Bona Film Teams Up with Hollywood
Bona Film Group Ltd (Nasdaq: BONA), a Chinese film distributor, is in talks with four Hollywood studios about co-producing movies for international distribution, the Wall Street Journal reported, citing Bona CEO Dong Yu. He said the studios include Comcast Corp's (Nasdaq: CMCSA) Universal Pictures, Sony Corp (NYSE: SNE), News Corp's (Nasdaq: NWSA) Twentieth Century Fox, and Viacom Inc's (Nasdaq: VIAB) Paramount Pictures. China's booming movie market generates over $2 billion in annual box office revenue and is expected to reach $5 billion by 2015, according to the Chinese government, which recently increased the number of foreign films allowed to be screened in the country each year to 34 from 20.
Southern Airlines Plans Debt Cuts
China Southern Airlines Ltd (NYSE: ZNH, SHA: 600029, HKG: 1055), the nation's biggest carrier by passenger traffic, said it plans to use government subsidies to reduce liabilities. It also said it plans to place additional shares with its parent, China Southern Air Holding Co, without revealing details.
China Natural Resources Considers Spinning Off Mining Division
China Natural Resources Inc (Nasdaq: CHNR) said its board has made a preliminary agreement to explore a possible spinoff and overseas stock exchange listing of the company's coal mining operations. The proposed spinoff and listing is expected to include the offering of ordinary shares that will not be registered under the Securities Act of 1933, as amended. No timetables were disclosed.
Lenovo Steps Up LePhone Business
Lenovo Group Ltd (HKG: 0992), China's biggest personal computer maker, plans to launch over 20 LePhones in the coming 12 months and aims to increase the smartphone's Chinese market share to 15%, Lenovo vice president Chen Xudong told Yicai.com. The company will work with China Mobile Ltd (NYSE: CHL, HKG: 0941), China Unicom Ltd (NYSE: CHU, SHA: 600050, HKG: 0762) and China Telecom Corp (NYSE: CHA, HKG: 0728), the nation's top three wireless carriers, to develop and sell handsets. The LePhone currently controls 10% of China's smartphone market. Chen also said that Lenovo will invest in developing high-end phones to be priced above ¥3,000.
Vanke Posts Strong Sales for May
China Vanke Co (SHE: 000002), the nation's biggest property developer, said it sold 1.03 million m2 in floor space valued at ¥10.72 billion in May, up 33.6% and 44.1% respectively from a year earlier. During the first five months, it sold 4.8 million m2 fetching ¥49.22 billion.
$1 = ¥6.33