China Unicom, China Telecom to Offer iPhone 5
China Unicom Ltd (NYSE: CHU, SHA: 600050, HKG: 0762) plans to begin selling the iPhone 5 in China in three months as long as everything goes according to plan, deputy general manager Li Gang said. The company and Apple Inc (Nasdaq: APPL) have signed an agreement over the release of the new smartphone and they are waiting for regulatory approval, according to Li. Separately, a spokesperson from China Telecom Corp (NYSE: CHA, HKG: 0728) said it would follow China Unicom in the sale of the iPhone 5.
Dangdang Sets Up Life Service Division
E Commerce China Dangdang Inc (NYSE: DANG), a Chinese online B2C retailer, said it has founded a new department to offer everyday life services, such as cellphone recharging, group-buy deals and online travel services. The new department, which currently has 100 employees, is to roll out a new service each month, a person familiar with the matter said.
China Life Premiums Exceed ¥229 Jan-Aug
China Life Insurance Co (NYSE: LFC, SHA: 601628, HKG: 2628), the nation's biggest insurer by premium income, said its premium incomes totaled ¥229.3 billion in the first eight months of 2012. In August alone the company collected ¥26 billion in premium incomes.
Li Ning Shuts Its Only Store in HK
Li Ning Co (HKG: 2331), China's largest homegrown sports apparel retailer, has pulled out of Hong Kong to focus its business on mainland China, InsideRetail.Asia reported, citing an unnamed employee from the company, who confirmed the closure of its only Hong Kong store in Tsim Sha Tsui. The store was opened in 2009 and has failed to meet profit expectations. Li Ning is also undergoing massive closures on the mainland. Li Ning's net profit plunged 84.9% in 1H 2012.
Fosun Pharma to Raise $600m from HK IPO
Shanghai Fosun Pharmaceutical Group Co (SHA: 600196) said it plans to raise $600 million from a Hong Kong initial public offering scheduled in mid-October. The company said it would spend the money on medical research and hospital acquisitions in second and third-tier Chinese cities.
Huawei, ZTC Facing US Congressional Grilling
Executives from Huawei Technologies Co and ZTE Corp (SHE: 000063, HKG: 0763), two leading Chinese telecom device makers, denied charges that they pose a security risk to the US in a public hearing of the House of Representative's intelligence committee, the Financial Times reported. Huawei and ZTE have been criticized for allegedly stealing trade secrets from US companies and presenting security threats to critical US telecom infrastructure. Charles Ding, Huawei's vice president, and Zhu Jinyun, ZTE's senior vice president for North America and Europe, stressed their companies' independence from China's government at the hearing.
Beiqi Foton to Spend $300m on Brazilian Plant
Beiqi Foton Motor Co (SHA: 600166), a leading Chinese truck maker, will invest $300 million building a plant in the Brazilian state of Bahia, the local government said. The factory, Beiqi's first in the South American country, is expected to become operational next year and produce 30,000 vehicles annually by 2017, according to Foton Motors do Brazil.
$1 = ¥6.32