Qihoo 360 Offers Online Q&A Service
Qihoo 360 Technology Co (NYSE: QIHU), a leading Chinese computer security software developer, launched an online service that can fix software problems, according to president Qi Xiangdong. Qihoo 360 Computer Experts will respond to questions based on the most relevant solutions from its massive database. Qihoo 360's internal data show 85% of computer users' problems in China are related to software.
SMI, Beijing Govt to Build JV Plant
Semiconductor Manufacturing International Corp (NYSE: SMI, HKG: 0981), China's biggest chipmaker, said it will work with the Beijing city government to establish a plant capable of producing 70,000 12-inch wafers per year, without revealing financial details. It said a partnership with the Beijing government will help achieve economies of scale and therefore cut production costs.
Sinopec Builds First Shale Gas Project
Sinopec Group, the parent of China's largest refiner Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386), said it has begun building its first shale gas project in the country. The project, situated in Fuling disctrict of Chongqing, aims to roll out one billion m3 of shale gas per year by the end of next year.
China Unicom Steps Up Online Marketing
China Unicom Ltd (NYSE: CHU, SHA: 600050, HKG: 0762) plans to raise its share of online sales to 30% of total revenue by 2014, said Zong Xinhua, the head of its e-commerce division. The company generated ¥23 billion in online sales revenue from over 100 million registered users last year.
Falling Ad Revenue Puts Renren in the Red
Renren Inc (NYSE: RENN), the operator of a leading Chinese social networking site, posted $32.1 million in revenues and $13.6 million in net losses for Q1 2012. The revenue was up 56.1% while the losses deteriorated from a $2.6 million net loss from the same period a year ago due to plunging ad revenues.
Commitment to Quality Will Hinder Growth: Vanke
China Vanke Co (SHE: 000002) will probably lose its title as the nation's top property developer by revenue as it continues to improve quality, which will definitely hold back its growth, chairman Wang Shi said. Vanke sold 10.75 million m2 in floor space valued at ¥121.54 billion last year, generating a ¥9.62 billion net profit.
Suning Activates Online Sales of Liquor
Suning Appliance Co (SHE: 002024), China's largest chain store by revenue, launched a liquor section at e-commerce arm Suning Yigou, offering 700 different kinds of Chinese baijiu and wine from over 160 brands.
$1 = ¥6.31