Sina Cautions Vetting Weibo ID Will Hurt
The government's requirement to verify the identities of users of Sina Corp's (NASDAQ: SINA) microblogging service is detrimental to the company managing the platform, Sina managing director Cao Guowei said in a teleconference. But despite this, Weibo, as the service is known in Chinese, will play a leading role in generating profits for Sina this year, according to Cao. Sina's Weibo currently has over 300 million users and sees over 100 million postings a day. Separately, Sina posted $9.3 million in net earnings for Q4 2011, turning around from $100 million in the red during the same period a year earlier.
Huaneng Power Gets Nod for ¥2.6b Gas Power Plant
Huaneng Power International Inc (NYSE: HNP, SHA: 600011, HKG: 0902), China's largest listed electricity producer, said it has been approved to build a ¥2.66 billion natural gas power plant in Yunnan province. Huaneng said 80% of the funding for the project will rely on bank loans.
Dabeinong Announces ¥618m Worth of Projects
Beijing Dabeinong Technology Group Co (SHE: 002385), a leading feed and seed producer, said it plans to spend ¥224 million building four pig feed plants with a combined annual capacity of 540,000 tons, ¥93.78 million acquiring an assembly line capable of producing 60,000 tons of feed per year and ¥300 million building an animal vaccination plant.
Rainbow's Net Profit Rise 18%
Rainbow Department Store Co (SHE: 002419) posted ¥13.03 billion in revenues and ¥573 million in net profits for 2011, up 28.1% and 18.3% respectively from the year before. It opened eight stores in China last year.
$1 = ¥6.3