Rovio in Talks with Chinese Web Giants for Local Commitment
Rovio Entertainment Oy, creators of the Angry Birds mobile phone game, said it is in talks with Chinese companies to attract players in the world's biggest internet market, Bloomberg reported, citing Henri Holm, senior vice president at Rovio Asia. Among the Chinese firms approached by the Finnish company are Tencent Holdings Ltd (HKG: 0700), Sina Corp (NASDAQ: SINA), Youku Inc (NYSE: YOKU), Qihoo 360 Technology Co (NYSE: QIHU), Baidu Inc (NASDAQ: BIDU), Sohu.com Inc (NASDAQ: SOHU) and Renren Inc (NYSE: RENN). Rovio has recorded more than 100 million downloads for the Angry Birds game in China.
Eastern Airlines to Sell "Air Plus Rail" Tickets
China Eastern Airlines Corp (NYSE: CEA, SHA: 600115, HKG: 0670), the nation's second largest carrier by passenger traffic, reached an agreement with Shanghai's railway authority to sell "air plus rail" tickets, which will be cheaper than when sold separately. They also agreed to cooperate in logistics and tourism services.
Huaneng Power Posts Moderate Growth
Huaneng Power International Inc (NYSE: HNP, SHA: 600011, HKG: 0902), China's largest listed electricity producer, produced 76.17 billion kW hours of electricity and sold 71.82 billion kW hours in Q1 2012, both up 1% from the same period a year ago.
Oil Duo Trim Crude Output on Equipment Maintenance
PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857) and Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386) plan to process a combined 28.7 million tons of crude oil in April, down 2.2% from March, as some of their equipment will be examined during the month, Oilchem.net reported.
Suning's ¥5.5b Private Placement Greenlighted
Suning Appliance Co (SHE: 002024), China's largest chain store by revenue, has been approved to raise ¥5.5 billion from a private placement. The money will be used to build stores and dispatch centers and to upgrade its information systems. Suning plans to expand into 39 new cities and open 416 stores this year.
Sinovel Signs Turkey Contract
Sinovel Wind Group Co (SHA: 601558), China's biggest wind turbine maker, sealed a deal to sell 600MW wind turbines to Turkey's Agaoglu Group. Sinovel is expected to build factories in Turkey in the next three years.
Metersbonwe Shuts Down Prime-Location Outlet
Shanghai Metersbonwe Fashion & Accessories Co (SHE: 002269), a leading Chinese clothing retailer, closed its 2,000m2 flagship store in downtown Shanghai not long before its opening. Continuous losses led to the closure and there is no way the outlet will be reopened, an unnamed Metersbonwe official said, withing giving details.
$1 = ¥6.3