Baidu Gets ¥100m Subsidy for Cloud Computing
The National Development and Reform Commission has handed down ¥660 million in subsidies to 15 companies to support their cloud computing research. Baidu Inc (NASDAQ: BIDU) and Alibaba Group received over ¥100 million each.
AirMedia Posts Loss for Q3
AirMedia Group Inc (NASDAQ: AMCN), a Chinese digital media network focused on air travel advertising, posted $70.1 million in revenues and $1.7 million in net losses for Q3 2011, compared to $60.6 million in revenues and $1.2 million in net profits respectively a year ago. The company blamed fiercer competition and increased marketing expenses for the losses.
BoC Partners with Sumitomo Mitsui for RMB Business
Bank of China Ltd (SHA: 601988, HKG: 3988) has signed a memorandum of understanding with Sumitomo Mitsui Banking Corp, one of Japan's top three banks, to cooperate in Renminbi-denominated businesses, marking the first partnership of its kind between Chinese and Japanese banks.
Alibaba.com Q3 Net Rises 12%
Alibaba.com Ltd (HKG: 1688), a unit of China's biggest e-commerce company, posted ¥1.6 billion in revenues and ¥410 million in net profits for Q3 2011, up 10.6% and 11.9% year on year respectively. Its registered users, online shops and premium members numbered 72.8 million, 9.6 million and 788,000 respectively as of the end of September.
Agile Property Halts Land Purchase
Agile Property Holdings Ltd (HKG: 3383), the Chinese developer in which JPMorgan Chase & Co owns a stake, will suspend buying land until at least February 2012 and is slowing construction as sales dwindle amid the Chinese government's property curbs, Bloomberg reported, citing vice president Alex Liu.
Kingsoft Q3 Profit Down 12%
Kingsoft Corp (HKG: 3888), a leading Chinese software developer, posted ¥242.7 million in revenues and ¥74.89 million in net profits for Q3 2011, up 6% and down 12% year on year respectively. Revenue from entertainment software made up 68% of total revenue, and application software the remaining 32%.
$1 = ¥6.35