Zhejiang Media Buys Gaming Sites from Shanda
Zhejiang Daily Media Group Co (SHA: 600633) said it plans to spend a total of ¥3.49 billion acquiring two online game operators from Shanda Interactive Entertainment Ltd, which has just delisted from the Nasdaq. Shanda has separate divisions listed in the US. Gameabc.com, one of the target operators, is one of the biggest online board game sites in China and posted ¥144 million in net profits in 2011. Cgr.com.cn, the other target gaming platform, posted ¥15.39 million in net profits last year.
Poly Contract Value Nears ¥1b in March
Poly Real Estate Group Co (SHA: 600048), China's second largest property developer by market value, sold 1.44 million m2 in floor space valued at ¥14.87 billion in Q1 2012, up 9% and 6.1% respectively from the same period a year earlier. In March alone, it sold 936,100 m2 in floor space valued at ¥9.74 billion, up 55.1% and 47.3% year on year respectively.
Guangzhou Auto Unveils Green Car Plan
Guangzhou Automobile Group Co (HKG: 2238) will be able to produce and sell 200,000 clean energy-powered vehicles annually by the end of 2015, chairman Zhang Fangyou said at an international auto forum.
Hisense Net Profit Surges 102%
Hisense Electric Co (SHA: 600060), a leading home appliance maker, posted ¥23.5 billion in revenues and ¥1.69 billion in net profits for 2011, up 10% and 102% respectively from the year before. Staying advantageous in emerging markets and breakthroughs in developed countries helped boost earnings, the company said, without revealing financial details for those markets.
$1 = ¥6.3