Qihoo 360 Sues Baidu for Unfair Competition
Qihoo 360 Technology Co (NYSE: QIHU) has brought Baidu Inc (Nasdaq: BIDU) to court, accusing Baidu of intruding on Qihoo 360's traffic and redirecting it to Baidu's search engine. Qihoo 360 is seeking 400 million yuan in compensation. Baidu.com is the dominant search engine in China. Qihoo 360, the largest free antivirus developer and provider in China, launched a search engine, So.com, a year ago; it claimed in August that So.com's share of China's search engine market was approaching 20% and was expected to reach 30% by 2015.
Angang Pairs Up with Kobe Steel for Auto Steel
Angang Steel Co (HKG: 0347, SHE: 000898), China's third biggest steelmaker by output, and Japan's Kobe Steel Ltd said they will invest a total of 1.75 billion yuan building a joint venture in China to make steel for vehicles. The joint venture, in which Angang holds a 51% stake and Kobe Steel the remaining 49%, is expected to produce 600,000 tons of steel annually when operational in 2016; the steel will be sold to Chinese, Japanese, European, American and South Korean automakers. China is the world largest auto market by annual sales volume.
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