Company Report: CSP, CMB, Bank of Beijing, China Cinda

Energy surge in southern China, lender plans new bonds, bank records record earnings and securities firm halts takeover plan

by Nadeem Xu
Company Report: CSP, CMB, Bank of Beijing, China Cinda
Soaring profit: Bank of Beijing said operating income reached a four-year high in 2019.

(ATF) The total power transferred and generated by China Southern Power Grid in May reached 104.2 billion kilowatt-hours, up 9.5% year-on-year, the energy firm said in a statement.

Generation in Guangdong grew 9.4%, and in Guangxi, Yunnan, Guizhou and Hainan it grew 17%, 12%, 6.8% and 10%, respectively.

The highest load on the whole network reached 178 million kilowatts, of which 109 million kilowatts were drawn by Guangdong.

Rising temperatures and the full restoration of factory production after the coronavirus lockdown were cited as causes of the surge.

China Merchants Bank has received the approval of the China Banking Regulatory Commission to sell as much as 50 billion yuan ($699 million) of bonds in the national inter-bank bond market.

The Bank of Beijing saw operating profit soar to a four-year high last year, reaching 63.1 billion yuan ($883 million)

The 13.8% year-on-year increase was accompanied by a 7.2% rise in net profit to 21.6bn yuan also the most since 2016, said the bank said in its combined full-year 2019 and first-quarter 2020 earnings reports.

In the three months through March, the Bank of Beijing net profit was 6.7bn yuan, an increase of 5.3%.

Bank investment in science and technology reached 1.8bn yuan, an increase of 20%, accounting for about 3% of 2019 operating income, the bank said.

China Cinda Asset Management will abandon a plan to absorb and merge Huaihe Mining Group.

The company had planned to issue and pay cash to finance the deal. But it said the land- and property-ownership certificates related to factories and other assets hadn’t been provided by Huaihe as planned. The matter would be difficult to solve in the short term, constituting an obstacle to deal, according to an announcement.