BofA seeks $1.5b from stake sale of Construction Bank

Bank of America Corp is seeking $1.5 billion from the sale of China Construction Bank Corp shares as it ends an eight-year investment in the second-largest Chinese lender by market value. Bank of America, the second-biggest US lender, is offering its remaining 2 billion Construction Bank shares for HK$5.63 (72 US cents) to HK$5.81 each, according to terms obtained by Bloomberg News. That represents a discount of as much as 5.1 percent to Tuesday's closing price in Hong Kong.

Meinian Onehealth secures $49m in investments

One of China's largest private healthcare checkup service providers, Meinian Onehealth Healthcare (Group) Co Ltd, has secured a total of 300 million yuan ($49 million) in investments from Ping An Insurance (Group) Co of China, Carlyle Group, and Cathay Capital's Sino-French Fund. This is the second round of large-scale financing received by the company after Carlyle Group's initial investment in August 2012. Meinian Onehealth operates more than 100 health check clinics and medical centers in China.

PBOC's foreign-exchange funds rise 1.9b yuan in July

The funds outstanding for foreign exchange in the People's Bank of China, the country's central bank, registered 1.9 billion yuan ($310 million) in growth in July after a decline in June, according to the bank's latest balance. The growth is still a far cry from the hundreds of billions' of yuan increase in the first five months. Funds outstanding for foreign exchange - an indicator of capital inflow - stood at 25 trillion yuan as of late July, up 1.3 trillion yuan from the beginning of the year, reflecting the huge capital influx in the hope of yuan appreciation. The capital inflow slowed down in June with a 9.1 billion yuan decrease in the funds.

Listed coal companies see drops in H1 net profit

More than 80 percent of China's listed coal companies suffered a drop in net profit in the first half of this year, amid increasing imports and soft demand, the China National Coal Association said. Among 40 listed coal producers in the country, the first-half net profit of 32 companies declined, with 25 companies falling more than 40 percent year-on-year, the CNCA said. Experts said weak foreign and domestic demand, compounded by oversupply, has had widespread financial implications for producers.

Shuanghui signs $4b loan for Smithfield acquisition

Chinese pork producer Shuanghui International Holdings Ltd said on Monday that it signed a $4 billion loan with a bank consortium to secure the takeover of the world's largest pork producer and processor, Smithfield Foods Inc. The loans, which comprise a $2.5 billion three-year tranche and a $1.5 billion five-year tranche, came from eight international and local banks.

China Daily - Agencies

(China Daily USA 09/04/2013 page15)