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The China Report: Weekly Edition - November 6, 2009

Fri, 06 Nov 2009 16:01:48 GMT

Special Report: E-House (EJ) Company Outlook

Fri, 06 Nov 2009 12:27:35 GMT

Online Games: Weekly Update

Fri, 06 Nov 2009 12:01:44 GMT

Vanke October Sales Up 95% YoY

Fri, 06 Nov 2009 11:27:46 GMT

Shenzhen-based real estate developer Vanke (000002.SZ, 200002.SZ) brought in RMB 6.54 billion in October from sales of 608,000 square meters, representing year-on-year growth of 95% and 31%, respectively, the company announced November 6. Sales in the first ten months grew 27.2% year-on-year...

Suntech Exec: BIPV Subsidy Set at RMB 13/W

Fri, 06 Nov 2009 10:49:54 GMT

China is in the process of issuing subsidies of RMB 13 per watt for rooftop-based photovoltaic projects, reports China Business News quoting an executive from module maker Suntech Power Holdings (NYSE:STP). Nationwide, 111 rooftop-based or building-integrated photovoltaic (BIPV) projects...

Wal-Mart Rumored to Sell Trust-Mart stake

Fri, 06 Nov 2009 10:43:37 GMT

Rumors began circulating on November 5 that Wal-Mart (NYSE:WMT) plans to sell its stake in China's Trust-Mart hypermarkets, reports Beijing Business Today. Wal-Mart responded the same day that it holds 35% stake in Trust-Mart and the companies are operating normally, as independent entities, said...

Suning Reduces '09 Expansion Plan By 50 Stores

Fri, 06 Nov 2009 10:41:50 GMT

Home appliance and electronics retailer Suning (002024.SZ) President Sun Weimin said the company aims to reach around 1,150 stores in the next two years, although it has reduced its targeted new openings to just 150 stores, 21st Century Business Herald reported November 6. According to the report,...

Shanda: New "WoooL" Version on 11/6

Fri, 06 Nov 2009 10:41:30 GMT

Shanda (Nasdaq:SNDA) plans to release a new version of its in-house developed MMORPG The World of Legend ("WoooL") on November 6, the company said. The new version will award each player a free pet and virtual item.

Pacific Life Set to Acquire Pension Insurance Stake

Fri, 06 Nov 2009 10:37:26 GMT

The China Insurance Regulatory Commission has approved Shanghai International Group's plan to transfer 19.95% stake, or 114 million shares, in Changjiang Pension Insurance to China Pacific Life Insurance, a subsidiary of China Pacific Insurance (Group) (CPIC) (601601.SH), reports caijing.com.com...

Shanghai Greenland Pockets RMB 1.3b Plot

Fri, 06 Nov 2009 10:36:08 GMT

Real estate developer Shanghai Greenland Group purchased an 85,537-square-meter residential land parcel in Shanghai's Jiading District for RMB 1.28 billion on November 4, reports guandian.cn. Guangzhou-based Poly Real Estate Group (600048.SH) also participated in the bid, said the report. Greenland...

Rumor: Tencent Developing Kid Community

Fri, 06 Nov 2009 10:30:07 GMT

An unnamed insider reports that Tencent (0700.HK) is quietly developing a kid-oriented online community, modeled after U.S. site Club Penguin, reports DoNews. Other online children's communities in China include 51mole.com...

GCL's Poly Production Spikes in Q3

Fri, 06 Nov 2009 10:20:33 GMT

Hong Kong-based power plant operator GCL-Poly Energy Holdings (3800.HK) produced 1,993 metric tons (MT) of polysilicon in the third quarter of 2009, up 253% year-on-year and 68.9% month-on-month. In the first three quarters of the year, polysilicon production volume totaled 4,266MT, up 248% from...

Telenor: Huawei, Starent on Board for Norway Network

Fri, 06 Nov 2009 10:15:26 GMT

Norwegian telecom operator Telenor (OSL:TEL, ETR:TEQ, OTC:TELNY) has selected Starent Networks (Nasdaq:STAR) and Chinese telecom equipment manufacturer Huawei Technology as technology providers for the wireless and mobile core networks that it plans to construct in Norway...

Update: Yingli, Hebei Construction Build Energy Base

Fri, 06 Nov 2009 10:10:18 GMT

A newly established subsidiary of Hebei Construction & Investment New Energy plans to join the government of Hebei's Laiyuan County in investing in five projects, including photovoltaic and wind power projects, nengyuan.net reported November 6. The wind project will receive investment of RMB 1 billion...

UTStarcom Reduces Loss, Sales Continue Slide

Fri, 06 Nov 2009 10:06:46 GMT

IPTV and IP-based broadband solutions provider UTStarcom Inc. (Nasdaq:UTSI) reports a net loss for the third quarter of 2009 of $34.6 million, compared with a loss of $55.9 million in the third quarter last year. The company noted that it incurred charges of $8.9 million related to its restructure...

Update: DunAn Poly Project to Reach 6,000 Tons

Fri, 06 Nov 2009 10:05:38 GMT

Zhejiang DunAn Artificial Environmental Equipment (002011.SZ) has agreed to invest RMB 4.2 billion in a 6,000-metric-ton polysilicon project in Bayannur, Inner Mongolia, in a contract signed with the municipal government, reports nmrb.cn. The project's first 3,000MT phase will break ground on...

Actions Semi Narrows Q3 Loss, Swaps CEO

Fri, 06 Nov 2009 10:05:30 GMT

Fabless semiconductor company Actions Semiconductor (Nasdaq:ACTS) recorded a net loss of $0.6 million in the third quarter ended September 30, compared to a net loss of $0.8 million in the previous quarter and net income of $7.3 million in the year-ago period, the company said November 6. Revenue...

A-Shares Enter Weekend With Hainan-Led Rally

Fri, 06 Nov 2009 10:00:54 GMT

The Shanghai Composite Index extended its weeklong rally on November 5, rising 0.28% to close at 3,164.04, while the Shenzhen Composite Index increased 0.59 to close at 1,123.82. Trading volume on the Shanghai and Shenzhen Stock Exchanges hit RMB 180.95 billion and RMB 116.58 million, respectively. Hainan...

H-Shares Up 1.63%, Banks, Real Estate Positive

Fri, 06 Nov 2009 10:00:00 GMT

The Hang Seng Index grew 1.63% to close at 21,829.72 on November 6, in main board trading volume of HK$64.43 billion. Trading in banking stocks showed strong upward pressure, with Bank of Communications (3328.HK) growing 2.5%, Industrial and Commercial Bank of China (1398.HK) increasing 1.7%, Bank...

Newegg 1st Online Retailer in Old-For-New Subsidy

Fri, 06 Nov 2009 09:55:55 GMT

E-commerce site Newegg.com.cn has become the first online distributor to receive a distribution license to sell household appliances under the government's old-for-new subsidies program, Oriental Morning Post reported November 6. According to the report, newegg.com.cn was one of 20 distributors to receive...

Shanghai Disneyland Spurs Economy Hotel Hopes

Fri, 06 Nov 2009 09:55:47 GMT

Home Inns & Hotels Management Inc. (Nasdaq:HMIN) CEO Sun Jian said the company plans to have at least 10 hotels near The Walt Disney Company's (NYSE:DIS) Shanghai Disneyland project, hc360.com reported citing National Business Daily. According to the report, Home Inns already operates six...

Taiwan's Tatung Builds Mainland Module Plant

Fri, 06 Nov 2009 09:36:03 GMT

Taiwanese manufacturing conglomerate Tatung Company (2371.TW) has broken ground on a 500MW thin-film solar module plant in Weifang, Shandong province, Solarbe.com reported November 6. The project will cost $100 million, the report said.

Software Co Nabs RMB 20m Fortune Venture Funds

Fri, 06 Nov 2009 09:35:54 GMT

Fortune Venture Capital agreed to invest RMB 20 million Zhengcai Software Technology in an agreement signed November 5, reports ChinaVenture. Based in Zhuhai, Guangdong province, Zhengcai Software was established in May 2003 with registered assets of HK$5.75 million.

Huadian Gets Nod for Coastal Wind Project

Fri, 06 Nov 2009 09:10:18 GMT

China Huadian Corporation has received the go-ahead to build the 12MW first phase of a wind project in Zhejiang province's coastal Zhoushan prefecture, the company announced November 5. China Huadian said it plans to expand the project's installed capacity to 37.5MW with a second phase.

Former UTStarcom CEO Invests $3m in B2B Site

Fri, 06 Nov 2009 09:09:11 GMT

CTC Capital partner and former telecom equipment manufacturer UTStarcom Inc. (Nasdaq:UTSI) CEO President and CEO Wu Ying has invested more than $3 million in Shanghai business-to-business (B2B) e-commerce site mymyti.com, National Business Daily reported November 6. Mymyti,com CEO Zhan Songlin...

HiChina Devotes Alibaba Investment to Net Services

Fri, 06 Nov 2009 08:16:47 GMT

Domain name registrar HiChina (www.net.cn) plans to invest RMB 300 million over the next three years in its basic Internet services, report Shanghai Business Today quoting the company on November 4. The funds will come from Alibaba.com's (1688.HK) investment in HiChina, which is mainly being...

Xunlei Releases Game Ranking

Fri, 06 Nov 2009 04:23:02 GMT

Shenzhen-based download software provider Xunlei released an updated online game ranking based on client-end downloads from Xunlei's site gougou.com on November 6. The top ten online games are: Special Force (Operator, Developer: CDC Corp's (Nasdaq:CHINA) CDC Games, Dragonfly) Cross Fire (Tencent...

Metals: Bi-Weekly Update

Thu, 05 Nov 2009 11:49:45 GMT

Evergreen Solar Sends Panel Assembly to China

Thu, 05 Nov 2009 11:21:47 GMT

Evergreen Solar, Inc. (Nasdaq:ESLR) plans to relocate its panel assembly business from Devens, Massachusetts to China in mid-2010, after seeing panel prices drop 30% since mid-2009 due to price competition, Evergreen Chairman, CEO and President Richard M. Feldt said in the company's November 4...

Lenovo Posts $53m Profits

Thu, 05 Nov 2009 10:55:06 GMT

Lenovo (0992.HK) made a net profit of $53.082 million in the quarter ended September 30, 2009, compared with profit of $23.44 million in the same period a year ago, the company announced November 5. The company generated sales of $4.1 billion in the three month period, compared with $4.33 billion...

Australia Approves Wuhan Iron & Steel Investment

Thu, 05 Nov 2009 10:44:02 GMT

Chinese steel giant Wuhan Iron & Steel (Group) Corp (WISCO) received approval from Australia's Foreign Investment Review Board on November 4 to take 15% stake in Australia's Centrex Metals Ltd (ASX:CXM), reports China Business News. Centrex Metals plans to issue A$10.1 million in additional...

Special Report: 7 Days Files IPO Prospectus

Thu, 05 Nov 2009 10:36:05 GMT

Perfect World to OB Latest "Ghostdom" Saga

Thu, 05 Nov 2009 10:33:50 GMT

Beijing-based online game company Perfect World (Nasdaq:PWRD) announced November 5 that it will begin open beta testing of "Mingjie Shengzhan" ("Ghostdom Holy Wars"), a version of its in-house developed 2.5D MMORPG Battle of the Immortals, in December. The version will feature new virtual...

SNS Site Kaixin001 On Revenue, Funding

Thu, 05 Nov 2009 10:26:35 GMT

Beijing-based social networking service site Kaixin001.com has recorded average monthly ad revenue of RMB 7 million but is not yet profitable, reports Sina quoting site CEO Cheng Binghao in an interview with Taiwan's Business Weekly. Kaixin001.com has received a total of $23 million in two rounds of...

Shanda Literature Eyes Taiwan Market

Thu, 05 Nov 2009 10:18:20 GMT

Shanda Literature, a division of Shanda (Nasdaq:SNDA), is considering partners or setting up a subsidiary to purchase copyrights to Taiwanese books, digital publications, movies and videos, Donews reported citing Taiwanese media. Shanda Literature PR Director Wang Jing said that Qidian.com, one...

China Overseas Hits 09 Sales Target

Thu, 05 Nov 2009 10:16:53 GMT

China Overseas Land & Investment (0688.HK) (COLI) sold 4.3 million square meters of land in the first ten months of this year, equal to the company's adjusted yearly sales target, for RMB 38 billion, guandian.cn reported quoting company Vice Chairman and General Manager Kong Qingping on November...

CNOOC Acquires Gulf Assets from Norwegian Statoil

Thu, 05 Nov 2009 10:07:43 GMT

China National Offshore Oil Corp. (CNOOC) (0883.HK) has bought stakes in Norwegian Statoil oilfields in the Gulf of Mexico, including 20% of the Tucker oilfield and a 10% interest in each of Logan, Cobra and Krakatoa fields, National Business Daily reported citing Statoil's third quarter earnings...

Shanghai Mobile Game Co Scores RMB 20m Investment

Thu, 05 Nov 2009 10:05:41 GMT

Shenzhen Green Pine Capital Partners (GPCP) has agreed to invest an initial amount of RMB 20 million in mobile game company Shanghai Soco Soft, 163.com reported November 5 quoting GPCP Investment Director Zhang Chunhui. Established in 2005, Soco Soft has developed nearly 70 mobile games, the report said....

Hanting, Jin Jiang Outline Shanghai Expo Room Pricing

Thu, 05 Nov 2009 10:05:26 GMT

Hanting Group and Jin Jiang International Hotels Development (600754.SH) subsidiary Jin Jiang Inns will both set room prices around an average of RMB 200 during next year's Shanghai Expo, Shanghai Morning Post reported November 3. Hanting Group's room charges during the six months of the Expo...

Nokia Siemens Plans Staff Cuts, Some in China

Thu, 05 Nov 2009 10:03:04 GMT

Nokia Siemens announced new plans to cut costs on November 4, including restructuring and a layoff of 7-9% of its 64,000 global employees, reports Beijing Times. The layoff plan includes employees in China, said the report. Nokia Siemens has not yet decided the total number of layoffs in each country,...

H-Shares Dip, Airlines Remain Aloft

Thu, 05 Nov 2009 10:00:48 GMT

The Hang Seng Index dropped 0.63% to close at 21,479.08 on November 5, in main board trading volume of HK$60.77 billion. Shares of China Eastern Airlines (0670.HK) grew 5.7%, Air China (0753.HK) rose 4.2% and China Southern Airlines (1055.HK) expanded 2.7%. Shares of real estate companies ended...

A-Shares Continue Climb, Disney Boosts Tourism

Thu, 05 Nov 2009 10:00:01 GMT

The Shanghai Composite Index extended its rally for a fifth day on November 5, rising 0.85% to close at 3,155.053, while the Shenzhen Composite Index increased 0.44% to close at 1,117.23. Trading volume on the Shanghai and Shenzhen Stock Exchanges added up to RMB 155.3 billion and RMB 98.63 million,...

Suguo Rural Shops Broach 1,000

Thu, 05 Nov 2009 09:59:34 GMT

China Resources Enterprise's (0291.HK) convenience store chain Suguo has established 1,100 locations, or 60% of its total stores, in rural areas of the country, 163.com reported November 5 citing Suguo Chairman Ma Jialiang. Off the total, more than 800 are located in villages, Ma said, adding...

Update: Shanghai Aerospace Gets Nod for Dutch PV JV

Thu, 05 Nov 2009 09:22:46 GMT

Shanghai Aerospace Automobile Electromechanical's (600151.SH) board has given the go-ahead to establish its photovoltaic (PV) power station joint venture with Dutch company Tolo SRL's wholly owned subsidiary Technology and Resources for the Planet (TRP), to be named TRP-PVE, Shanghai Aerospace...

Rumor: Tongfang to Build China's Largest LED Base

Thu, 05 Nov 2009 09:21:53 GMT

Beijing-based computer manufacturer Tsinghua Tongfang (600100.SH) plans to establish China's biggest LED industry base with an investment of more than RMB 1 billion and annual output value of RMB 10 billion, reports China Securities Journal quoting an unnamed insider on November 4. The company...

DunAn: RMB 1.88b for Inner Mongolia Poly Project

Thu, 05 Nov 2009 09:14:00 GMT

Zhejiang DunAn Artificial Environmental Equipment (002011.SZ) will invest RMB 1.88 billion in a polysilicon project with a first phase annual production capacity of 3,000 metric tons, the company announced November 4. DunAn plans to operate the project through a wholly owned subsidiary named Interior...

Suning Approved for RMB 2.8b Share Issue

Thu, 05 Nov 2009 08:46:06 GMT

Home appliance and electronics retailer Suning (002024.SZ) announced on November 5 that it has received approved from the China Securities Regulatory Commission for its 2009 share issue plan. Suning plans to raise RMB 2.8 billion through the issue of 200 million shares, the company

Kingdee Partner Becomes Jiangsu Subsidiary

Thu, 05 Nov 2009 08:42:53 GMT

Shenzhen-based enterprise software company Kingdee (0268.HK) has added a new subsidiary with the acquisition of a previous partner in Xuzhou, Jiangsu province, reports TechWeb. Xuzhou-based Biside Software, a Kingdee partner since 1998, changed its name to Kingdee Xuzhou in 2008 and officially...

Myriad to Establish New R&D Center in Chengdu

Thu, 05 Nov 2009 07:45:38 GMT

European mobile software supplier Myriad (SIX:MYRD) intends to restructure its research & development base in Chengdu, Sichuan province into a new R&D center, Chengdu Daily reported November 3 citing a company announcement. Myriad CEO Simon Wilkinson said that the R&D center will expand from 150...

CINS to Alpha Test "Stone Age 2" on 12/11

Thu, 05 Nov 2009 06:25:29 GMT

CINS Limited affiliate CINS Network plans to start initial alpha testing of its licensed 2D Q-style advanced casual game Stone Age 2 on December 11, reports 17173.com. CINS Limited has given operating rights to Stone Age 2 to CINS Network, who also has rights to the game's future updates...

Guodian Co Approved for 50MW Wind Project

Thu, 05 Nov 2009 06:13:54 GMT

Shanxi New Energy, a subsidiary of China Guodian Corporation subsidiary GD Power Development (600795.SH), has been approved by the National Development and Reform Commission's Shanxi branch for a wind power project with initial capacity of 49.5 MW in Youyu county, Shuozhou, Shanxi province, reports...

PPLive Rumored to Get $15m, Not Yet Says CEO

Thu, 05 Nov 2009 05:08:16 GMT

An unnamed source said Shanghai-based peer-to-peer streaming media provider PPLive has received a new round of financing worth $15 million from investors including SAIF Partners, BlueRun Ventures, DFJ Fund, TechWeb.com reported November 4. PPLive CEO Vincent Tao denied the company had received any...

Digital China Confirms Japanese Acquisition

Thu, 05 Nov 2009 03:58:37 GMT

Beijing-based IT solutions provider Digital China Holdings (0861.HK) announced November 2 that its non-wholly owned subsidiaries Digital China Software and King Tech Service will acquire 23.65% and 6.96% equity interest, respectively, in Japanese IT company SJI (Jasdaq:2315) before the...

Unicom: iPhone Sales at 5,000 in Four Days

Wed, 04 Nov 2009 22:36:48 GMT

China Unicom (NYSE:CHU, 0762.HK, 600050.SH) recorded 5,000 sales of the Apple (Nasdaq:AAPL) iPhone 3GS version within four days of its release, reports China Business News quoting President Lu Yimin on November 3. Unicom officially began selling the iPhone in mainland China...

Retail: Sportswear October Update

Wed, 04 Nov 2009 11:03:49 GMT

Suntech to Deliver 115MW for enXco Projects

Wed, 04 Nov 2009 10:55:12 GMT

Suntech Power Holdings (NYSE:STP) has entered an agreement to supply up to 115MW of solar modules to EDF Energies Nouvelles (EPA:EEN) company enXco in 2010, enXco announced November 3. The modules will be used for enXco rooftop and ground-mounted utility-scale projects in both the U.S....

Alibaba First Steps in Taiwan in 2010

Wed, 04 Nov 2009 10:47:14 GMT

Alibaba Group plans to release its business-to-consumer (B2C) online mall service Taobao Mall as well as its business-to-business (B2B) e-commerce site Alibaba.com (1688.HK) paid services TrustPass and Gold Supplier Starter Pack in Taiwan next year, Sina reported quoting Alibaba.com CEO David...

Vimicro Continues in Red, Revs Beat Guidance

Wed, 04 Nov 2009 10:35:49 GMT

Fabless semiconductor company Vimicro International Corporation's (Nasdaq:VIMC) reported a net loss of $4.3 million in the third quarter of 2009, as compared with a net loss of $8.2 million in the prior quarter and $1.1 million in the third quarter of last year. The company made net revenue of...

CECIC Building Asia's Largest On-Grid BIPV Project

Wed, 04 Nov 2009 10:27:05 GMT

China Energy Conservation Investment Corporation (CECIC) has begun construction of its 6.5MW on-grid building integrated photovoltaic (BIPV) project in Shanghai's Hongqiao District and will bring the project on-stream before next April next year, Solarbe.com reported November 4 citing company General...

Report: Changyou Paid RMB 100M for Martial Arts MMO

Wed, 04 Nov 2009 10:18:21 GMT

According to Taiwanese media reports, Sohu's (Nasdaq:SOHU) online gaming subsidiary Changyou.com (Nasdaq:CYOU) paid more than RMB 100 million to license 3D martial arts MMORPG Zhonghua Yingxiong from Taiwanese developer Chinese Gamer International Corporation (3083.TW), reports...

Rumor: Sina Takes Stake in SNS Site Kaixin001

Wed, 04 Nov 2009 10:17:42 GMT

An unnamed media source claims that Sina (Nasdaq:SINA) has obtained stake in Beijing-based social networking service site Kaixin001.com as a strategic investor, reports Sohu. Sina did not comment on the news, said the report. Qiming Venture Partners, the SNS site's existing investor, also...

NetEase Develops In-game Voice Chat Tool

Wed, 04 Nov 2009 10:17:18 GMT

NetEase's (Nasdaq:NTES) Hangzhou Institute has developed an in-game voice instant messaging tool "NetEase CC" for use in its MMORPGs, the company's portal 163.com reported November 4. A director of the project said client-end software for the voice tool will be offered free-of-charge permanently...

CDC IT Services Sub Acquires Nanjing ITO Co

Wed, 04 Nov 2009 10:15:27 GMT

CDC Corporation's (Nasdaq:CHINA) wholly owned IT services and consulting subsidiary, CDC Global Services, has agreed to acquire a 35% stake, with an option for up to a 51% stake, in Jiangsu-based IT outsourcing company Sowell, CDC Global Services announced November 3. Sowell, operated by Nanjing...

Xinyuan Buys Xuzhou, Jinan Land

Wed, 04 Nov 2009 10:11:55 GMT

Residential developer Xinyuan Real Estate (NYSE:XIN) has purchased a 46,777 square meter land parcel in Xuzhou, Jiangsu province for RMB 212 million ($31 million), the company announced November 4. Xinyuan said it expects to begin construction of the project, consisting of 70-140 square meter...

China "Big 4" Banks Lend RMB 136b in Oct

Wed, 04 Nov 2009 10:11:36 GMT

An unnamed source revealed Industrial and Commercial Bank of China (1398.HK, 601398.SH), Agricultural Bank of China, Bank of China (3988.HK, 601988.SH) and China Construction Bank (601939.SH, 0939.HK) extended a total of RMB 136 billion in new loans in October,...

Tesco Opens First Fujian Store In Xiamen

Wed, 04 Nov 2009 10:10:07 GMT

Tesco (LSE:TSCO) opened a new store in Xiamen November 3, marking its entrance into the southeastern Fujian province, topretailing.com reports. The 20,000-square-meter store will carry around 20,000 products and is built to the company's energy saving standards, according to the report.

AT&M Joins Germany's Odersun for Cell/Module JV

Wed, 04 Nov 2009 10:09:23 GMT

Beijing-based new materials manufacturer Advanced Technology & Materials (000969.SZ) plans to form a joint venture in Beijing with German photovoltaic company Odersun AG to produce and sell cells and modules based on Odersun's proprietary technology, the companies announced November 2. Odersun...

Poly Purchases RMB 700m Wuhan Parcel

Wed, 04 Nov 2009 10:08:30 GMT

Guangzhou-based Poly Real Estate Group (600048.SH) purchased a 9.33-hectare residential land parcel in Wuhan, Hubei province with RMB 700 million on October 3, reports guandian.cn. On October 30, the company bought a 128,158-square-meter...

Rumor: China Pacific Insurance HK Listing Before Xmas

Wed, 04 Nov 2009 10:05:18 GMT

Shares of China Pacific Insurance (Group) (CPIC) (601601.SH) are expected to start trading on the Hong Kong Exchange before December 25, reports caijing.com.cn quoting an unnamed investment bank insider. Reports October 28...

Hopson Gets Panyu Plot From Sibling Co

Wed, 04 Nov 2009 10:03:31 GMT

Guangdong-based real estate developer Hopson Development Holdings (0754.HK) plans to acquire 1.04 million square meters of land in Panyu, Guangdong province for around RMB 3.8 billion, the company announced November 2. According to the report, the land is held by a company wholly owned by Hopson...

Sogou Releases Cloud Computing IME

Wed, 04 Nov 2009 10:02:22 GMT

Sohu's (Nasdaq:SOHU) search engine Sogou has released a cloud computing-based Sogou Pinyin Input Method Editor (IME) on November 2, cnbeta.com reports. Sogou claims the IME offers improved vocabulary and can be used with operating systems including Microsoft's (Nasdaq:MSFT) "Windows," "Linux",...

A-Shares Extend Rally, Metals, Tech Forge Ahead

Wed, 04 Nov 2009 10:00:27 GMT

The Shanghai Composite Index gain 0.46% to close at 3,128.54, while the Shenzhen Composite Index increased 0.73% to close at 1,112.35 on November 4. Trading volume on the Shanghai and Shenzhen Stock Exchanges came to RMB 14.54 billion and RMB 93.03 million respectively. Nonferrous metals stocks posted...

H-Shares Up 1.8%, Oil and Banks Benefit

Wed, 04 Nov 2009 10:00:14 GMT

The Hang Seng Index grew 1.76% to close at 21,614.77 on November 4, in main board trading volume of HK$60.06 billion. Shares of Construction Bank of China (0939.HK) grew 2.42%, Industrial and Commercial Bank of China (1398.HK) increased 2.59% and Bank of China (3988.HK) grew 2.73%. China's new October...

VIA Telecom, China Mobile Link Up for TD-LTE

Wed, 04 Nov 2009 09:53:10 GMT

VIA Telecom plans to cooperate with China Mobile (NYSE:CHL, 941.HK) on TD-LTE research and development, VIA Telecom CEO Zhang Ke said November 3, c114.com reported. VIA plans to skip TD-SCDMA technology and head straight to TD-LTE research, said Zhang. He declined to reveal an exact timetable...

Oil Giants Announce Partners

Wed, 04 Nov 2009 09:45:30 GMT

China Petroleum & Chemical Corporation (Sinopec) (600028.SH, 0386.HK, NYSE:SNP) and Saudi Basic Industries Corporation (SABIC) have formed a 50/50 joint venture, Sinopec SABIC Tianjin Petrochemical, Sinopec announced November 3. The JV, with total investment of RMB 18.3 billion,...

LG Display Takes 70% of China JV, to Build $4b Plant

Wed, 04 Nov 2009 09:40:14 GMT

LG Display (NYSE:LPL) has signed a contract with the municipal government of Guangzhou, Guangdong province to establish a $4 billion LCD panel plant and a local joint venture, reports 163.com quoting an LG announcement on Tuesday. LG Display intends to take 70% stake in the JV, which will...

Huawei: 100,000 3G Androids Sold in Europe

Wed, 04 Nov 2009 09:40:12 GMT

Telecom equipment manufacturer Huawei Technology has recorded sales of more than 100,000 of its self-developed Google (Nasdaq:GOOG) Android-based 3G smartphones in the European market, less than one month after the phone's October 6 release, reported Sohu.com. Huawei Technology has become the...

Mecox Lane B2C Site Records RMB 3m in Daily Sales

Wed, 04 Nov 2009 09:26:07 GMT

Multi-platform sales company Mecox Lane International Mailorder's business-to-consumer (B2C) e-commerce site m18.com sees daily sale volumes of RMB 3 million, Sohu reported quoting m18.com General Manager Pu Sijie on November 4. Pu attributed the growth to

Economy Hotels: Q3 Industry Update

Wed, 04 Nov 2009 09:19:09 GMT

SNS Site 51.com Reveals Open Platform Revs

Wed, 04 Nov 2009 09:10:07 GMT

Shanghai-based social networking service site 51.com currently earns monthly revenue of roughly RMB 1 million from its open platform, reports DoNews quoting 51.com Chief Operating Officer Wang Xinghua. The site plans to partner with third parties to acquire its games, rather than develop games itself,...

English Training Co Nabs Competitor, Matrix Investment

Wed, 04 Nov 2009 09:01:45 GMT

Educational training company Wuhan Xindongtai Technology Development has acquired English training institute Guangzhou Linguaphone, which has 2,000 students in three teaching centers and more than 100 employees, reports ChinaVenture. Wuhan Xindongtai Technology completed second-round funding from...

CISA Warns Steel Supply to Get Heavier

Wed, 04 Nov 2009 08:54:50 GMT

China's steel output may rise 10% this year, aggravating the steel sector's oversupply problems, China Daily reported November 4 citing the China Iron & Steel Association (CISA). According to CISA figures, steel production may hit 550 million tons in 2009, while the country's steel output capacity is...

Wistron Expands in Mainland With RMB 3b LCD Zone

Wed, 04 Nov 2009 08:45:12 GMT

Taiwan's Wistron Corporation plans to invest RMB 3 billion to establish an LCD opto-electric industry park in Zhongshan, Guangdong province's Huoju Development Zone, report Sohu citing the company's confirmation on November 2. The park will cover at least 740,000 square meters; its initial, RMB 2.3 billion...

TCL Comms to Raise RMB 315m for Expansion of Mobile Business

Wed, 04 Nov 2009 06:45:04 GMT

Electronics manufacturer TCL Group (000100.SZ) announced November 4 that its subsidiary TCL Communication (2618.HK) plans to raise HK$358.52 million in a share issue to existing shareholders. The company plans to use the funds to develop its original design manufacture (ODM) business,...

Youku, Sina Form Copyright Committee

Wed, 04 Nov 2009 05:44:34 GMT

Sina (Nasdaq:SINA) and Beijing-based video site Youku.com partnered with the Television Production Committee of China Radio and Television Society and the Copyright Union of Internet Society of China to officially establish a "CEO League on Internet Film and TV Development" in Beijing during the...

Shanghai Disneyland Gets Gov't Go-Ahead

Wed, 04 Nov 2009 05:43:45 GMT

China has officially approved the construction of a Disneyland theme park in Shanghai's eastern Pudong New District, China Daily reported November 4 quoting an announcement by the Shanghai municipal government. The Walt Disney Company (NYSE:DIS) is expected to form a joint venture with several...

Unicom 3G User Base Hits 7 Digits

Wed, 04 Nov 2009 04:00:36 GMT

China Unicom (NYSE:CHU, 0762.HK, 600050.SH) President Lu Yimin revealed that the operator has recorded more than 1 million 3G users by the end of October, ccidcom.com reports. China Unicom had reported it...

Real Estate Data Weekly Update

Wed, 04 Nov 2009 02:24:38 GMT

LDK, Q-Cells Dispute 10-Yr Contract

Tue, 03 Nov 2009 11:51:27 GMT

German cell maker Q-Cells SE (QCE.F) has terminated a December 2007 solar wafer supply agreement with Jiangxi-based LDK Solar (NYSE:LDK), claiming that LDK failed to fulfill contractual obligations, Q-Cells announced November 2. LDK responded the same day that the unilateral termination...

7 Days Inn Files for $100m NYSE Offering

Tue, 03 Nov 2009 11:16:24 GMT

Economy hotel chain 7 Days Group Holdings Limited submitted an application to the U.S. Securities and Exchange Commission on October 2 to raise up to $100 million in an initial public offering on the New York Stock Exchange under the symbol "SVN." The share price has not yet been disclosed.