In Wednesday's Papers: Chinese Company Signs US$ 13.1 Bln Nigerian Railway Project, Three Major Resource Industry SOEs Disclose Hefty Losses

Chinese Company Signs US$ 13.1 Bln Nigerian Railway Project

China Civil Engineering Construction Corporation (CCECC) has signed a US$ 13.1 billion deal to build a coastal railway in Nigeria. The contract was signed with the Nigerian government on May 6, according to CCECC's parent company China Railway Construction Corporation Ltd. Under the contract, CCECC will build a 1,385 kilometer-long high-speed railway. Details have yet to be released on where the track line will be built. The contract investment represents 13.7 percent of CCECC's total revenue in 2013.

Original article by China Business News

Three Major Resource Industry SOEs Disclose Hefty Losses

Three large state-owned enterprises suffered combined net losses in excess of 20 billion yuan last year, according to recent annual reports. China Railway Materials Co. Ltd. (CRM) suffered a net loss last year of 7.65 billion yuan. CRM, a supply chain company for the railway and steel industries, said the losses were mainly due to disputes with troubled steel-trading companies. Yankuang Group Co., Ltd., had a net loss of 5.05 billion yuan, after share prices in Guizhou Panjiang Refined Coal Co., Ltd. dropped sharply and its Australian subsidiary suffered losses. Aluminum Corporation of China cited lower prices of electrolytic aluminum and electrolytic copper as main reason for its steep decline in earrings. The company reported a net loss of 7.88 billion yuan last year.

Original article by China Business News

Regulator Mulls Regulation on Crowdfunding

The China Securities Regulatory Commission (CSRC) on May 6 held a meeting with representatives from Internet financing businesses in Shanghai to collect opinions for regulatory guidelines on crowdfunding. The term crowdfunding refers to a financing model where a small amount of money is collected from a large number of individuals to finance new ventures. A CSRC official said the meeting focused on discussion supervision measures to address fraud, money laundering and IPR violations related to crowdfunding activities. China has no formal regulations regarding crowdfunding. However, the regulator has so far set caps for individual projects at 200 investors with investments not exceeding 25,000 yuan each.

Original Article by Caixin

Philippines Detains 11 Chinese Fishermen

A Chinese fishing boat and its 11 crewmen were seized by Philippine maritime police in disputed South China Sea waters. The Ministry of Foreign Affairs has demanded the release of the boat and fishermen. Earlier, state media reported Chinese officials lost contact with the boat from Hainan Province after it encountered an unidentified armed vessel. The Philippines said the boat was discovered carrying more than 350 endangered turtles.

Original Article by Xinhua