Shanda's Shineshow to Focus On Short Movie Production
Shanda Interactive Entertainment Ltd (NASDAQ: SNDA), a Shanghai-based online media and game operator, said Shineshow, its movie and TV drama production joint unit with Golden Eagle Broadcasting System, will start making short movies next year. Shineshow hopes to release one short movie each week and become China's largest short movie producer in the years to come. Its existing three short movies have received more than 10 million views.
Youku Takes 26% of Video Revenue
Youku.com Inc (NYSE: YOKU), Tudou Holdings Ltd (NASDAQ: TUDO) and the online video unit of Sohu.com Inc (NASDAQ: SOHU) captured a 25.6%, 14.5% and 13.3% respective share of revenue from China's video hosting business, according to Analysys International.
Baidu Removed from 'Notorious' List
Baidu.com Inc's (NASDAQ: BIDU) settlement with several record companies has been rewarded by the US government's decision to remove it from a list of "notorious markets" that help sustain piracy and counterfeiting, Bloomberg reported. Baidu, China's most used search engine, agreed in July with Universal Music Group, Warner Music Group Corp and Sony Corp to pay owners of copyrighted material on a social music platform.
Mindray Signs Deal with Novation
Mindray Medical International Ltd (NYSE: MR), a Chinese medical device manufacturer, said that it has entered into an agreement with Novation allowing its 65,000-plus members and affiliates to purchase Mindray's M7 and M5 ultrasound systems.
WSP Posts Reduced Loss
WSP Holdings Ltd (NYSE: WH), a Chinese manufacturer of seamless casings, tubing and drill pipes used in oil exploration, posted $189 million in revenues and $16.6 million in net losses for Q3 2011. Revenue was up 38% and net loss was improved from the $26.8 million in the red during the same period a year ago.
Ping An Plans ¥26b Bonds Issue
Ping An Insurance Group Co of China (SHA: 601318, HKG: 2318), the nation's second biggest insurer, said it plans to sell ¥26 billion in bonds after business expansion brought down its capital adequacy, Bloomberg reported. The six-year convertible bonds, with a coupon of no more than 3%, will be used to bolster working capital. The sale is subject to regulatory approvals.
BYD Sells More Stake in Battery Maker
BYD Co (SHE: 002594, HKG: 1211), the Chinese electric car and battery maker backed by Warren Buffett, said it has agreed to sell a 3% stake in a battery maker in a move to shift back its focus to electric cars. BYD owned 39.375% of Jinhui Hi-Tech, a lithium battery maker, before agreeing to sell a 33.375% stake in November. It will own 3% of Jinhui after the two deals are completed.
Hainan Airlines' Parent Targets Offshore Expansion
HNA Group, the parent of Hainan Airlines Co (SHA: 600221), will step up offshore investment and increase offshore assets as a percentage of its total assets to between 30% and 40%, up from the current 10%, in three to five years, said Tan Xianglong, a group executive. Tan also said the group's recent cancellation of the purchase of 20% of NH Hoteles SA does not mean it would totally withdraw from owning a stake in the Spanish company. HNA is China's fourth biggest carrier.
Kweichow Moutai to Open 110 Directly-Run Stores in 2012
Kweichow Moutai Co (SHA: 600519), the producer of China's most popular white liquor, said it plans to open 110 directly-run stores and sell all of its planned 1,800-ton output increase in them in 2012. It opened 30 stores this year, bringing the total number to 1,100, only 1% of which were directly run.
$1 = ¥6.34