Youku Q1 Losses Surge 233%
Youku Inc (NYSE: YOKU), China's largest online video hosting site, posted $42.9 million in revenues and $24.8 million in net losses for Q1 2012. Revenue was up 111% from the same period a year ago, but net losses worsened much more, dropping 233%, after operating expenses skyrocketed 140% year on year to ¥144 million. Youku said its planned merger with Tudou Holdings Ltd (Nasdaq: TUDO), China's second largest video site, would save $50 million in operating costs 12 to 18 months after the new entity is formed.
China Telecom Said to Be Testing Cloud Computing Services
China Telecom Corp (NYSE: CHA, HKG: 0728) has founded its cloud computing division and is testing related services for commercial purposes, a person familiar with the matter said. China Telecom boasts the world's largest landline network and CDMA network, which were serving 170 million and 126 million users respectively as of the end of last year.
eLong Q1 Net Profit Rises 58%
eLong Inc (Nasdaq: LONG), a leading Chinese online travel service provider, posted $24.3 million in revenues and $1.9 million in net profits for Q1 2012, up 23% and 58.3% respectively from the same period a year ago. eLong's network covered 28,000 hotels as of the end of March, up 46% from a year earlier.
Dangdang Plunges into Loss in Q1
E Commerce China Dangdang Inc (NYSE: DANG), a Chinese online B2C retailer, posted $172.1 million in revenues and $15.8 million in net losses for Q1 2012. Revenue was up 58%, and the losses were compared to a $3.1 million net profit during the same period a year ago. Increased spending, which was equivalent to 90% of revenue, and compliance spending pushed Dangdang into negative territory.
BYD, Daimler to Launch Denza in China in 2013
BYD Co (SHE: 002594, HKG: 1211), the Chinese electric car and battery maker backed by Warren Buffett, and Daimler AG, said the Denza, a luxury electric car they specifically developed for China, will hit the market in 2013, and that they are confident the model would snare market share from BMW, Audi or Mercedes-Benz. The car comes with a tablet similar to the iPad. The Chinese government plans to sell a total of half a million electric vehicles by 2015.
Tencent Plans Restructuring
Tencent Holdings Ltd (HKG: 0700), one of China's largest internet firms, said it will reorganize its businesses into six divisions, with focuses on social networking, online gaming and mobile internet services. Tencent is the operator of QQ, China's most used instant messaging tool, as well as a range of online games. Its net earnings were up 2.8% year on year to ¥2.95 billion in Q1 2012.
PICC Eyes Shanghai, HK Listing
PICC, a leading Chinese insurer, is choosing underwriters for its planned dual listing in Shanghai and Hong Kong, chairman Wu Yan said, without revealing a timetable. PICC Property & Casualty Co (HKG: 2328) is a listed unit of PICC, and may face delisting if PICC starts to float as a whole. PICC's net profit exceeded ¥10 billion in 2011, in which ¥8.5 billion came from PICC Property & Casualty Co.
$1 = ¥6.32
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