Baidu Controls 35% of China's Wireless Search
Baidu.com Inc (Nasdaq: BIDU), China's most used search engine, captured a 34.9% share of the nation's wireless search market in 2011, followed by Easou.com's 21% and Tencent Holdings Ltd's (HKG: 0700) Soso.com's 19.7%, according to Analysys International. Google Inc (Nasdaq: GOOG) came in fourth, with a 11% share.
Dangdang Teams Up with Liquor E-Tailer
E Commerce China Dangdang Inc (NYSE: DANG), a Chinese online B2C retailer, said it formed a strategic partnership with Jiuxian.com, a leading B2C liquor retailer. Jiuxian will be the exclusive operator of Dangdang's liquor business, while Jiuxian's prices will be adjusted to match Dangdang's, and Jiuxian will be responsible for logistics and after-sales services. Jiuxian CEO previously said the site hoped to generate ¥2 billion in revenues this year.
Hanting, Suning in Tie-Up
China Lodging Group Ltd (Nasdaq: HTHT), a budget hotel operator commonly known as Hanting Inns, signed a strategic framework deal with Suning Commercial Management Co, a commercial real estate developer owned by Suning Appliance Co (SHE: 002024), China's largest chain store by revenue. When choosing a location, Hanting Inns will prefer projects developed by Suning Commercial Management and this will help Hanting save money on property management, rental and operating costs, Hanting vice president Jin Hui said.
Shanghai GM to Spend ¥7b on Fourth Plant
Shanghai General Motors Co, the joint venture between Saic Motor Corp (SHA: 600104), China's biggest automaker, and General Motors Co (NYSE: GM), will invest ¥7 billion building its fourth plant in Wuhan, Hubei's provincial capital, a person familiar with the matter said. Shanghai GM is building the plant, which is expected to produce 300,000 units per year once operational in 2014, to fulfill its goal of selling two million cars annually by 2015.
Baotou Rare Earth Q1 Net Profit Surges 150%
Inner Mongolia Baotou Steel Rare Earth Group Co (SHA: 600111), China's largest rare earth producer, posted ¥3.57 billion in revenues and ¥1.21 billion in net profits for Q1 2012, up 68.7% and 149.4% respectively from the same period a year ago, bolstered by strong sales and higher prices of rare earth minerals. Its net profit more than tripled to ¥3.48 billion last year.
Everbright Bank Net Profit Rises 41%
China Everbright Bank Co (SHA: 601818) posted ¥46.07 billion in revenues and ¥18.09 billion in net profits for 2011, up 29.7% and 41.4% respectively from the year before. It had ¥1.73 trillion in assets and ¥1.64 trillion in liabilities as of the end of 2011, up 16.8% and 16.7% respectively from a year earlier. Its capital adequacy ratio was 10.57% as of the end of 2011, down 0.45 percentage points from a year earlier.
$1 = ¥6.3