WeChat Joins Forces with McDonald's for In-App Purchase
WeChat, a WhatsApp-like social networking app developed by Tencent Holdings Ltd (HKG: 0700), is trying out retailing with McDonald's Corp's (NYSE: MCD) public account. Followers of McDonald's on WeChat are able to buy a digital discount card priced at 3 yuan (49 US cents) via credit cards or Tenpay.com, which is also operated by Tencent.
China Mobile Steps Up Subsidizing Upscale Phones
China Mobile Ltd (NYSE: CHL, HKG: 0941), the world's biggest wireless carrier by subscribers, is likely to encourage its customers to buy dual-core and quad-core cellphones by granting higher subsidies, while it is likely cut the subsidies for low-end mono-core cellphones. China Mobile had reportedly increased its demand for cellphones with 5-inch displays in the Q2 2013 sourcing program.
Giant Interactive Invests in Mobile Game Developer
Giant Interactive Group Inc (NYSE: GA), a Shanghai-based game developer and operator, said it had taken a stake in mobile game developer Beijing Dijiang Network, without revealing financial details. Dijiang's latest mobile game, Han Mo Qun Xiong, or Warlords of the Late Han Dynasty, is now being tested publicly on Android-backed devices, with over 50,000 downloads on the first day. It is Giant Interactive's first investment in a mobile game developer.
Mengniu Offers $1 Billion for 75% Stake in Yashili
China Mengniu Dairy Co (HKG: 2319) has offered to buy 75.3% of Yashili International Holdings Ltd (HKG: 1230) for HK$8.14 billion (US$1.05 billion) in cash. Yashili's controlling shareholders have accepted the offer. The deal is expected to help Mengniu leverage on Yashili's experience in making infant formula and stronger distribution network in China. Mengniu has borrowed HK$12.5 billion from banks to fund the purchase.
China Cosco Ups Freight Rates
China Cosco Holdings Co (HKG: 1919, SHA: 601919), the nation's largest shipping company, said it will increase its freight rates for routes via the Far East, India, Pakistan, the Mediterranean and West Africa, effective July 1, 2013. The company posted $1.56 billion in losses for 2012 as a result of low rates of dry bulk cargo and high fuel costs.
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