Baidu Strips E-Commerce Site Youa
Baidu.com Inc (NASDAQ: BIDU), China's most used search engine, has spun off Youa.com, its e-commerce platform for a separate entity registration, and Youa has received $50 million in venture capital funding from IDG-Accel and Qiming Ventures, an insider said. Baidu remains the controlling shareholder, according to the person. Youa specializes in offering information about dating, marriage, infant products and education.
Mengniu Hit by Carcinogen Scandal
China Mengniu Dairy Co's (HKG: 2319) milk has been found by the nation's quality watchdog to contain severe levels of carcinogens. The Inner Mongolia-based company has apologized for the incident and said all the toxic milk had been destroyed.
Bright Dairy to Build Farm in Wuhan
Bright Dairy & Food Co (SHA: 600597) said it will invest ¥134.3 million building a dairy farm in Wuhan, Hubei's provincial capital.
CSR Tests 500km/h Train, Secures Metro Car Contract
CSR Corp (SHA: 601766) has begun testing a train that can run up at 500km/h, chairman Zhao Xiaogang said. Separately, the company said it signed a deal to supply 115 carriages to Suzhou's subway network, without disclosing the value of the contract. CSR has succeeded in its bidding for 1,333 subway carriages in China so far this year, capturing a 68.5% market share.
Great Wall Motor Denies VW JV Rumor
Great Wall Motor Co (HKG: 2333) is not in talks with Volkswagen AG for establishing a new company, chairman Wei Jianjun said, adding that a privately-owned business would not follow what state-owned enterprises have done. The German automaker has developed partnerships with Chinese state-owned peers such as SAIC Motor Corp (SHA: 600104) and FAW.
Wangfujing Opens Second Chengdu Mall
Beijing Wangfujing Department Store Group Co (SHA: 600859) opened its second mall in Chengdu, Sichuan's provincial capital. The complex, which cost ¥450 million and covers 100,000m2, is expected to generate ¥1 billion in sales revenue per year.
Sinohydro Seals ¥101b Deals Through Nov
Sinohydro Group Ltd (SHA: 601669), a leading hydropower project contractor, said it signed ¥101.34 billion worth of contracts in the first 11 months of 2011, including ¥46.35 billion from overseas. The company, which began floating and raised ¥13.5 billion in October, posted ¥101.49 billion in revenues for 2010.
ICBC Plans ¥50b Subordinate Bonds
Industrial & Commercial Bank of China Ltd (SHA: 601398, HKG: 1398) said it will issue ¥50 billion worth of subordinate bonds on Thursday to replenish capital and boost competitiveness and risk control for steady growth.
$1 = ¥6.32