Baidu Inc (NASDAQ: BIDU), China's most used search engine, has formed a partnership with BMW for cooperation in in-vehicle information search. This will be Baidu's first application of its box computing technology to the auto market. Baidu has been approached by other carmakers for the similar partnership, Baidu assistant CEO Zhang Dongchen said.
NetEase.com Inc (NASDAQ: NTES), a leading Chinese Internet portal, plans to invest ¥200 million in online video business, a person familiar with the matter said, citing a decision made by CEO Ding Lei.
eLong Inc (NASDAQ: LONG), a leading online travel service provider in China, said its net revenues for Q2 2011 increased 17% to ¥139.1 million, compared to ¥118.9 million in Q2 2010; hotel room nights booked through eLong in Q2 2011 increased 43% to 2.2 million room nights compared to 1.5 million inQ2 2010; domestic hotel coverage network expanded 72% to over 21,000 domestic hotels as of June 30, 2011, compared to 12,200 as of June 30, 2010. In addition, eLong offers almost 140,000 international hotels through a direct connection to Expedia.
China Vanke Co (SHE: 000002), the nation's biggest property developer, posted ¥19.99 billion in revenues and ¥2.98 billion in net profits for 1H 2011, up 19.2% and 5.9% respectively from a year ago as it sold more homes in smaller cities unaffected by the curbs targeting first-tier cities. It sold 5.66 million m2 in floor space from January through June, up 76.7% year on year.
Inner Mongolia Yili Industrial Group Co (SHA: 600887), a leading dairy maker, said it plans to invest ¥453 billion building a factory capable of rolling out 1,30o tons of pasteurized milk a day. Jiyuan, Henan province has been slated for the project that is expected to take 17 months to complete.
Inner Mongolia Baotou Steel Rare Earth Group Hi-Tech Co (SHA: 600111) posted ¥5.98 billion in revenues and ¥1.98 billion in net profits for 1H 2011, up 156.8% and 458.5% year on year respectively. Burgeoning rare earth prices boosted the company’s performance.
China Merchants Bank Co (SHA: 600036, HKG: 3968) posted ¥46 billion in revenues and ¥18.5 billion in net profits for 1H 2011, up 39.7% and 40.1% year on year respectively. Its non-performing loan ratio dropped 0.07 percentage points to 0.61% from six months earlier. It had ¥2.64 trillion in total assets by the end of June 2011, up 10% from six months earlier.
China Overseas Land & Investment Ltd (HKG: 0688) sold 493,000m2 in floor space valued at HK$8.06 billion in July, up 16.3% and 62.8% year on year respectively. In the first seven months, sales volume totaled 3.57 million m2 fetching HK$60.29 billion, up 34.7% and 82.4% respectively from the same period a year ago.
Yantai Changyu Pioneer Wine Co (SHE: 000869), a leading winemaker, posted ¥3.09 billion in revenues and ¥877 million in net profits for 1H 2011, up 24.5% and 49.7% year on year respectively thanks to strong sales of wine and brandy.
TCL Corp (SHE: 000100), a leading electronics and home appliance maker, posted ¥27.36 billion in revenues and ¥539 million in net profits for 1H 2011, up 18.1% and 241.7% year on year respectively as more government-subsidized farmers replaced their clunkers.
Beijing Jingkelong Co (HKG: 0814), a supermarket chain popular in the Chinese capital, posted ¥4.1 billion in revenues and ¥103 million in net profits for 1H 2011, up 18.3% and 22.2% year on year respectively. The company also said it plans to list on the mainland in 1H 2012.
$1 = ¥6.43
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