Baidu Q4 Earnings Beat Forecast
Baidu.com Inc (NASDAQ: BIDU), the dominate search engine in China, posted ¥4.47 billion in revenues and ¥2.05 billion in net profits for Q4 2011, up 82.5% and 76.9% year on year respectively, both higher than previously expected. Increased ad revenue was credited for the good performance. For the whole of last year, its net profit surged 88.3% from a year earlier to ¥6.64 billion. Separately, Baidu is preparing to open an office in Sao Paulo, Brazil, to crack Latin American markets.
China Unicom's 2011 Revenue Tipped to Rise 23%
China Unicom Ltd (NYSE: CHU, SHA: 600050, HKG: 0762) expects it revenue to grow 22.7% to ¥216.6 billion in 2011, a well-informed source said. The growth was much faster than the national average, which was 10%, and pushed up revenue from China's telecommunications services to ¥988 billion last year. China Unicom was serving 160 million 2G customers and 40 million 3G customers as of the end of 2011.
Shanda to Ramp Up Development of Cellphone Gaming
Shanda Games Ltd (NASDAQ: GAME) will increase investment in cellphone-based games and plans to launch two such games in Q2 2012, people familiar with the matter said.
China Life Insurance Jan Premium Up 12%
China Life Insurance Co (NYSE: LFC, SHA: 601628, HKG: 2628), the nation's biggest insurer by premium income, said its premium income totaled ¥49.1 billion in January, up from ¥43.9 billion a year earlier.
Saic Contributes to Huge Renminbi Fund
Saic Motor Corp (SHA: 600104), China's biggest automaker by output, said its wholly-owned subsidiary, Saic Equity Investment Co, plans to contribute ¥2 billion to Sailing Capital International, China's largest Renminbi-denominated fund backed by the Shanghai and central governments. The ultimate size of the fund is expected to hit ¥150 billion.
Faw to Build ¥1.5b Mazda Workshop
Faw Car Co (SHE: 000800) said it plans to invest ¥1.5 billion building an assembly line to produce Mazda models to enrich its product lineup and increase profitability. The investment is expected to take 6.4 years to recoup costs.
$1 = ¥6.3