Tudou Reports Bigger Annual Loss
Tudou Holdings Ltd (NASDAQ: TODU), a leading Chinese online video site, posted ¥510 million in net losses in 2011, extending the ¥350 million loss seen a year earlier as its broadband expenses more than doubled to ¥169 million and costs for copyrighted contents surged. Tudou captured a 13.7% share of ad revenue from China's online video hosts in January, well below industry leader Youku's (NYSE: YOKU) 21.8%, according to Analysys International.
Sinopec's Daily Oil Imports from Syria Rise to 100,000 Barrels
China National United Oil Corp, a subsidiary of Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386), said it agreed to buy 100,000 barrels of oil a day from Syria through the end of 2012, according to people with knowledge of the deal. The company's imports of Syrian oil fell to 52,000 barrels a day last year due to the local civil war.
Hanting Inns's Network Covers All Mainland
China Lodging Group Ltd (NASDAQ: HTHT), a budget hotel operator commonly known as Hanting Inns, has expanded its coverage to all the regions in mainland China after opening its first location in Lhasa, Tibet, chairman Ji Qi said. The company is expected to have a presence in 120 cities by the end of this year and is seeking franchise operators from Taiwan, Hong Kong and Macau, Ji added.
Industrial Bank Said to Plan rmb25b Rights Offer
Industrial Bank Co (SHA: 601166) is considering raising ¥25 billion from a private placement, a person familiar with matter told the 21st Century Business Herald. Among the prospective subscribers are People's Insurance Co Group of China Ltd and China Tobacco Corp, the source said.
Bright Dairy Ups Prices by 3%
Bright Dairy & Food Co (SHA: 600597), a leading dairy supplier in Shanghai as well as Zhejiang and Jiangsu provinces, raised its prices by 3% on average as China's dairy industry faces rising raw material, logistics and labor costs.
Northeast Securities Posts First Loss Since Floatation
Northeast Securities Co (SHE: 000686) posted ¥152 million in net losses for 2011 as opposed to a ¥527 million net profit in the year before. The overall bad performance of China's stock market was blamed for the brokerage's first annual loss since it went public five years ago. Its revenues slid 52.4% to ¥810 million.
$1 = ¥6.29