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Nearly half of China’s A-share listed enterprises have issued growth forecasts for the first half of the year， with most companies reporting mild growth overall.
As of July 1， 939 companies listed on the Shanghai and Shenzhen bourses had released profit forecasts for the first half. More companies are expected to do the same soon.
The companies forecast combined net profits of 55.1 billion yuan to 75 billion yuan（$8.92 billion to $12.14 billion） for the first half and a net profit growth range of 2.86-7.7 percent year-on-year， Shanghai Securities News reported on July 2.
But the year-on-year growth rate range was much lower than the 10.27-percent average growth rate reported in the first quarter.
Of the 939 companies， 457 companies forecast year-on-year profit growth， while 254 companies expect profit drops or even losses.
The Shanghai and Shenzhen stock exchanges had 2，494 listed companies at the end of 2012.
Energy Acquisition
China Petrochemical Corp. （Sinopec） said on June 29 that it has completed the purchase of 50 percent of Chesapeake’s share in its Mississippi Lime assets for $1.02 billion.
Chesapeake is the second largest natural gas developer in the United States and its Mississippi Lime oil and natural gas assets are in northern Oklahoma.
Sinopec signed the agreement with Chesapeake on February 23 through its wholly owned subsidiary Sinopec International Petroleum Exploration and Production Corp.
The deal means Sinopec acquires 425，000 acres （171，991 hectares） in the Mississippi Lime shale formation， with estimated proven and probable oil equivalent of 245 million barrels.
Limestone gas， along with shale gas and coalbed methane， is considered to be a source of unconventional gas.
As of July 1， 939 companies listed on the Shanghai and Shenzhen bourses had released profit forecasts for the first half. More companies are expected to do the same soon.
The companies forecast combined net profits of 55.1 billion yuan to 75 billion yuan（$8.92 billion to $12.14 billion） for the first half and a net profit growth range of 2.86-7.7 percent year-on-year， Shanghai Securities News reported on July 2.
But the year-on-year growth rate range was much lower than the 10.27-percent average growth rate reported in the first quarter.
Of the 939 companies， 457 companies forecast year-on-year profit growth， while 254 companies expect profit drops or even losses.
The Shanghai and Shenzhen stock exchanges had 2，494 listed companies at the end of 2012.
Energy Acquisition
China Petrochemical Corp. （Sinopec） said on June 29 that it has completed the purchase of 50 percent of Chesapeake’s share in its Mississippi Lime assets for $1.02 billion.
Chesapeake is the second largest natural gas developer in the United States and its Mississippi Lime oil and natural gas assets are in northern Oklahoma.
Sinopec signed the agreement with Chesapeake on February 23 through its wholly owned subsidiary Sinopec International Petroleum Exploration and Production Corp.
The deal means Sinopec acquires 425，000 acres （171，991 hectares） in the Mississippi Lime shale formation， with estimated proven and probable oil equivalent of 245 million barrels.
Limestone gas， along with shale gas and coalbed methane， is considered to be a source of unconventional gas.