Mobile Devices Represents Half of iQiyi's Total Traffic
Traffic from mobile app has accounted for over 50% of iQiyi.com's total traffic, and 10% of its ad revenues come from mobile devices, said iQiyi founder Gong Yu. iQiyi is the online video site operated by Baidu.com Inc (Nasdaq: BIDU), China's most used search engine. The percentage from mobile traffic is up significantly from 4% at the end of 2011 and 28% at the end of 2012.
Volkswagen to Increase Stake in FAW-Volkswagen
Volkswagen AG is planning to increase its holding in its joint venture with FAW Group Corp, China's first automaker, Volkswagen chief executive Martin Winterkor told the Frankfurter Allgemeine Zeitung newspaper. The two sides are in talks involving Volkswagen increasing its stake in FAW-Volkswagen to 50% from 40%, according to Winterkor. FAW-Volkswagen produces Volkswagen and Audi models, and the joint venture contract expires in 2016. Volkswagen also runs a joint venture with SAIC Motor Corp (SHA: 600104), China's largest auto producer.
China Probes Bayer
Bayer said Chinese authorities had visited one of its offices in China for an investigation into possible price fixing. The German pharmaceutical company said it was cooperating, without revealing details. Bayer employs 11,000 people in China. The Chinese government has investigated multiple Chinese and foreign drug makers for price fixing and bribery, which is rampant in China as medical doctors are underpaid in the country.
China Coal Energy Posts August Figures
China Coal Energy Co (HKG: 1898, SHA: 601898), the nation's second largest coal producer by revenue, said it produced 9.8 million tons of commercial coal in August, down 4.3% month on month and up 7.5% year on year. It sold 13.3 million tons of coal in August, up 2.9% month on month and up 18% year on year.
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