Greater China Daybook: China May Buy More Europe Bonds; Chalco Profit Drop

China is open to buying more bonds of indebted euro-area nations as part of a strategy to bolster the European Union economy and diversify away from investments in U.S. debt, China’s ambassador to the EU, Song Zhe, said.

Ba Shusong, a researcher at the State Council’s Development Research Center, will speak at the OCBC China Business Forum in Shanghai today about China’s macroeconomic and financial policies.

The Hong Kong stock market is closed for Easter holidays.

WHAT TO WATCH:
* OCBC Bank Ltd. Chief Executive Officer David Conner and Ba
Shusong, a researcher at the State Council’s Development
Research Center, will be among speakers at OCBC China Business
Forum. The event will begin at 2 p.m.
* Chalco (601600 CH) said its first-quarter net income dropped
47 percent from a year earlier to 331 million yuan.
* Laiwu Steel (600102 CH) said its first-quarter net income fell
81 percent from a year earlier to 24.9 million yuan. The shares
will be suspended today after “unusual” movements in the
price, it said. The shares have risen by the 10 percent daily
limit for the past seven days.
* Goldman Sachs Group Inc. said it will buy back at a premium
warrants that were suspended from trading in Hong Kong because
of a misprinted settlement formula.
* Shanghai Forte Land (2337 HK) shares will be delisted on May
13 after Fosun International’s offer for the outstanding shares
it didn’t own was declared unconditional.
* Yum! Brands Inc. said first-quarter comparable China sales
rose 13 percent from a year earlier and described its first-
quarter results in the country as “outstanding.”
* China Green (904 HK) said it is considering whether to spin
off its branded beverage operations and seek a separate listing
for the new company in Hong Kong.
* About 500 container-truck drivers protested for a second day
at a port in Shanghai against rising transport fees and higher
fuel prices, the Associated Press reported.
* China Gold International Resources (2099 HK) said it signed a
memorandum of understanding with Canada’s Banro Corp to jointly
develop a gold mine and hydropower project in the Democratic
Republic of Congo.
* Hong Kong’s Securities and Futures Commission said new
regulations covering credit rating companies and their analysts
will go into effect on June 1.

ECONOMY:
* Taiwan March Jobless data at 4 p.m.

EARNINGS:
* Everbright Securities Co. (601788 CH) 2010 full-year and 2011
first-quarter earnings
* Yunnan Aluminium Co. (000807 CH) 2010 full-year and 2011
first-quarter earnings
* Dongfeng Automobile Co. (600006 CH) first-quarter earnings
* Kweichow Moutai Co. (600519 CH) first-quarter earnings
* China Oilfield Services Ltd. (601808 CH) first-quarter
earnings
* Eastern Communications Co. (600776 CH) first-quarter earnings

EQUITY MOVERS:
* Inner Mongolian Baotou Steel Union Co. (600010 CH) said its
first-quarter net income rose 99.6 percent from a year earlier
to 100 million yuan
* Shanghai Electric Power (600021 CH) said its first-quarter net
income rose 312 percent from a year earlier to 139 million yuan
* Weichai Power (000338 HK) said its first-quarter net income
rose 14 percent from a year earlier to 1.85 billion yuan
* Samsung Electronics will buy a 15 percent stake in a unit of
TCL Corp (000100 CH) which will produce liquid crystal display
panels for the South Korean company
* COFCO Property (000031 CH) said its 2010 net income rose 4.2
percent to 464 million yuan
* Nanjing Port (002040 CH) said its 2010 net income rose 236
percent to 24.5 million yuan and first-quarter profit rose 77.4
percent to 10.3 million yuan
* Sichuan Hongda Chemical (600331 CH) said it had a net loss of
358 million yuan last year compared with a profit of 175 million
in 2009
* Shandong Haihua (000822 CH) said its first-quarter net income
rose 359 percent to 92.1 million yuan
* Yingkou Port Liability (600317 CH) said its first-quarter net
income rose 15.4 percent from a year earlier to 60.7 million
yuan
* Shanghai Construction Co. (600170 CH) said it won a contract
worth 768.7 million yuan to build a hospital in Shanghai

BTV HIGHLIGHTS (Hong Kong times):
* 6:00 a.m. Wells Capital CIO Kirk Hartman
* 7:40 a.m. East West Hospitality President Joel Silverstein
* 8:10 a.m. Newedge Financial Senior Strategist Kirby Daley
* 8:40 a.m. Knight Frank China Director Larry Hu
* 9:10 a.m. Tsinghua University Professor Patrick Chovanec
* 9:40 a.m. Rogers Investment Advisors Chief Executive Officer
Ed Rogers
* 10:10 a.m. Shenyin Wanguo Research and Consulting Co. analyst
Kris Li
* 10:40 a.m. Bill Russo, president of automotive consulting
Synergistics

To contact the editor responsible for this story: Nerys Avery at navery2@bloomberg.net

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