IPOs Continue to Decline
China had just 11 domestic IPOs and zero offshore IPOs in October, marking the fourth consecutive month of decline, according to the consultancy Zero2IPO. The 11 companies raised $5.04 billion last month, 75.8% of which came from Sinohydro Group's (SHA: 601669) initial stock sale in Shanghai and Citic Securities' (SHA:600030) initial stock sale in Hong Kong.
Sinopec in Talks to Buy Galp Energia
Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386) is in talks to buy a stake in Galp Energia SGPS SA's division in Latin America's second-biggest oil producer, Bloomberg reported, citing people with knowledge of the matter. Galp is negotiating with Sinopec Group, Sinopec Corp's parent, and at least one other party before a bidding deadline this month, said one source who declined to be identified as the process is private.
Qihoo Hits Back at Citron Report
Qihoo 360 Technology Co (NYSE: QIHU), a leading Chinese antivirus software developer, said the derogatory statements in a report by Citron Research about its business was exaggerated and groundless. Citron questioned traffic to Qihoo's site and cut down the valuation of its share price by 75% to $5. Qihoo responded by saying that it has over 370 million active customers, who do not necessarily need to log onto its site to use its products.
China Mobile Denies Apples iPhone Talks Collapsed
China Mobile Ltd (NYSE: CHL, HKG: 0941) denied reports that its talks with Apple Inc (NASDAQ: APPL) to sell the TD-SCDMA-backed iPhone in mainland China had collapsed. China Mobile said the negotiation is still in progress.
Giant Interactive Q3 Profit Up 73%
Giant Interactive Group Inc (NYSE: GA), a leading Chinese online game developer and operator, posted ¥457.9 million in revenues and ¥361.3 million in net profits for Q3 2011, up 35.2% and 73.1% year on year respectively. The average rate per user fell 3.3% year on year to ¥217 during the quarter.
ZTE Q3 Cellphone Shipments Ahead of Apple
ZTE Corp (SHE: 000063, HKG: 0763), China's second largest telecom equipment maker, shipped 19.1 million cellphones worldwide in Q3 2011, capturing a 4.9% global market share, according to IDC figures. It was ranked fourth, after Nokia's 27.1%, Samsung's 22.3% and LG's 5.4% but ahead of Apple's 4.1%.
Semir Q1-Q3 Profits Up 26%
Zhejiang Semir Garment Co (SHE: 002563) posted ¥5.23 billion in revenues and ¥808 million in net profits for Q1-Q3 2011, up 30.2% and 26.2% respectively from the same period a year earlier. It expected this year's net profit to grow 20% to 50% from last year's ¥1 billion.
$1 = ¥6.35