Baidu Said to Separate Gaming Division
Baidu.com Inc (NASDAQ: BIDU), China's most used search engine, plans to spin off its gaming division for independent operations this year, Baidu Game president Wang Fei said. Baidu's gaming business has attracted more than 100 million players and has great room to expand owing to the parent's rich resources, Wang added.
Xinjiang Goldwind Secures ¥35b Credit Line
Xinjiang Goldwind Science & Technology Co (SHE: 002202, HKG: 2208), China's second largest wind turbine maker by capacity, said its wholly-owned subsidiary, Beijing Tianrun New Energy Co, has signed a deal for a ¥35 billion credit package to phase in throughout 2013 from the State Development bank. The financial resources will support Tianrun's construction of wind farms and help it acquire competitive assets.
Pudong Bank's Lending to Small Firms Rise 32%
Shanghai Pudong Development Bank Co (SHA: 600000) said that it extended ¥981 billion to small and midsized businesses in 2011, up 31.5% from the year before, and that it will continue to increase support for small and midsized businesses this year.
$1 = ¥6.31