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News Bites
    2017-09-27  08:53    Shenzhen Daily

State firms’ profits up 21.7%

PROFITS at China’s State-owned firms rose 21.7 percent in the first eight months of 2017 from the same period a year earlier, the Ministry of Finance said yesterday.

Total profits stood at 1.9 trillion yuan (US$287.27 billion) in the January-August period, while revenue rose 15.5 percent to 33.08 trillion yuan. State firms’ liabilities rose 11 percent from a year earlier to 96.49 trillion yuan at the end of August, the ministry said.

WH Group to buy Romanian meat producers

THE world’s largest pork supplier WH Group Ltd. said yesterday its Smithfield Foods Inc. unit would buy two packaged meats manufacturers in Romania, further expanding the Chinese group’s operations in Europe.

U.S.-based Smithfield has agreed to buy a 100 percent stake in Elit SRL and Vericom SRL for an undisclosed sum, the Chinese pork producer said in a filing to the Hong Kong stock exchange. The deals are conditional on obtaining anti-monopoly approval from the relevant regulatory authorities, it added. Elit and Vericom operate three packaged meats manufacturing facilities and five distribution centers in Romania.

Underground bank busted in Guangzhou

POLICE have broken up a secret banking operation used to transfer assets abroad, , according to a statement from Guangzhou’s public security bureau.

The underground bank, hidden in a food market in Guangzhou, is suspected of being involved in cross-border transactions worth more than US$70 million in the past month alone. Last year, police busted more than 380 underground banks, involving more than 900 billion yuan (US$135.97 billion), according to official figures.

HNA Group to keep investing in US

HNA Group Co., one of the most acquisitive Chinese buyers of overseas assets, will keep investing in the United States, one of its key overseas markets, the conglomerate’s Chief executive officer Adam Tan said yesterday.

HNA owns a range of U.S. assets including technology distributor Ingram Micro Inc. and a stake in Hilton Worldwide Holdings. It still needs approval from the Committee on Foreign Investment in the United States to buy hedge fund SkyBridge Capital from Anthony Scaramucci and a 25 percent stake in Old Mutual’s U.S. fund management arm.

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