Sohu Video Partners with MSN China
The online video unit of Sohu.com Inc (NASDAQ: SOHU) sealed an exclusive deal with MSN China to tap the latter's 141 million users in the country by showing its videos on MSN China's instant messaging tool and pop-up ads.
SAIC to Pump ¥6b into Development of Cleaner Cars
SAIC Motor Corp (SHA: 600104), China's biggest automaker by output, will invest ¥6 billion developing vehicles powered by alternative energy during the next five years, said executive vice president Chen Zhixin. The company, which has already invested ¥2 billion into the project, previously said that clean energy-powered vehicles would make up 20% of its total sales volume by around 2015.
Lenovo Quarterly Profit Up 89%
Lenovo Group Ltd (HKG: 0992), China's largest personal computer manufacturer, posted $7.79 billion in revenues and $145 million in net profits for the quarter through the end of September 2011, up 35% and 88.9% respectively from a year earlier, as it surpassed Dell Inc (NASDAQ: DELL) to become the world's second largest PC maker by shipments. Separately, Lenovo founder Liu Chuanzhi stepped down as chairman and has been replaced by CEO Yang Yuanqing.
Conch Cement Eyes Offshore Expansion
Anhui Conch Cement Co (SHA: 600585, HKG: 0914), China's biggest cement producer by output, plans to boost its capacity by 10 million tons through offshore expansions by the end of 2014, said Wang Jianchao, the head of the company's foreign public relations office. Expansions would include the establishment of factories and acquisitions of industry peers hit hard by the European debt crisis. Wang declined to disclose the budget for the plan. Conch was able to produce 190 million tons of cement but actually churned out 110 million tons last year; it has no plants overseas.
China Power International, China Coal Energy Set Up JV
China Power International Development Ltd (HKG: 2380), a power plant builder and operator, said it has reached a deal with China Coal Energy Co (HKG: 1898), the nation's second largest coal producer by revenue, to set up a new company to build and operate coal-fired power plants in China. China Power Shentou Power Generating Co, the joint venture, is estimated to cost ¥4.98 billion, of which 80% will be funded by China Power International Development.
Rainbow Pays ¥607m for Leasing Chengdu Mall
Rainbow Department Store Co (SHE: 002419) said it has paid ¥607 million for a 20-year lease contract of a 47,600m2 shopping complex in Chengdu, Sichuan's provincial capital. The company currently operates 46 stores, 22 of which are in Shenzhen, Guangdong province.
Green Eco Clinches $8m Deal from Rio Tinto's Canadian Subsidiary
Shenzhen Green Eco-manufacture Hi-tech Co (SHE: 002340), a nickel and cobalt miner, said it has secured a contract to sell $8 million worth of nickel powder to QIT-Fer et Titane Inc, a Quebec-based miner wholly owned by Rio Tinto. The amount is equivalent to 10% of Green Eco's revenue in 2010.
$1 = ¥6.32
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