Stocks claw back losses

    CHINA’S stocks recouped early losses yesterday but gains were capped by fears that the government would let the yuan depreciate further, despite statements from the central bank last week that it sees no reason for more declines.

    After ending morning trade in the red, the Shanghai Composite Index closed up 0.7 percent at 3,994.37 points, its third consecutive session of gains. The CSI300 index of the largest listed companies in Shanghai and Shenzhen closed up 0.1 percent at 4,077.87.

    China Vanke’s first-half profit rises

    CHINA Vanke Co., the world’s largest residential property developer by revenue, said yesterday its net profit for the first half of 2015 rose modestly amid improving home sales following looser regulatory limits on home purchases and more accommodative monetary policy.

    Net profit rose 0.8 percent to 4.85 billion yuan (US$759 million) from 4.81 billion yuan in the same period a year earlier. Revenue rose 22.7 percent to 50.27 billion yuan from 40.96 billion yuan recorded last year. The Shenzhen-based firm said this is due to more project completions this year. Chinese developers typically record revenue only when property projects are completed.

    COSCO ships at Tianjin ‘not affected by blasts’

    CHINA Ocean Shipping (Group) Co. (COSCO) yesterday said its ships anchored at northern Chinese port of Tianjin were not affected by the blasts at a warehouse in the city last week, though some of its facilities in the area suffered varying levels of damage.

    COSCO, China’s largest shipping conglomerate and whose listed firms include China COSCO Holdings, said yesterday that a few of its employees and their family members suffered minor injuries.

    Hanergy Thin Film may post loss

    HANERGY Thin Film Power Group Ltd. (HTF), under investigation by Hong Kong’s share market regulator, said yesterday it may record a loss for the first half of the year after suspending or terminating a large number of sales to its parent company and affiliates.

    Its unlisted parent, Hanergy Holding, buys solar panel-making machines from HTF and then makes solar panels for sale to third parties. But HTF said that the cancelation of those deals have resulted in a substantial decline in the income arising from connected transactions during the period to around HK$200 million (US$25.79 million), an over 90 percent drop from a year ago.