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Baidu to Offer Cloud-Backed Smartphone
Baidu Inc (Nasdaq: BIDU), China's dominant search engine, said it will launch a smartphone co-developed with a handset maker next week, vice president Wang Jin said on the sidelines of an industry forum. The phone to be powered by Baidu's cloud technology will be pitted against foreign mobile internet service providers. China had over 300 million customers in this market as of the end of 2011.
Sinopec Seeks to Buy More N American Resources
Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386), China's largest oil refiner, is in talks with American and Canadian companies for acquisition of unconventional oil and gas resources, Sinopec chairman Fu Chengyu said. Sinopec is negotiating with more than just Chesapeake Energy Corp (NYSE: CHK), from which CNOOC Ltd (NYSE: CEO, HKG: 0883), one of Sinopec's rivals, recently bought its shale gas equities in the US. Separately, Sinopec sold $3 billion of debt in its first dollar-denominated bond sale since 1996.
Ctrip Takes Stake in Luxury Travel Service Provider
Ctrip.com International Ltd (Nasdaq: CTRP), China's biggest online travel service provider, has purchased a stake in HHtravel from TM Group and plans to list the travel agency in the future, HHtravel CEO Guo Ming told Yicai.com, without revealing details. HHtravel offers high-end tourism products that are priced at least ¥100,000, and receives 4,000 to 5,000 orders from mainland China and Taiwan per year. TM Group was founded four years ago by the executives of major Chinese internet firms and does business in the tourism, media and healthcare industries.
Chalco to List Peruvian Copper Unit
Aluminum Corporation of China Ltd (NYSE: ACH, SHA: 601600, HKG: 2600), the country's biggest producer of the metal, may start a $1 billion initial share sale this month in Hong Kong of its Peruvian copper mining unit, Chinalco Mining Corporation International, Bloomberg reported, citing two people with knowledge of the matter. The IPO will probably raise $800 million to $1 billion.
China Mobile Builds ¥12b R&D Facility in Inner Mongolia
China Mobile Ltd (NYSE: CHL, HKG: 0941) broke the ground for a data processing and cloud computing center in Hohhot, the capital of Inner Mongolia Autonomous Region. The facility, estimated to cost ¥12 billion, will capitalize on the region's power and climate resources to serve northern China.
Ping An Premium Incomes Total ¥91.6b Jan-Apr
Ping An Insurance Group Co of China (SHA: 601318, HKG: 2318), the nation's second biggest insurer, said its premium incomes added up to ¥91.6 billion in the first four months of 2012, including ¥56.91 billion from life and casualty insurance and ¥32.3 billion from property insurance. No historic numbers were given for comparison.
Xiangeqing to Open 500 Wish Doing Restaurants in 3 Years
Beijing Xiangeqing Co (SHE: 002306), the first and one of the few listed restaurant chains in China, said it plans to open 500 Wish Doing Chinese fast food restaurants nationwide in the next three years. Wish Doing is a brand operated by Shanghai Qi Ding Food Development Co, in which Xiangeqing bought a 90% stake for ¥135 million in April. Qi Ding posted ¥140 million in revenues and ¥17.96 million in net profits last year.
$1 = ¥6.31
@2011 China Economy @ The China Perspective.
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