Apple's Cook Meeting Chinese Carriers
Apple Inc's (Nasdaq: AAPL) chief executive Tim Cook is paying its third visit to China as the iPhone maker experiences a hard time in its second largest market. Cook has met with China Mobile Ltd (NYSE: CHL, HKG: 0941) chairman Xi Guohua and senior managers at China Unicom Ltd (NYSE: CHU, HKG: 0762, SHA: 600050) and China Telecom Corp (NYSE: CHA, HKG: 0728), a person familiar with the matter said. Although details of the meetings were not made public, China Mobile, which serves 700 million customers, has repeatedly said it sought to seal its first iPhone deal. China Unicom, the country's second largest carrier, began selling the iPhone in 2009, and China Telecom began selling it last year. Last week Apple said its revenue from China, including Taiwan and Hong Kong, dropped 14% year on year and 43% quarter on quarter to $4.6 billion in the fiscal quarter through June 29, 2013.
China Cosco to Sell More Assets to Avoid Delisting
China Cosco Holdings Co (HKG: 1919, SHA: 601919), the nation's largest bulk shipper, said it plans to sell some of its $1.6 billion worth of property assets to avoid a delisting after forecasting a loss for 1H 2013 due to low rates of dry bulk cargo and high fuel costs. The company said although it would be 70-85% smaller than a year earlier, the 1H 2013 loss would not guarantee a profitable year. China Cosco said in May it planned to sell 7.54 billion yuan worth of seaport assets to its state-owned parent. The deal is expected to generate a pretax gain of 2.91 billion yuan. In March it sold its logistics unit for 6.74 billion yuan with a pretax gain of 1.96 billion yuan. The company has reported losses for 2 years in a row and a third year in the red could result in delisting from the Shanghai Stock Exchange.
Discounts Cut Suning Earnings
Suning Commerce Group Co (SHE: 002024), China's largest consumer electronics retailer by revenue, posted 55.45 billion yuan in revenues and 733 million yuan in net profits for 1H 2013, up 17.5% and down 58.2% respectively from a year earlier. Heavy discounts at its brick and mortar as well as online stores increased sales and dragged down profits, the company said. It opened 28 stores during the 6-month period, taking the total number to 1,614 as of the end of June 2013.
Haier to Offer Alibaba TV
Haier Electronics Group Co (HKG: 1169) said it will launch a TV set preinstalled with e-commerce giant Alibaba Group Holding Ltd's smart TV/STB operating system. The system allows TV viewers to shop online or pay utility bills using Taobao and Alipay accounts. Taobao is China's most popular C2C shopping site and Alipay is China's most popular third-party billing service provider; both are operated by Alibaba.
You are currently reading
total words in this article.
To continue reading this article, you must be a subscriber. Log in now..