China Unicom Said to Sell iPhone 4S in Jan
China Unicom Ltd (NYSE: CHU, SHA: 600050, HKG: 0762) will start selling Apple Inc's (NASDAQ: APPL) iPhone 4S at ¥5,888 in China on January 6, 2012, according to Dixingtong.com, a Chinese handset seller and mobile service provider.
E-House China Proposes Buying CRIC Shares
E-House China Holdings Ltd (NYSE: EJ), a real estate services company, said that it has signed an agreement with China Real Estate Information Corp (NASDAQ: CRIC) and CRIC China Holdings Ltd to acquire all of the outstanding shares of CRIC that are not owned by E-House for $1.75 apiece in cash and 0.6 E-House American depositary shares for each CRIC share. E-House increased the cash portion from the original $1.60 to $1.75. E-House owns 54.1% of CRIC's total outstanding shares.
Hengxin to Partner with Spreadtrum for Mobile Internet Services
Hebei Hengxin Mobile Business Co (SHE: 300081) said it plans to team up with Spreadtrum Communications Inc (NASDAQ: SPRD) to develop mobile internet services. Hengxin said they had yet to agree on the amount they will investment. Hengxin also estimated its net profit to drop 35% to 61% to between ¥9 million and ¥15 million this year as gross margin shrinks and expenses rise.
Hanting to Open More Upscale Hotels
China Lodging Group Ltd (NASDAQ: HTHT), commonly known as Hanting Inns, said it will step up expansion of Hanting Seasons Hotel, which targets medium to high-end customers. It plans to open 50 to 60 such hotels in the next two to three years. Currently it has 23. In total, the budget hotel chain is operating around 700 inns and hotels and building 200.
Perfect World Said to Have Axed Chengdu Staff
Perfect World Co (NASDAQ: PWRD), a Beijing-based browser game developer and operator, has laid off "a large number of" employees at its Chengdu-based subsidiary, Yewang, according to a person familiar with the matter, citing bad performance of the games designed by those fired.
Alibaba Hires Lobbying Firm for Yahoo Bid
Alibaba Group Holding Ltd, China's top e-commerce service provider, recently hired the lobbying firm headed by former White House official Kenneth Duberstein as part of its exploration of a possible bid for all of Yahoo! Inc (NASDAQ: YHOO), the Wall Street Journal reported, citing a person familiar with the matter. The hiring occurred in the fall.
AgriBank to Offer ¥100b Credit Line to Three Gorges Corp
Agricultural Bank of China Co (SHA: 601288, HKG: 1288) agreed to offer a ¥100 billion credit package to China Three Gorges Corp, an hydraulic project contractor. The bank will lend ¥30 billion to the firm by the end of 2015, including ¥10 billion in preferential interest rates in 2012. Agricultural Bank of China has so far made ¥60 billion in loans to China Three Gorges Corp, which won the bidding for its 21% stake in EDP-Energias de Portugal SA with an offer of $3.51 billion earlier this week. EDP is Portugal's largest company.
BYD to Issue ¥6b Bonds
BYD Co (SHE: 002594, HKG: 1211), the Chinese electric car and battery maker backed by Warren Buffett, said it has been approved to issue ¥6 billion worth of corporate bonds to repay bank loans and replenish capital.
Hebei Steel Aims at ¥250b for 2012 Revenue
Hebei Iron & Steel Co (SHE: 000709) expected its revenue to total ¥250 billion in 2012 and gross profit to at least break even with this year's amount. The steelmaker posted ¥227 billion in revenues and ¥4 billion in profits last year. Although its output overtook Shanghai-based Baoshan Iron & Steel Co (SHA: 600019) as China's number one, its profit was much thinner.
Shuanghui to Investment ¥25b in 5 Years
Henan Shuanghui Investment & Development Co (SHE: 000895), a pork processor whose products were found tainted with toxins earlier this year, plans to invest ¥5 billion building four to five factories annually in the next five years, chairman Wang Long said. The plan is expected to double its output of instant pork to six million tons and double its revenue to ¥100 billion.
$1 = ¥6.31