Winner Medical's Profit Slides 24% on Lower Prices
Winner Medical Group Inc (NASDAQ: WWIN), a leading Chinese exporter and retailer of high-quality medical dressings and consumer products, posted $41.3 million in revenues and $2.5 million in net profits for Q1 of its 2012 fiscal year, up 22.6% and down 23.7% respectively year on year. Lower prices of its products in the wake of the austerity measures and debt crisis in Europe – Winner Medical's largest market – were blamed for the decline in earnings.
Alibaba to Buy Back Shares From Yahoo
Alibaba Group Holding Ltd plans to borrow $3 billion to buy back shares of Alibaba.com Ltd (HKG: 1688) held by Yahoo Inc (NASDAQ: YHOO), the Wall Street Journal reported, citing people familiar with the situation. Alibaba.com, which links small manufacturers with buyers around the world, operates China's largest shopping websites: C2C site Taobao.com and B2C site Tmall.com. Yahoo, seeking to free up cash, is trying to pare its 40% holdings in Alibaba Group.
Sinochem to Boost Offshore Oil Capacity
Sinochem Group, the parent of chemical maker Sinochem International Corp (SHA: 600500), said it plans to treble its overseas daily oil and gas capacity to 300,000 barrels and build three production bases in Columbia, Brazil and the Middle East, an employee familiar with matter said. The project is estimated to cost billions of dollars. France's Total SA (NYSE: TOT) said Thursday it agreed to sell its wholly-owned subsidiary TEPMA BV to Sinochem International for $1 billion. TEPMA holds a stake in the Cusiana oilfield in Columbia. The deal is subject to antitrust review.
Sinohydro Halts Sudan Project
Sinohydro Group Ltd (SHA: 601669), a leading hydropower project contractor, said it has suspended a $63.2 million highway project in Sudan after a series of kidnappings of Chinese workers there. The project has been 36.6% completed, and Sinohydro has received $13.31 million.
Suning to Open 400 Stores in 2012
Suning Appliance Co (SHE: 002024), China's largest chain store by revenue, said it plans to open 400 stores this year, including eight in Hong Kong and three in Japan. Suning opened over 400 stores in 2011. It also expected revenue from online sales to increase fivefold this year.
Skyworth Jan TV Sales Drop 24%
Skyworth Digital Holdings Ltd (HKG: 0751), a Chinese TV maker, said it sold 666,800 flat-panel TV sets in January, down 24% year on year. It said the Chinese New Year, which came earlier than usual this year, pushed the high period for TV sales three weeks earlier.
Time Publishing Signs MOU with Opus
Time Publishing & Media Co (SHA: 600551) said it signed a memorandum of understanding with Opus, a London-based media group, for collaboration in typesetting, copyright issues and digital publishing. No concrete details were disclosed.
GCL-Poly, NRG Solar Found JV
GCL-Poly Energy Holdings Ltd (HKG: 3800), China's biggest polysilicon producer, and US-based NRG Solar LLC said they will equally fund the establishment of Sunora Energy Solutions LLC. NRG Solar will develop products for the 50:50 joint venture to manufacture and GCL-Poly Energy will supply 200MW of photovoltaic devices annually to NRG Solar through the end of 2014.
$1 = ¥6.29
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