Drone maker courts online matchmaker Zhenai

    ZHENAI.COM, one of China’s largest matchmaking websites, has found itself an unlikely suitor in drone manufacturer DEA General Aviation that said Wednesday it wants to buy the popular dating website to expand its business.

    DEA said Zhenai reported 1 billion yuan (US$145.59 million) in revenue last year and that it plans to integrate the dating website into its home appliance business to heed the government’s so-called “Internet Plus” strategy. The drone maker said in a statement it had suspended trading in its shares because of the potential deal, without giving details on how much it would pay for Zhenai, which sounds like “true love” in Chinese.

    State Grid plans to raise 3.2b reais in Brazil

    STATE Grid of China plans to raise 3.2 billion reais (US$1 billion) selling local notes in Brazil to finance construction of power transmission projects, according to a company presentation seen by Reuters.

    State Grid will build the transmission lines taking the energy generated by Belo Monte dam, in northern Brazil, to the southeastern cities. The 2,500 kilometers will cost 8.7 billion reais.

    Building boom boosts materials stocks

    CHINA stocks posted modest gains Thursday as higher commodity prices and infrastructure spending continued to boost shares of firms in the materials sector.

    The blue-chip CSI300 index rose 0.6 percent to 3,440.93 points, while the Shanghai Composite Index added 0.5 percent to 3,229.62. Most sectors rose, led by a 1.6 percent gain in materials shares, taking its gain to 10 percent so far this year.

    HK stocks climb to 18-month high

    HONG KONG stocks closed at an 18-month high Thursday, with sentiment boosted by Wall Street’s ongoing rally and demand from the Chinese mainland.

    The benchmark Hang Seng index added 0.5 percent, to 24,107.70 points, the highest since August 2015, while the Hong Kong China Enterprises Index gained 0.2 percent, to 10,455.02 points. Analysts said sustained southbound inflows had helped the Hong Kong stock market. Chinese mainland investors, including mutual funds and major insurers, have been steadily increasing their allocations, as regulators on the mainland tighten investments in wealth management products and other risky assets.