China Corporate News: Tudou Blocks Youku in Search Results; ZTE Smartphone Sales Up 500% in 2011

Tudou Blocks Youku in Search Results
Tudou Holdings Ltd (NASDAQ: TUDO), a leading Chinese video site, said it joined forces with Sohu Video and Letv.com to block peer, Youku.com Inc (NYSE: YOKU), from their search results. Tudou and Youku brought legal actions against each other last month over copyright issues. Youku has not commented.

PetroChina, Royal Dutch JV Gas Output Sets Record
The natural gas project by PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857) and Royal Dutch Shell Plc (NYSE: RDS.A) produced a record 3.5 billion m3 of natural gas in 2011, up from 3.48 billion m3 in 2010. It has rolled out 18.33 billion m3 of natural gas since it became operational in 2005. The project is expected to produce a total of 48 billion m3 of natural gas by the end of 2025.

ZTE Smartphone Sales Up 500% in 2011
ZTE Corp (SHE: 000063, HKG: 0763), China's second largest telecom device maker, said it sold over 12 million smartphones in 2011, a fivefold increase from the year before. ZTE’s 4.9% share of the global smartphone market overtook Apple’s 4.3% in Q3 2011.

Green Light Given to CSR’s ¥9b Rights Offer
CSR Corp (SHA: 601766, HKG: 1766), one of China's big two railway equipment manufacturers, said it received regulatory approval to raise ¥9 billion through a private placement plan proposed in September. The money raised will be used to fund projects and replenish capital.

Geely Car Sales Up 1.3% in 2011
Geely Automobile Holdings Ltd (HKG: 0175), China’s biggest privately-owned carmaker, said it sold 47,755 units in December and 421,385 units in 2011, down 15.8% and up 1.3% respectively from the same periods a year earlier. It said it aims to sell 460,000 cars this year.

Industrial Bank Earnings Grow 38%
Industrial Bank Co (SHA: 601166) posted ¥59.76 billion in revenues and ¥25.51 billion in net profits in 2011, up 37.5% and 37.7% respectively from the year before.

Wuliangye Revenue Exceeds ¥20b
Wuliangye Yibin Co (SHA: 00858), a leading distiller of Chinese white liquor, posted ¥20.23 billion in revenues and ¥6.19 billion in net profits for 2011, up 30.1% and 40.9% respectively from the year before. Price hikes and increased sales bolstered the better performance.

$1 = ¥6.32