China news

PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857) has established a potash exploration team for its Qinghai branch and activated its potash extraction plan in the province's formation water, building the bedrock for future potash business as China seeks to secure the key ingredient of fertilizers that it currently has to import 50% of its need.
China Life Insurance Co (NYSE: LFC, SHA: 601628, HKG: 2628), the nation's biggest insurer by market value, posted ¥204.6 billion in premium incomes in the first seven months, up 5.2% from the same period a year ago.
Wuliangye Yibin Co (SHE: 000858), a leading distiller of Chinese baijiu liquor, posted ¥10.59 billion in revenues and ¥3.36 billion in net profits for 1H 2011, up 39.8% and 48.7% year on year respectively thanks to strong sales despite increased prices.
China Coal Energy Co (HKG: 1898), a leading coal producer and distributor, sold 12.29 million tons of coal in July and 77.3 million tons in the first seven months, up 31% and 12% year on year respectively.
Shanghai Pudong Development Bank Co (SHA: 600000) posted ¥31.87 billion in revenues and ¥12.88 billion in net profits for 1H 2011, up 40.1% and 41.8% respectively from the same period a year ago. Its capital adequacy ratio declined 0.52 percentage points from six months earlier to 11.5% as of June 30, 2011.
Pingdingshan Tianan Coal Mining Co (SHA: 601666) posted ¥11.97 billion in revenues and ¥1.14 billion in net profits for 1H 2o11, up 0.8% and down 10.4% respectively from a year earlier. Decreased sales volume and government-imposed price caps were blamed for the decline in net profit.
Sany Heavy Industry Co (SHA: 600031) posted ¥30.36 billion in revenues and ¥5.94 billion in net profits for 1H 2011, up 79.2% and 106.6% year on year respectivel thanks to strong demand for its products fuelled by public housing projects and fizzling fixed-asset investment.
Anhui Conch Cement Co (SHA: 600585, HKG: 0914), China's biggest cement producer, posted ¥22.12 billion in revenues and ¥5.99 billion in net profits for 1H 2011, up 61.7% and 233.6% respectively. Its overall gross margin surged 17.38 percentage points to 42.79%.