China United Network Communications Group Co, the parent of China Unicom Ltd (NYSE: CHU, SHA: 600050, HKG: 0762), has launched the operating system of the Wo Phone, its self-branded smartphone. It placed orders with Samsung Electronics, Motorola Mobility Holdings, HTC and four other companies to manufacture one million handsets based on the system that are expected to hit the market later this month.
Youku.com (NASDAQ: YOKU), China's largest online video site, posted ¥387.1 million in net income and ¥204.7 million in losses for 2010, up 152% and 12% respectively from the year before.
Aluminum Corporation of China (NYSE: ACH, SHA: 601600, HKG: 2600) posted ¥121 billion in revenues and ¥778 million in net profits for 2010, up 92.19% and compared to ¥7.25 billion in losses a year earlier. The company produced 10,130 tons of alumina last year, up 30.3% from 2009.
Sinopec Group, the parent of Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386), said it has formed a strategic partnership with Bank of Communications Co (SHA: 601328, HKG: 3328), China's fifth largest lender. It did not offer details.
Mindray Medical International Ltd (NYSE: MR), a leading global medical device developer, manufacturer and marketer based in China, posted $704.3 million in net revenues and $155.5 million in net income for 2010, up 11.1% and 11.7% respectively from a year earlier.
$1 = ¥6.57