No A-share listing timetable: PetroChina

PETROCHINA, Asia’s top oil producer, has not set definitive plans for a possible A-share listing, domestic media quoted a company spokesman as saying yesterday.

“Our company is studying a return to the A-share market, but we haven’t a timetable for the share offer,” the unnamed spokesman was quoted as saying. The firm’s listed subsidiary, PetroChina Co., had already applied to regulators to issue A shares on the mainland, according to recent reports in domestic media.

BoCom’s profit up 33 percent

BANK of Communications, China’s fifth-largest lender, posted a 33 percent jump in 2006 earnings as its lending business soared.

The Hong Kong-listed bank, known as BoCom, also said it hoped to sustain 20 percent loans growth in 2007 despite the government’s austerity measures. The Shanghai-based lender is aiming for a mainland stock listing before July pending regulatory approval, chairman Jiang Chaoliang said Thursday. Sources have said the lender could raise about US$2.6 billion through the listing. It had been expected to launch a roadshow in late February.

Shanghai copper down over 1 percent

SHANGHAI copper futures fell over 1 percent Friday and London Metal Exchange copper also gave up much of the previous day’s gains as Chinese players locked in profits ahead of the weekend.

Shanghai copper for May delivery was down 1.1 percent, or 650 yuan (US$83.55), at 57,290 yuan a ton at the close Friday. “In relation to London, Shanghai prices have been strong this week, but now they are reverting to more normal levels. I think its probably a combination of profit taking ahead of the weekend and maybe some producer selling,” a Shanghai dealer said Friday. Spot copper was between 57,650 yuan and 57,900 yuan, down 150 yuan.

Higher sales life Suning profit

SUNING Appliance Co., China’s second-biggest home-appliance retailer, said Saturday 2006 profit doubled after it opened new stores and boosted sales.

Net income rose to 720 million yuan (US$93 million), or 1 yuan per share, from 351 million yuan, or 1.05 yuan per share, the company said in a statement. Sales rose 56 percent to 24.9 billion yuan. Earnings per share were based on 721 million shares, compared with 335 million a year before, the statement said. Suning opened 136 stores last year, bringing its total number of outlets to 351 in 90 cities, according to the company.