China Resources quarterly profit up 21%

CHINA Resources Enterprise Ltd., the country's largest brewer of beer, posted a 21 percent rise in third-quarter profit yesterday thanks to strong retail and beverage turnover driven by its booming premium beer brand.

Beverage-to-ports conglomerate China Resources posted a net profit of HK$765 million (US$98.1 million) for the three months ended September, up from HK$629.78 million in the same period last year. Beer sales volumes jumped nearly 34 percent in the first nine months, led by a 74 percent leap in sales of its premium "Snow" brand, which competes with offerings from the likes of Tsingtao Brewery and Yanjing Brewry.

China Life premium income hits US$23b

CHINA Life Insurance Co., the nation's biggest insurer, said yesterday it collected insurance premiums of 170.1 billion yuan (US$22.91 billion) in the first 10 months of this year.

Last month, the company said it collected insurance premium income of 158.6 billion yuan in the first nine months of this year. The company's 2006 premium income rose to 183.8 billion yuan last year, compared with 160.9 billion yuan in 2005.

Eastern Air to sell unit, focus on core business

CHINA Eastern Airlines said yesterday it had agreed to sell its investment arm to its State parent for 462 million yuan (US$62.2 million) to focus on its core business.

China Eastern Airlines, in which Singapore Airlines Ltd. and Temasek Holdings are buying a 24-percent stake for HK$7.16 billion (US$921 million), will sell its 98.79 percent stake in the investment unit, it said in a statement. The sale should boost China Eastern Airlines' cash flow and reduce debts because the unit's main investment projects are not expected to pay dividend over the next three to five years, the statement said. The unit invests in projects such as airports.

Dongyue plans Hong Kong IPO

REFRIGERATOR maker Dongyue Group Ltd. plans to raise up to US$175 million in a Hong Kong initial public offering (IPO), a source familiar with the deal said yesterday.

The Shandong-based company, which kicks off a marketing roadshow for its IPO yesterday, is offering 520 million shares, or 25 percent of its enlarged share capital, at a price range of HK$2.05 (US$1.26) to HK$2.63 each, the source said.

The firm plans to use he proceeds to expand and upgrade capacity of existing products, to build new silicon capacity. Citigroup is sponsoring the deal.