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Baidu Expects Revenue to Rise 75% in 2011
Baidu Inc (NASDAQ: BIDU), China's most used search engine, expects its revenue to expand 75% to ¥14 billion this year, vice sales manager Wang Zhan said.
Century21 China Shuts 103 Agencies in Q3
IFM Investments Ltd (NYSE: CTC), the operator of the Century21 brand in China, posted ¥92.9 million in net losses for Q3 2011 as it closed down 103 agencies amid a slack real estate market in the country. It had 1,368 agencies in China as of the end of September 2011. IFM Investments expects Q4 revenue to fall up to 10% quarter on quarter to ¥140 million.
Perfect World Q3 Profit Slips 33%
Perfect World Co (NASDAQ: PWRD), a Chinese online game operator, posted ¥708.9 million in revenues and ¥143.6 million in net profits for Q3 2011, up 22.4% and down 33% respectively from a year ago. The drop in earnings was due to the cancellation of some special offers that may have discouraged paying customers from renewing.
China Telecom Has 31m 3G Service Customers
China Telecom Corp (NYSE: CHA, HKG: 0728) said it attracted 3.34 million customers, including 2.76 million 3G service users, in October, bringing the total numbers to 120 million and 31.19 million respectively.
Solar Module Makers Report Tough Q3
LDK Solar Co (NYSE: LDK), a solar module manufacturer, posted $471.9 million in revenues and $114.5 million in net losses for Q3 2011. Trina Solar Ltd (NYSE: TSL) posted $481.9 million in revenues and $31.5 million in net losses for the same period. The figures were down from a year earlier due to weak demand and declining selling prices.
ZTE Builds Facility to Serve China Unicom
ZTE Corp (SHE: 000063, HKG: 0763), China's second largest telecom device maker, plans to invest ¥2 billion in an internet center to support China Unicom's (NYSE: CHU, SHA: 600050, HKG: 0762) WoReading e-book service, Bloomberg reported, citing ZTE vice president Yu Yifang. The facility in Changsha, Hunan province, will more than triple ZTE's staff, bringing the company's headcount to 1,000 employees over the next three years. China Unicom launched its WoReading service in April 2011.
Beifang Chuangye to Supply Coal Wagons to Shenhua Energy
Baotou Beifang Chuangye Co (SHA: 600967), a manufacturer of specialized wagons, said it signed a ¥672 million contract with a transport subsidiary of China Shenhua Energy Co (SHA: 601088, HKG: 1088), the nation's biggest coal producer. Beifang Chuangye will have to deliver 1,000 coal-carrying wagons to Shenhua's transport unit by March 2012.
Sichuan Expressway Wins ¥12b Bid
Sichuan Expressway Co (HKG: 0107) said it has won its bids to build highways from Suining to Guangan and from Suining to Xichong, Sichuan province. The projects with a total length of 163km are expected to cost ¥12.28 billion and begin construction in 2012.
Foton Motor to Set Up 3 Offshore Sales Firms
Beiqi Foton Motor Co (SHA: 600166), a leading Chinese truck maker, said it plans to set up sales companies in Kenya, Indonesia and Australia to explore the local markets. Each of the 3 companies is expected to cost more than $2 million.
CSG Kicks Off ¥5b Hubei Project
CSG Holding Co (SHE: 000012), a Chinese glass manufacturer, broke ground on a ¥5.06 billion factory in Xianning, Hubei province. The project is expected to be put into use by the end of 2012 and generate ¥6 billion in revenues annually once fully operational.
Beijing Gehua Gets ¥200m Subsidies
Beijing Gehua CATV Network Co (SHA: 600037), a radio and TV network operator, said it has received ¥200 million in government subsidies for a project to install high-resolution receptors.
NCI Announces Shanghai IPO
NCI, China's third biggest life insurer by premium income, said it plans to issue no more than 158.54 million shares in its initial public offering at the Shanghai Stock Exchange in December. The issue price will be determined on December 8. The company posted ¥57.81 billion in revenues and ¥1.78 billion in net profits for 1H 2011 and ¥102.51 billion in revenues and ¥2.25 billion in net profits for 2010.
$1 = ¥6.36
@2011 China Economy @ The China Perspective.
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