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Baidu's Partner-Shared Ad Revenue to Double
Baidu Inc (Nasdaq: BIDU), China's dominant search engine, said it expects the fees it shares with website partners to double to ¥2 billion this year on burgeoning online ad sales. The 600,000 website partners in the "Baidu Union" network have helped it attract users and advertising sales, allowing it to overwhelmingly beat Google Inc (Nasdaq: GOOG) in the country, Baidu added.
Chalco Cuts Alumina Output, Prepares Unit IPO
Aluminum Corporation of China Ltd (NYSE: ACH, SHA: 601600, HKG: 2600), also known as Chalco, said it will cut alumina output by 1.7 million tons this year as Indonesia raised taxes on bauxite exports. Chalco said it will cut bauxite imports from Indonesia. Chalco did not reveal how much the 1.7 million tons would equal in proportion of its total output. Separately, China Aluminum International Engineering Corp, a subsidiary of Chalco, has been given regulatory approval for a Hong Kong IPO aimed at raising $200 million.
Renren to Spin Off Gaming Division
Renren Inc (NYSE: RENN), the operator of a leading Chinese social networking site, will likely spin off its gaming division for separate operations in September, according to a person familiar with the matter. After the reshuffle, the gaming division will go for an independent listing, the source said, without offering more details.
Nepstar Q1 Net Profit Falls 41%
China Nepstar Chain Drugstore Ltd (NYSE: NPD), a leading retail drugstore chain in China, posted ¥625.8 million in revenues and ¥7 million in net profits for Q1 2012, up 1.3% and down 40.7% respectively from the same quarter a year ago. Rising labor and rental costs were blamed for the drop in earings.
Fosun Stirs Up Dispute with Soho Over Shanghai Property
Fosun International Ltd (HKG: 0656), a Shanghai-based conglomerate, said it filed a civil suit to protect its right to acquire a piece of land near Shanghai's prestigious Bund against property developer Soho China Ltd (HKG: 0410), the Wall Street Journal reported. Fosun International owns half of the location, but the other half was sold last year to Soho by units of Fosun's former partners, Greentown China Holdings Ltd (HKG: 3900) and Shanghai Zendai Property Ltd. Fosun claims the land parcel should have been offered to it first.
Shanghai Chengtou Offers ¥2.5b Bonds for Public Housing
Shanghai Chengtou Holding Co (SHA: 600649), a property developer and water supplier, said it plans to issue ¥2.5 billion worth of corporate bonds to fund its public housing projects in suburban Shanghai. The company said it will place the bonds with designated buyers, without revealing their names. The bonds will have a three-year maturity.
Minsheng Bank to Lend Small Firms ¥150b
China Minsheng Banking Co (SHA: 600016, HKG: 1988), the nation's first non-state lender, said it plans to issue ¥50 billion worth of financial bonds annually and use the money raised to support the growth of small businesses between 2012 and 2014.
$1 = ¥6.34
@2011 China Economy @ The China Perspective.
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