Simcere Pharma to Be Taken Private
Simcere Pharmaceutical Group (NYSE: SCR), a Chinese manufacturer and supplier of branded generic drugs, said its board had agreed to sell a $495.4 million worth of stake to a consortium led by the company's founder and chairman Ren Jinsheng. The consortium offered $9.66 for each American depository share, 3% higher than the closing price on Tuesday. The consortium already owned 77.6% of Simcere Pharmaceutical, and the deal, which is to prompt Simcere's delisting, will take its ownership to 92.03%; Shanghai Fosun Pharmaceutical Group Co (SHA: 600196) owns the remaining 7.97%. Simcere Pharmaceutical posted 987 million yuan in revenues and 52.69 million yuan in net profits for 1H 2013.
Shanda Games 1H Earnings Jumps 21%
Shanda Games Ltd (Nasdaq: GAME) posted $175.6 million in revenues and $60.6 million in net profits for Q2 2013, down 4% and up 21.4% respectively from a year earlier. Revenue from massive multiplayer online games was 928 million yuan, representing 85.5% of the total; revenue from mobile games was 102 million yuan, representing 9.4% of the total. The company did not give reasons for the decrease in total revenue and the increase in earnings. It expected revenue to rise 3-4% in Q3 2013 from Q2 2013 and mobile gaming to make up over 10% of its total revenue.
Gome Swings to Profit
Gome Electrical Appliances Holding Ltd (HKG: 0493), China's second largest consumer electronics retailer by revenue, posted 322 million yuan in net profits for 1H 2013, reversing the 501 million yuan loss recorded a year earlier, which was its only half-year loss. Effective cost control was credited to its loss-to-profit turnaround. Revenue was up 10.2% year on year to 27.11 billion yuan. Gome opened 35 stores and closed 70 in 1H 2013; it was operating 1,073 stores across 250 cities in China as at the end of June 2013.
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