Baidu to Buy 2 Video Sites
Baidu Inc (Nasdaq: BIDU) is in talks to take over online video subsidiary Ku6 Media Co (Nasdaq: KUTV), an online video site operated by Shanda Interactive Entertainment Ltd, DoNews reported, citing a person with knowledge of the matter. Ku6's focus on user-generated content complements Baidu's own IQiyi.com and PPS.com, which focus on movies and TV dramas, according to the source. Baidu is also planning to buy 56.com, an online video site operated by Renren Inc (NYSE: RENN). Separately, Baidu and JD.com, a leading Chinese B2C site, have been given regulatory approval to jointly set up a micro credit business, the China Securities Journal reported. Other Chinese Internet giants including Alibaba and Suning have made similar moves in stepping into the financial sector.
China Life Premiums Rise 27% in September
China Life Insurance Co (NYSE: LFC, HKG: 2628, SHA: 601628), the nation's biggest insurer by premium income, said its premium incomes fell 10.7% year on year to 30.2 billion yuan in September after a 57% fall in bancassurance sales. In the first 9 months, it premium incomes totaled 277.1 billion yuan, up 5.3% from a year earlier.
Wumart Buys 36 CP Lotus Stores
Wumart Stores Inc (HKG: 1025), a Chinese supermarket chain, agreed to purchase CP Lotus's 36 stores in China. CP Lotus, a retailer owned by Thailand-based Charoen Pokphand Group, is selling almost of its stores in China for $302 million. But its stores in Guangdong and Hunan province are not affected. CP Lotus hypermarkets are expected to help Wumart, which sells cheap goods, explore higher end markets. CP Lotus was operating 55 stores in China and Wumart 541 stores at the end of June 2013.
Shenhua Coal Sales Rise Sharply
China Shenhua Energy Co (HKG: 1088, SHA: 601088), the nation's biggest coal producer, said its coal sales rose 39.5% year on year to 51.2 million tons in September. Coal sales during the first 9 months were up 11% year on year to 366 million tons. Destocking and sales mix improvement was attributed to the strong growth figures.
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