BizChina

Chinese equities fell for the third consecutive day Tuesday, driving the benchmark index down to a nearly three-month low as fears of policy tightening continued to dampen property shares.

The benchmark Shanghai Composite Index fell 2.42 percent, or 75.02 points, to close at 3,019.39 points.

The Shenzhen Component Index lost 2.47 percent, or 307.63 points, to close at 12,162.56 points.

Combined turnover totaled 181.72 billion yuan (26.61 billion U.S. dollars), expanding from 155.26 billion yuan on the previous trading day.

Losers outnumbered gainers by 837 to 55 in Shanghai and 789 to 66 in Shenzhen.

CNNC International Ltd, the listed unit of China's largest nuclear power plants operator China National Nuclear Corp (CNNC), said yesterday it would buy a stake in a uranium mine in Niger from its parent for HK$414 million ($53.3 million), and fund the deal by issuing convertible notes.

The company will acquire Ideal Mining Ltd from its parent CNNC. Ideal Mining holds a 37.2 percent stake in the Azelik uranium mine in Niger, it said in a statement to the Hong Kong bourse yesterday.

The Azelik mine comprises three uranium deposits and has an estimated mine life of 17 years. It is estimated that the mine contains resources of around 11,227 tons of uranium, said the statement.

Production is expected to start in the second half of this year with an estimated annual production capacity of around 700 tons when complete, it said.

Philip Li, an executive with CNNC International, told Dow Jones that the company would look at acquisition opportunities for uranium resources in Kazakhstan to support the rapid development of China's nuclear power industry.

Finnish mobile phone maker Nokia's move to provide a free navigation service in China is expected to boost the sale of navigation cellphones in the country, experts said.

That may also help Nokia maintain its dominant position in the country as users turn to CDMA and TD-SCDMA handsets, a market in which the Finnish firm does not have a significant presence.

Nokia Oyj, the world's biggest maker of mobile phones, said on Thursday that the company would offer the free navigation service on its Ovi Maps application in 74 countries and regions.

The company said about 20 million Nokia handset users could use the service right now, and it expects to sell 80 million navigation smartphone handsets globally in the next 18 months.

Guangzhou Automobile Group Co, the Chinese partner of Japanese car giants Toyota and Honda, plans to sell shares in Hong Kong, seeking foreign capital to boost its domestic expansion.

China's sixth-largest automaker will go public in Hong Kong through a backdoor listing using its Denway Motors unit, Denway said in a statement to the Hong Kong Stock Exchange on Friday.

However, the listing would not offer shares for public subscription, said Denway.

Denway shares, which doubled last year, jumped 7.58 percent to HK$4.97 (64 cents) in Hong Kong on Friday after the announcement and amid expectations Guangzhou Auto would pay a premium to take it private.

Guangzhou Auto now holds a 37.9 percent stake in Denway, a Hong Kong-based investment company controlling units and associates engaged in vehicle manufacturing and trading, according to the company's website.