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The largest offshore oil producer in China, CNOOC Ltd. (NYSE:CEO), just paid $2.1 billion for the Canadian oil company Opti Canada last week. This, in spite of the fact that Opti had been suffering from severe financial problems. In addition, CNOOC was just upgraded by from Neutral to Buy by UBS. The stock trades at eight times forward earnings and yields 2.6%. Latest quarterly earnings as of December 31 were up 81.4% on a 63.6% increase in revenues.

There are plenty of other Chinese stocks with decent yields according to the just updated list of high yield China stocks at WallStreetNewsNetwork.com. Yields range from 0.5% to 5.5% with dividends paid either annually or semi-annually.

Another example is China Mobile Limited (NYSE:CHL), trading at 10.9 times forward earnings and sporting a yield of 3.7% paid semi-annually. The company is the world's largest mobile phone operator and has the largest mobile telecommunications network in the world. The stock, which is listed on both the NYSE and the Hong Kong stock exchange, has over 600 million subscribers. The stock has a forward price to earnings ratio of 10.9. Latest quarterly earnings were up 3.6% on a 6.8% dividend rise. The stock carries a yield of 3.7%.

As for other Chinese industries, Guangshen Railway (NYSE:GSH) yields 3.1% and Yazhou Coal Mining (NYSE:YZC) pays 2.1%. A free list of a dozen dividend paying Chinese stocks can be found at WallStreetNewsNetwork.com, which can be downloaded, sorted, and updated.

Disclosure: Author did not own any of the above at the time the article was written.

Source: CNOOC Upgraded, Buys Opti Canada: Good News for High Yield China Stocks?