NetEase.com (NASDAQ: NTES) posted ¥1.4 billion ($1 = ¥6.6) in revenue and ¥585 million in net profit for Q3 2010, up 59.3% and 48.5% year on year respectively. Ad revenue totaled ¥162 million, compared to ¥146 million in Q2 2010 and ¥86 million in Q3 2009. The decline in gross margin of its gaming division, which was 72% compared to 71.3% for Q2 2010 and 79.9% for Q3 2009, was due to the royalty for operation of Blizzard Entertainment’s World of Warcraft.
China Huiyuan Juice Group Ltd (HKG: 1886), an industry leader, said Wednesday its largest fruit and vegetable juice plant with 520,000 tons in annual capacity has become operational in Laiwu, Shandong province and it will run full capacity by the end of the year.
Aluminum Corporation of China (NYSE: ACH, SHA: 601600, HKG: 2600) has agreed to partner with Qinghai Provincial Bureau of Nonferrous Metal and Geological Exploration for a ¥1.6 billion ($1 = ¥6.6) metal mining project in Galinge. Chinalco will cover 80% of the investment.
Guangxi Liugong Machinery Co (SHE: 000528) said it has signed a deal with Poland’s Huta Stalowa Wola SA to buy out its subsidiary Dressta as a gateway to Eastern Europe and then the entire continent. HSW is a Polish government backed military and machinery manufacturer.
Huaneng Power International Inc (NYSE: HNP, SHA: 600011, HKG: 0902), China's largest listed power producer, said its ¥495 million wind power station in Dalian, Liaoning province has won regulatory approval. 80% of the funds will be financed from banks.
Li Ning (HKG: 2331), a leading Chinese homegrown sportswear brand, said it is reshuffling its distribution network by merging small retailers into bigger ones that can run a bigger stores. It currently has 129 distributors and over 2,000 retailers. Of the 2,000-odd retailers, 1,756 run just one store.
China Resource Enterprises Ltd (HKG: 0291) is considering acquiring 11,000 gas station convenient stores owned by PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857). Some of the stores are uSmile.
Baoshan Iron & Steel Co (SHA: 600019) has formed a partnership with Taiwan’s China Steel for associated operations in investing in overseas iron ore. It is rare for a mainland steelmaker and a Taiwan steelmaker to cooperate.
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