Baidu Expands to Australia
Baidu Inc (Nasdaq: BIDU), China's most used search engine, is preparing to build a representative office in Australia. Dean Capobianco, who formerly led Yahoo Australia's search and marketing team, is helping Baidu with the establishment, and Paul Christy, who was in charge of the strategy and innovation department of Telstra, Australia's flagship wireless carrier, will head Baidu's local office.
Correction: China Search International, which operates under the trade name Baidu International and is authorized to resell on Baidu Inc's behalf, rather than Baidu Inc, is preparing to set up a representative office in Australia.
China Unicom, Samsung to Offer ¥1,000 Phones
China Unicom Ltd (NYSE: CHU, SHA: 600050, HKG: 0762) said it will work with South Korea's Samsung Electronics to launch two smartphones priced ¥1,000 each. No timeframe was revealed. China Unicom released more than 10 such smartphone models with some 11 million shipments in 2011. Data show 90% of the handsets used in China are cheaper than ¥2,000.
Spreadtrum Communications Q1 Net Profit Falls 12%
Spreadtrum Communications Inc (Nasdaq: SPRD), a leading Chinese fabless semiconductor provider, posted $161.1 million in revenues and $24.3 million in net profits for Q1 2012, up 17.5% and down 11.6% respectively from the same period a year ago. The decrease in earnings was primarily due to the decrease in gross profit, which was partially offset by the decrease in operating expenses. Net margin was 15.1%, down from 18.3% in Q4 2011 and 20.1% in Q1 2011.
Vanke Sales Drop from Mar
China Vanke Co (SHE: 000002), the nation's biggest property developer, said it sold 767,000m2 in floor space valued at ¥7.44 billion in April, down 30.2% and 35.4% respectively month on month and up 13% and down 5.8% respectively year on year. Its price per m2 averaged ¥9,700, down 7.5% from the previous month.
R&F Properties Sales Drop from Mar
Guangzhou R&F Properties Co (HKG: 2777) said it sold 207,600m2 in floor space valued at ¥2.89 billion in April, down 11% and 4% respectively month on month and up 23% and 10% respectively year on year. In the first four months of 2012, it sold 752,100m2 fetching ¥9.53 billion, up 41% and 11% respectively from the same time a year ago.
CNR Secures ¥4.2b Deals
China CNR Corp (SHA: 601299), one of the nation's top two railway equipment manufacturers, said it signed ¥4.24 billion worth of contracts lately. The amount is equivalent to 4.75% of its revenue in 2011.
Textile Firms Slowed Profiting in 2011
China's 73 listed textile and apparel makers posted ¥12.47 billion in net profits for 2011, up just 2.2% and much slower than the 29% growth recorded in the year before, statistics show. Their combined revenue rose 15.3% to ¥166.75 billion last year.
$1 = ¥6.27