Youku.com Inc (NYSE: YOKU), China's top online video site, had the largest gain for a US IPO in 5 years after its debut soared 161% to $33.44 completing a $203 million stock sale. Youku had attracted $160 million in venture capital funding in 6 rounds of fundraising.
CNOOC Ltd (NYSE: CEO, HKG: 0883), China's biggest offshore petrol energy explorer, has signed an accord with Australia's Exoma Energy Ltd for a 50% direct investment in a coalbed methane project in Queensland's Galilee Basin. It is the first time CNOOC steps into onshore unconventional gas exploration overseas. CNOOC's Galilee Gas Co will invest $49 million in the project. Exoma's potential reserves of coalbed methane and shale gas are estimated to be 2.83 trillion m3.
7 Days Group Holdings Ltd (NYSE: SVN), a leading Chinese budget hotel chain, opened its 500th hotel in Shaanxi provincial capital Xi'an, becoming the nation's second of its kind to operate 500 hotels. It has another 200 plus hotels under construction across China. Home Inns & Hotels Management Inc (NASDAQ: HMIN), the market leader, is operating 750 hotels and another 250 under construction.
PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857) said Wednesday its overseas capacity would reach 85 million tons of oil equivalent and its overseas oil processing capacity would reach 10.1 million tons by the end of 2010.
China Gerui Advanced Materials Group Ltd (NASDAQ: CHOP), a leading high precision, cold-rolled strip steel producer, expects its $252 million in revenues and $48 million in net income for fiscal year 2010. For fiscal year 2011, it expects revenues of between $330 million and $345 million, gross profit of between $115 million and $120 million, net income of between $70 million and $75 million, and capital expenditures to complete its previously announced expansion plan of between $12 million and $15 million.