China's central state-owned enterprises increased research and development investment by 3.8% year on year in the first half, state media Xinhua News reported Wednesday.
SOEs' total profits reached 1.4 trillion yuan, with fixed-asset investment rising 4.5%.
Sinclair Gold (ASX:SGC) said drilling extended down-dip gold mineralization at the Mt Henry and Selene deposits at the Mt Henry gold project in Western Australia, according to a Wednesday Australian bourse filing.It encountered intercepts of 33.2 meters at 1.6 grams per tonne (g/t) grade of gold from 230.7 meters at Selene and 17 meters at 1.5 g/t grade of gold from 180 meters at Mt Henry, per the filing.Sinclair Gold's shares fell nearly 5% in recent trading on Wednesday.
Fitch Ratings affirmed China Cinda Asset Management's (HKG:1359) long-term issuer default ratings at A- with a stable outlook.The ratings reflect the ratings agency's expectation of extraordinary government support and the company's policy role in managing distressed assets.Fitch said Cinda remains China's largest distressed asset manager by asset size and expects the company to play an increasingly important role in supporting financial stability during the country's economic slowdown.However, it expects earnings to remain under pressure from weaker income growth in the distressed-asset business and elevated credit impairment charges.The ratings agency said China Cinda's diversified earnings, including contributions from its banking subsidiary and other financial businesses, along with adequate capital and liquidity buffers and perceived government backing, should support its credit profile.
Fitch Ratings affirmed PetroChina's (SHA:601857, HKG:0857) long-term issuer default and senior unsecured ratings at A, with a stable outlook.The ratings align with those of parent CNPC under the rating agency's consolidated approach, citing open legal ringfencing and access controls, according to a Tuesday research note.Fitch assesses the Chinese government's responsibility to support CNPC as "very strong" given its full state ownership, energy security role and robust finances.