Baidu Helps Small Firms with Online Marketing
Baidu Inc (Nasdaq: BIDU), China's dominant search engine, reached an agreement with the Beijing city government to set up free websites for some 5,000 local small businesses and to offer online marketing funds to 20,000 local small businesses. Baidu will set aside ¥50 million for the program. It is doing the same in Shanxi and Henan provinces and plans to expand the offer to the rest of China.
Qihoo 360 Develops Budget Smartphones
Qihoo 360 Technology Co (NYSE: QIHU), a leading Chinese computer security software developer, has joined forces with domestic and foreign handset makers to develop self-branded budget smartphones, chairman Zhou Hongyi said. The move came after other Chinese internet firms, including Baidu Inc, Shanda Interactive Entertainment Ltd and Alibaba Group, which have already launched phones under their own names.
NQ to Take 55% Stake in Nation Sky
NQ Mobile Inc (NYSE: NQ), a software-as-a-service provider of consumer-centric mobile internet services focusing on security and productivity, said it plans to acquire 55% of Beijing Nation Sky Technology Co, a leading provider of corporate mobile services. Separately, NQ posted $16 million in revenues and $2.1 million in net profits for Q1 2012, up 109.6% and 28.5% year on year respectively.
Struggling LDK Gets ¥2b Injection
LDK Solar Co (NYSE: LDK), a Jiangxi province-based photovoltaic maker, has received $2 billion in bank loans guaranteed by the provincial and local governments to help it ride out a rough patch, people with knowledge of the issue said. The cash-strapped company is having trouble paying its employees. Its debts surged to $6 billion as of the end of 2011, increasing its liabilities/assets ratio by seven percentage points to 80.6%, a severely alarming level.
Zheng Tu 2 Boosts Giant Interactive Q1 Figures
Giant Interactive Group Inc (NYSE: GA), an online game developer and operator, posted ¥508.8 million in revenues and ¥292.2 million in net profits for Q1 2012, up 26.2% and 11.5% respectively from the same period a year ago. The stronger-than-expected performance was bolstered by Zheng Tu 2, its massive multiplayer online role-playing game.
Poly, Gemdale Post Strong Sales in Apr
Poly Real Estate Group Co (SHA: 600048), China's second largest property developer by market value, said it sold 719,000m2 in floor space valued at ¥9.15 billion in April, up 45.1% and 35.9% year on year respectively. Gemdale Corp (SHA: 600383), another leading property developer, said it sold 177,000m2 in floor space valued at ¥2.27 billion in April, up 39.8% and 28.5% year on year respectively.
$1 = ¥6.28