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Qihoo Founds Gaming JV
Qihoo 360 Technology Co (NYSE: QIHU), a leading Chinese antivirus software developer, said it has set up a company with Uuu9.com, a site that provides information about online games. The new firm, in which Qihoo owns an 80% stake, will collaborate with Chinese websites similar to Uuu9.com to create a comprehensive gaming platform.
PetroChina's Parent to Issue ¥20b Bonds
CNPC, Asia's largest oil producer and the parent of PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857), said it will issue ¥20 billion in corporate bonds to replenish capital and fund projects that send gas from western China to the eastern regions.
Suning Seals ¥50b Sourcing Deal with Midea
Suning Appliance Co (SHE: 002024), China's largest chain store by revenue, said it signed a strategic deal with GD Midea Holding Co (SHE: 000527), a home appliance manufacturer, to purchase ¥50 billion worth of goods in the three years starting 2012. More than ¥10 billion of Midea products were sold at Suning stores in 2011.
Shanghai Port's Net Profit Declines 14%
Shanghai International Port Group (SHA: 600018) posted ¥21.64 billion in revenues and ¥4.68 billion in net profits for 2011, up from ¥19.11 billion in revenues and down from ¥5.42 billion in net profits respectively during the previous year. Its TEU container traffic increased from 29.07 million units in 2010 to 31.74 million in 2011. The company did not give reasons for the decline in earnings.
Huaying Agricultural to Spend ¥613m Building Poultry Farms
Henan Huaying Agricultural Development Co (SHE: 002321), a poultry breeder and slaughterer, said it plans to place ¥613 million worth of shares with 10 existing shareholders to fund the construction of a chicken farm and two duck farms.
Geeya Tech to Invest ¥700m in Internet of Things
Chengdu Geeya Technology Co (SHE: 300028), a hardware and software developer for digital television systems, said it plans to invest ¥700 million in a project called "the Internet of Things" in Chengdu, Sichuan's provincial capital. The project's facilities are expected to cover 25,000m2 in office space, 50,000m2 in warehouses and 125,000m2 in workshops.
Valin Steel Gets ¥1.2b Govt Injection
Hunan Valin Steel Co (SHE: 000932) said it received ¥1.17 billion in government subsidies, which may help it turn around from a ¥2.6 billion loss recorded in 2010.
Rainbow Department Store Opens 3rd Store in Beijing
Rainbow Department Store Co (SHE: 002419) opened its third store in Beijing, which is also the Shenzhen-based retailer's 51st store nationwide.
$1 = ¥6.32
@2011 China Economy @ The China Perspective.
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