Qihoo 360 Said to Make Foray Into Search Market
Qihoo 360 Technology Co (NYSE: QIHU), a leading Chinese computer security software developer, is poaching talents from competitors to explore the search market, people with knowledge of the matter said. Market watchers cast doubt over the rumor as Qihoo's chairman Zhou Hongyi previously said it was focusing on developing self-branded budget smartphones.
China Finance Online Swings to Loss
China Finance Online Co (Nasdaq: JRJC), a Chinese provider of online financial information and services, posted $9.1 million in revenues and $1.3 million in net losses for Q1 2012, down from $15 million in revenues and $1.4 million in net profits in Q1 2011. China's stock market, one of the most underperforming in the world during Q1 2012, and weak demand for paid securities analysis software were blamed for the worse performance.
China Life Buys ¥1.7b Properties
China Life Insurance Co (NYSE: LFC, SHA: 601628, HKG: 2628), the nation's biggest insurer by premium income, said it plans to spend ¥1.7 billion buying properties from China Life Investment Holding Co to offer office and business space for China Life Insurance's subsidiaries. The properties cover a combined 803,400m2. The two companies have the same parent.
BYD Slashes Payroll 14%
BYD Co (SHE: 002594, HKG: 1211), the Chinese electric car and battery maker backed by Warren Buffett, said it will cut its appraisal-based compensation by 14% on average from June through September. It is estimated the move will save the cash-strapped company ¥240 million. BYD's net profit slumped 90% year on year to ¥27 million in Q1 2012.
ZTE Aims to Be World's No 3 phone maker by 2015
ZTE Corp (SHE: 000063, HKG: 0763), China's second largest telecom device maker, plans to sell 35 million smartphones this year and become the world's third largest handset maker by the end of 2015, ZTE strategy chief Ryu Chienhao said. The company shipped 15 million phones last year, most of them in Asia. The latest plan will prompt ZTE to make higher-end products for the US market, Chienhao said. ZTE's shipments surged to 19.8 million units in Q1 2012, capturing a 4.8% global market share, according to IDC.
Bright Dairy Recalls Milk
Bright Dairy & Food Co (SHA: 600597) is recalling some of its milk believed to be contaminated by alkaline water during regular maintenance on June 25. The incident deals another blow to China's safety scandal-ridden dairy industry.
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