Vancl.com, a leading Chinese clothing e-tailer, plans to raise $1 billion from a US IPO in Q4 2011, Thomson Reuters reported. The amount is likely to be the largest ever of a Chinese Internet company's initial stock sale. Vancl was founded in 2007 and has lured funding from IDG, Ceyuan Ventures, SAIF Partners and Qiming Venture Partners. Its CEO Chen Nian said earlier this week that he expected the site's revenue to triple to ¥2 billion this year.
A former employee of Ku6 Media Co (NASDAQ: KUTV), an online video site owned by Shanda Interactive Entertainment Ltd (NASDAQ: SNDA), has called on the Haidian District Labor Bureau in Beijing to investigate Ku6's recently planned dismissal of 20% marketing staff. The impact of the layoffs has led to several advertisers questioning Ku6's stability and considering terminating contracts and demanding compensation.
China Unicom Ltd (NYSE: CHU, SHA: 600050, HKG: 0762) offered a cheaper iPhone package amid rising competition with larger rival China Mobile Ltd (NYSE: CHL, HKG: 0941) in the world's biggest wireless phone market. China Unicom started offering a ¥66 monthly plan for the iPhone compared to the previous lowest-priced package at ¥96 a month.
The9 Ltd (NASDAQ: NCTY), a Shanghai-based online game developer and operator, said that it has participated in first-round funding totaling $23 million for US social game developer and operator Crowdstar, alongside Intel Capital, Time Warner and NV Investments. The9 CEO Zhu Jun said that the company's investment in Crowdstar follows its key strategic investments in online game developer Red 5 Studios and California-based mobile game developer and platform operator Aurora Feint. Zhu added that The9 is in serious discussions with Crowdstar to introduce its most successful Facebook social games to the China market, and to cooperate with Crowdstar on mobile social games.
China Southern Airlines Ltd (NYSE: ZNH, SHA: 600029, HKG: 1055) said it has boosted its registered capital to ¥9.818 billion from ¥8.003 billion, and it will launch the Guangzhou-Amsterdam service on June 7.
KongZhong Corporation (NASDAQ: KONG), a leading Chinese provider of digital entertainment services, posted $39.5 million in revenues and $0.46 million in net losses for Q1 2011.
Focus Media Holding Ltd (NASDAQ: FMCN), China's largest out-of-home lifestyle community digital media group, posted $146.6 million in revenues and $20.5 million in net profits for Q1 2011, compared to $96.8 million in revenues and $0.95 million in the red the same period a year ago.
$1 = ¥6.49