA Construction Bank Corp. (CCB), the underwriter for 1.5 billion yuan (US$242 million) in notes issued by Baoding Tianwei Group, has come to the aid of the State-owned company to help it make an overdue interest payment, a domestic business magazine said Saturday.

    Caixin Magazine said on its website, without citing sources, that CCB had extended funds after the central bank, the People’s Bank of China, intervened to help resolve the issue. Baoding Tianwei, a power equipment maker, said Tuesday it was unable to make an 85.5 million yuan interest payment after suffering a huge loss in 2014. Baoding Tianwei would have been the country’s first State-owned company to default on domestic debt.

    Greenland gets nod for backdoor listing

    MAJOR domestic property conglomerate Greenland Holding Group has received regulatory approval for its planned listing on China’s domestic A-share market through an asset swap and share sale with a Shanghai-listed company.

    The China Securities Regulatory Commission granted conditional approval for the takeover of the A-share listed shell firm Thursday, which is a breakthrough for Shanghai-based Greenland Group as it had been considering a mainland listing in addition to its existing Hong Kong-listed unit. Greenland Group proposed an asset swap with Shanghai Jinfeng Investment Co. in March 2014.

    Shenhua Energy profit falls 41.8%

    CHINA Shenhua Energy Co. said Friday its net profit in the first quarter dropped 41.8 percent from a year ago to 6.45 billion yuan (US$1.04 billion).

    Revenue declined 34.5 percent to 39.91 billion yuan due to oversupply in the coal market, which drove prices lower. The Hong Kong and Shanghai-listed coal producer said it expects demand for coal to be further depressed in the second quarter of the year.

    CITIC Bank’s net profit rises 2.07%

    CHINA CITIC Bank Corp. said after trading hours Friday its net profit for the first quarter of this year rose 2.07 percent year on year to 10.93 billion yuan (US$1.76 billion).

    Its operating income was 33.03 billion yuan, up 11 percent compared with a year ago, while net interest income rose by 8.66 percent year on year to 24.05 billion yuan. The bank said its nonperforming loans rose 6.23 percent year on year to 30.23 billion yuan.