UPDATE 1-PRESS DIGEST - China - Nov 11
BEIJING/SHANGHAI, Nov 11 (Reuters) - Chinese newspapers available in Beijing and Shanghai carried the following stories on Tuesday. Reuters has not checked the stories and does not vouch for their accuracy.
CHINA SECURITIES JOURNAL
-- Half of China's 56 power generating companies suffered losses in the third quarter of this year, but pressure on their earnings will ease in the fourth quarter because of the recent fall in coal prices.
-- Jilin Pharmaceutical Co (000545.SZ) said various uncertainties meant it was unclear if it would be able to carry out its asset restructuring successfully.
-- Eight micro-credit companies were established in Shanghai on a trial basis, with the largest among them holding registered capital of 200 million yuan ($29.3 million).
SHANGHAI SECURITIES NEWS
-- The health of China's economy is increasingly related to the health of its stock market, this newspapers says in a front-page commentary.
-- Beijing Capital Tourism Co (600258.SS) said it would buy the Qianmen Jianguo Hotel in Beijing from an affiliate. The purchase price will be based on the hotel's appraised asset value; it had net assets of 144 million yuan ($21.1 million) at the end of September.
-- Hong Kong-listed Shanghai Electric Group Co (2727.HK) will offer 616 million A shares at a price of 4.78 yuan each to acquire Shanghai Power Transmission & Distribution Co 600627.SS, Shanghai Power said. One Shanghai Power share would be exchanged for 7.32 Shanghai Electric shares.
-- Haitong Securities (600837.SS) said it had received approval from the securities regulator to launch its asset management plan. ($1 = 6.82 yuan)
