China Corporate News: Baidu to Share Revenue with Apple on iPhone Deal; CNOOC Builds ¥10b Lube Oil Plant

Baidu to Share Revenue with Apple on iPhone Deal
Baidu Inc (Nasdaq: BIDU), which processes about 80% of China's web searches, said Apple Inc (Nasdaq: APPL) will be entitled to a share of advertising sales after Baidu was added as part of a software upgrade for the iPhone series in China, Bloomberg reported. The agreement with Apple follows similar accords between Baidu and handset manufacturers that use Google Inc's (Nasdaq: GOOG) Android operating system, Baidu said, without disclosing the financial details. Apple said earlier this week it will offer Baidu as an option for iPhone and iPad customers and add Chinese language support for its Siri voice technology.

CNOOC Builds ¥10b Lube Oil Plant
CNOOC Ltd (NYSE: CEO, HKG: 0883), China's biggest offshore energy explorer, said construction has begun on a ¥10.2 billion lubricant oil plant in Taizhou, Jiangsu province. The project is expected to become operational by the end of 2015 and generate ¥30 billion in revenues per year.

China Life Premiums Top ¥154b Jan-May
China Life Insurance Co (NYSE: LFC, SHA: 601628, HKG: 2628), the nation's biggest insurer by premium income, said its premium incomes totaled ¥154 billion between January and May, without making comparison with historic figures.

More Rain Boosts China Hydroelectric Performance
China Hydroelectric Corporation (NYSE: CHC), a Chinese developer of small hydroelectric power projects, posted $22.5 million in revenues and $800,000 in net profits for Q1 2012. Thanks to above-average precipitations in the provinces of Fujian and Zhejiang, the company's revenue was up 105% year on year, while earnings recovered from a net loss.

China Railway Seals ¥15b Deals
China Railway Group Co (SHA: 601390, HKG: 0039) said its subsidiaries have signed contracts worth a total of ¥14.92 billion. The amount is equivalent to 3.24% of its revenue in 2011.

Yili Recalls Baby Formula Over Excessive Mercury
Inner Mongolia Yili Industrial Group Co (SHA: 600887), China's largest dairy producer by market value, recalled several of its infant formula products after finding abnormal levels of mercury in them. The recalled milk products were made between November 2011 and May 2012. The company's shares fell by the daily 10% limit today.

$1 = ¥6.31