14 BUSINESS Wednesday, August 29, 2018 CHINA DAILY EDITION posts record profit on crude rebound Fosun wins By ZHENG XIN [email protected] $9.98 China Petroleum and Chem­ approval to ical Corp, the world’s largest billion refiner by capacity, reported its best half­yearly profits since Sinopec’s operating profit listing 18 years ago, on better in the first half refining profits and a rebound in crude oil prices. acquire FFT Known as Sinopec, the Wang Lu, an Asia­Pacific company’s operating profit oil and gas analyst at Bloom­ for the first six months of the berg Intelligence, said Sino­ Move paves way for to year stood at 67.9 billion yuan pec’s revenue, earnings ($9.98 billion), up 51.3 percent before interest and taxes, tap intelligent manufacturing sector year­on­year. Its revenue rose and net income may contin­ 11.5 percent year on year to 1.3 ue to improve in the second By HE WEI in the purchase would form a key trillion yuan. The gains came half on an annual basis, [email protected] part of Fosun’s strategy of creat­ amid higher crude prices, ris­ albeit at a slower rate than in ing better products and servi­ ing natural gas production the previous six months aft­ Fosun International Ltd ces through intelligent and stronger fuel margins. er earnings in the first half won regulatory approval from manufacturing and technology. Higher oil prices also con­ rose 51.8 percent to 42.4 bil­ the European Commission on The acquisition can also help tributed to the growth, with lion yuan. Monday to acquire a German FFT access the vast China mar­ international oil prices sur­ “Its exploration and pro­ automated and flexible pro­ ket, where abundant applica­ ging despite fluctuations in duction EBIT may be positive Sinopec employees work on a gas storage facility in Puyang county, Henan province. duction systems maker, paving tion scenarios in automobiles the first six months, with the in the second half of this year HU QINGMING / FOR CHINA DAILY the way for the Chinese con­ and industries have tremen­ spot price of Brent crude oil as oil prices could exceed the glomerate to tap into the intel­ dous growth potential, accord­ surging 36.2 percent year­on­ company’s upstream break­ ligent manufacturing sector. ing to FFT’s CEO Manfred Hahl. year to $70.55 per barrel. even hurdle of $69­70 a bar­ percent to meet surging Chi­ increasing domestic demand flat in the second half of 2018, The buyout, proposed by Fos­ Chinese companies made According to Li Li, energy rel,” she said. nese demand.” for refined oil products and amid an oversupply of refined un in June, raised no competi­ 297 outbound merger and research director at market “Inventory gains, which The company’s gas produc­ petrochemical products in fuels. tion concerns, given that there acquisition deals in the first consultancy ICIS China, the contributed 17 percent of Sin­ tion in the exploration and the second half of the year. Oil major China National are no horizontal overlaps or half of 2018, according to data rise in crude prices is in gener­ opec’s refining EBIT in the production segment and non­ Demand for natural gas is Offshore Oil Corp had earlier vertical links between the activ­ from Morning Whistle, a al beneficial for refining firms, first half, may be limited in fuel business in the market­ also expected to rise rapidly reported its best profits since ities of the companies, the com­ Shanghai­based consultancy while Sinopec’s market share, the second half, and Sinopec’s ing unit should also post the amid the country’s energy 2015, while China’s largest oil mission said in a statement. specializing in cross­border cost control and pricing mech­ oil production may decline 1.4 fastest growth in the second structure adjustment, it said. producer China National The transaction was exam­ M&A. anism have contributed to the percent this year while gas half, she added. It also warned that process­ Petroleum Corp will publish ined under the simplified Despite undergoing tighter better performance. output will likely increase 6.7 Sinopec said it expects ing rates for crude may stay its results on Aug 30. merger review procedure, it investment reviews in the added. No transaction value West, the combined value of was disclosed. deals from the 208 Chinese Established in 1974, Germa­ companies that chose to dis­ ny­based FFT provides flexible close financial details reached VIPKID teams up with US educational publisher automation turnkey solutions $98.2 billion, up 14.2 percent and customized engineering year­on­year, the consultancy By CHENG YU online education companies. country,” Lyu said. design and implementation for said. [email protected] Under the partnership, The cooperation is not simply HMH’s curricula have premium automobile manu­ Manufacturing is one of the VIPKID will be authorized to reached over 50 million stu­ facturers in Germany, the Unit­ most­sought­after areas Chinese online education use HMH’s three curricula, about introducing foreign dents in more than 150 coun­ ed States, Japan and China. among Chinese enterprises by startup VIPKID inked a strate­ which are widely used in the tries and regions. According to a statement number of deals, according to gic partnership with United United States — Journeys, textbooks, as we will further develop “China is a vital part in from Fosun in June, FFT gen­ He Xiaopeng, research direct­ States educational publisher Escalate English and Collec­ the content to better suit the needs of HMH’s global strategy,” said erated 850 million euros ($993 or of Morning Whistle. Houghton Mifflin Harcourt on tions. Journeys alone has Sam Bonfante, senior vice­ million) of revenue last year “Investment and M&A in Tuesday, as part of its accelerat­ been adopted by 6.7 million Chinese kids.” president of HMH global and had more than 2,600 nonrestrictive industries, ed research and development primary and middle school markets. “VIPKID, linking employees. including advanced manufac­ efforts to consolidate its lead­ students in the US. Mi Wenjuan, founder and CEO of VIPKID 500,000 students and 60,000 Getting the greenlight will turing and smart healthcare, ing position in the country. “The cooperation is not sim­ teachers, is a Chinese innova­ allow Fosun to go ahead with are likely to sprint ahead,” He Through the deal, Beijing­ ply about introducing foreign ty education experiences. ular worldwide, while insist­ tion to combine education its strategy to invest in compa­ said. “They have profound based VIPKID became the textbooks”, said Mi Wenjuan, Analysts noted leading Chi­ ing on developing its own with technology.” nies that have strong market market potential.” world’s first online education founder and CEO of VIPKID, nese online English language products,” said Lyu Senlin, He said VIPKID’s strengths presence. The acquisition is Shanghai­based Fosun is a company to gain a license to “as we will further develop the education companies are founder and chief researcher in R&D can help make expected to empower its sub­ commercial empire engaged use all of HMH’s copyrighted content to better suit the needs scrambling for cooperation at Learneasy Times Online HMH’s curricula become sidiaries including Nanjing in sectors as varied as asset curricula in the K12 (kinder­ of Chinese kids.” deals with world­leading pub­ Education Research Insti­ more suited to the online Iron and Steel United Co Ltd, management, insurance, garten through 12th grade) Mi said the company will lishers, as it takes a lot of time tute, an industry research learning process. Both parties Eurocrane, and Zhejiang XCC industrial operations, health­ sector. join hands with a total of 20 and money to develop teach­ consultancy. will work together to inte­ Group Co and to enhance their care, fashion and property Analysts said the agree­ top educational institutions ing materials from scratch. “Such efforts are benefi­ grate superior resources to capabilities in smart manufac­ development. It is an avid ment was a “wise” step, since over the next five years to “It’s wise that VIPKID is cial to its long­term develop­ help students not only in Chi­ turing. overseas buyer in industries high­quality content plays a offer Chinese children more introducing curricula that ment and at the same time na but also across the world, Fosun’s chairman Guo that center around health, decisive role for leading personalized and high­quali­ are already mature and pop­ its brand development in the according to Bonfante. Guangchang said in June that wealth and happiness.

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Daily YTD Daily Daily Daily YTD % Chg Index Close % Chg % Chg GAINERS Close % Chg LOSERS Close % Chg Close % Chg –15% 0% +15% Shanghai Composite Index 2777.98 –0.1 –16.0 28,351.62 0.3 3650 Shijiazhuang Kelin El 12.40 10.03 Shangying Global Co 9.07 –10.02 Hang Seng China Ent Index 11,097.59 0.4 3400 SEC Electric Machinery 18.88 10.02 FujnLngmEnvrSnttnEqpmn 17.80 –10.01 TAIEX Taiwan Stock Index 10,989.55 0.8 Huada Auto Technology 19.23 10.01 Jinhua Chunguang Tech 51.30 –10.00 22,813.47 0.1 3150 KingClean Electric Co 28.14 10.01 ZhengpingRod&BrdgCnstr 8.43 –9.16 Sensex 38,887.55 0.5 KOSPI 2,303.12 0.2 2900 CIG Shanghai Co Ltd 28.26 10.00 Shenzhen Geoway Co Ltd 2.80 –9.09 HunanBailiEngSci& Tech 16.94 10.00 Delixi Xinjiang Trans 15.91 –8.67 S&P/ASX 200 6,304.65 0.6 2650 ShanghaiGldnBrdgInfTch 16.43 9.97 Linewell Software Co 9.14 –8.60 New Zealand 50 Gross Index 9,214.02 0.1 Aerospace Comm 8.83 9.96 HangxiaoSteelStructure 4.82 –8.37 STI 3,251.09 0.8 Sunstone Development 16.39 9.05 Gansu Gangtai Holding 4.45 –7.68 Bangkok SET Index 1,719.95 0.2 Bursa Malaysia KLCI Index 1,825.22 0.8 Component Index 8733.75 +0.1 –20.9 ShanghaiShine-Link Log 14.58 8.16 Hylink Digital Sol 17.06 –7.13 VN-Index 995.19 0.3 11,800 Shenzhen Stock Exchange Dow Jones 26,049.64 1.0 11,100 Zhonghong Holding Co 0.87 10.13 TonghGldnHorsPhIndstry 7.81 –5.33 10,400 Kuang-Chi Technologies 9.38 9.96 Shandong Chenming Ppr 7.03 –5.13 HenanShenhuo Coal & Pw 5.19 9.96 BeijngOrntLndscp&Envrn 12.91 –4.16 Commodities 9700 GuangdongEastoneCenTch 6.12 6.99 Ninestar Corp 27.86 –3.73 Daily YTD % Chg 9000 Yunnan Aluminium Co 5.71 6.93 Co Ltd 45.59 –3.35 Close % Chg –40% 0% +40% 8300 Perfect World Co Ltd 26.71 6.37 HangzhouTigermdCnsltng 55.74 –3.35 Brent Crude Oil (USD/bbl.) 76.60 0.5 WuhShnrngSnqIntrctEntN 11.67 6.19 SongchengPerformanceDv 24.41 –2.98 Gold (USD/t oz.) 1216.00 0.2 ZhejiangJnkCltrIndstry 8.58 5.93 Jiuzhitang Co Ltd 14.14 –2.88 Silver (USD/t oz.) 14.97 0.5 Chengdu CORPRO Tech 13.71 5.06 ShanghaiGanglnECommrce 47.47 –2.86 Copper (USD/lb.) 2.73 0.3 Shanghai Shenzhen CSI 300 Index 3400.17 –0.2 –15.6 Hengyi Petrochemical 17.70 4.98 ShandngSnPprIndstryJSC 8.82 –2.65 Aluminum (USD/MT) 2081.75 1.0 4400 Corn (USD/bu.) 3.62 –0.3 Hang Seng Wheat (USD/bu.) 5.23 –2.6 4000 17.52 2.70 11.74 –3.29 Soybeans (USD/bu.) 8.48 –0.8 6.54 2.67 Galaxy Entertainment 57.90 –1.45 Co ee (USD/lb.) 1.06 0.5 3600 Sunny Optical Tech 100.40 2.24 Wharf RealEstate Invst 51.60 –1.43 Sugar #11 (USD/lb.) 0.10 –0.4 HongKongExchangs&Clrng 230.20 1.86 Sands China Ltd 38.30 –1.29 Palm Oil (MYR/MT) 2235.00 1.6 3200 CNOOC Ltd 13.84 1.62 China Resources Power 14.06 –1.13 Cross Currency Rates ETFS Shanghai B-Share Stock Price Index 289.35 0.0 –15.3 Daily % USD EUR CNY HKD GBP KRW BRL RUB JPY INR CAD EQUITY ETFs Ticker Close Change 370 USD 1.169 0.147 0.127 1.291 0.001 0.245 0.015 0.009 0.014 0.772 China 50 510050 2.56 –0.43 China AMC CSI 300 Index 510330 3.75 –0.24 340 EUR 0.855 0.126 0.109 1.104 0.001 0.210 0.013 0.008 0.012 0.660 China CSI 500 510500 5.29 0.11 CNY 6.806 7.957 0.867 8.783 0.006 1.669 0.101 0.061 0.097 5.253 China SME 159902 2.89 –0.14 310 HKD 7.850 9.178 1.153 10.130 0.007 1.925 0.116 0.071 0.112 6.060 China Universal CSI Consumer Staples Index 159928 2.06 –0.48 GBP 0.775 0.906 0.114 0.099 0.001 0.190 0.012 0.007 0.011 0.598 E Fund ChiNext Price Index 159915 1.42 –0.21 280 E Fund CSI 300 510310 1.47 0.00 KRW 1109.740 1294.780 162.917 141.368 1430.230 271.607 16.417 9.981 15.801 855.110 E Fund CSI 300 Financials ex Banks Index 512070 1.69 –0.70 BRL 4.082 4.767 0.599 0.520 5.263 0.004 0.060 0.037 0.058 3.149 E Fund Hang Seng China Enterprises Index 510900 1.19 0.00 Shenzhen B-Share Stock Price Index 1012.41 –0.7 –13.0 RUB 67.480 78.888 9.915 8.596 87.075 0.061 16.543 0.607 0.963 52.088 E FUND SZSE100 INDEX FUND 159901 3.97 0.05 1275 Fortune SGAM Xianjin Tianyi Money Market 511990 100.01 0.01 JPY 111.090 129.890 16.323 14.152 143.360 0.100 27.217 1.646 1.582 85.755 Guangfa CSI 500 510510 1.40 0.14 1175 INR 70.236 82.119 10.320 8.947 90.634 0.063 17.219 1.041 0.632 54.216 Guotai Shanghai Stock Exchange 180 Financial Index 510230 5.57 –0.21 CAD 1.296 1.515 0.190 0.165 1.672 0.001 0.318 0.019 0.012 0.018 Harvest CSI 300 Index 159919 3.77 –0.13 1075 Huatai-Pinebridge CSI 300 510300 3.46 –0.29 Shanghai SSE180 510180 3.04 –0.20 Data provided by 975 SSE Pledge Urban Investment Bond 511220 93.39 0.08 S O N D J F M A M J J A Yinhua Traded Money Market Fund 511880 102.68 0.01