China Mobile Unveils First NFC Billing Phone
China Mobile Ltd (NYSE: CHL, HKG: 0941) said it has finished developing its first near-field communication (NFC) and TD-SCDMA-backed cellphone which will embed Shanghai Pudong Development Bank Co's (SHA: 600000) billing system. Mass production of the phone will be outsourced to Coolpad, a Shenzhen-based handset maker. The prototype known as the Coolpad 8870 is expected to hit the market in Q3 2012.
Southern Airlines Forecasts 50% Profit Slump
China Southern Airlines Ltd (NYSE: ZNH, SHA: 600029, HKG: 1055), the nation's biggest carrier by passenger traffic, said it expects its 1H net profit to fall 50% as demand turned out weak and aviation fuel prices rose. The decline would also include foreign exchange exposure from a depreciating Chinese currency against the greenback. The airline posted a ¥2.76 billion in net profit for 1H 2011.
Tudou COO Quits
Tudou Holdings Ltd (Nasdaq: TUDO), a leading Chinese online video site, said its chief operating officer Evelyn Wang has resigned, without disclosing reasons. Wang joined Tudou in 2007 as vice departmental manager for sales and marketing, and was promoted to the COO position in March 2010, reporting directly to CEO Gary Wang. The resignation comes as Tudou is working with Youku Inc (NYSE: YOKU), the industry leader, for a merger which was announced earlier this year and is expected to be completed by Q3 2012.
Trina Solar Expands to Canada
Trina Solar Ltd (NYSE: TSL), a Chinese manufacturer of solar photovoltaic products, announced the establishment of a new Ontario sales and business development office as the company partners with Silfab Ontario to explore the Canadian market. Fueled by a forward-thinking feed-in tariffs, Ontario has become the second largest state/provincial-level solar photovoltaic market in North American after California.
Pacific Insurance 1H Premium Exceeds ¥90b
China Pacific Insurance Group Co (SHA: 601601, HKG: 2601) said its premium incomes totaled ¥90.4 billion in 1H 2012, including ¥55.2 billion from life and casualty insurance and ¥35.2 billion from property insurance.
State Construction Posts Strong Performance
China State Construction Engineering Corp (SHA: 601668) said its construction division signed ¥512.7 billion worth of contracts in 1H 2012, up 13.8% from the same period a year ago, and that its property division sold 4.4 million m2 in floor space valued at ¥57.6 billion, up 21.9% and 14.5% year on year respectively. Its land reserves increased by 3.78 million m2 to 65.71 million m2 as of the end of June.
$1 = ¥6.32