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China Mobile to Build Witkey Network
China Mobile Ltd (NYSE: CHL, HKG: 0941) said it will soon start developing the nation's largest witkey platform for its website www.labs.chinamobile.com, which currently has more than one million registered users, tens of thousands of active bloggers and draws more than one million page views per day. Witkey systems facilitate the exchange and purchase of information and services.
BoA Sells CCB Stake
Bank of America Corp (NYSE: BAC) plans to sell $1.8 billion worth of China Construction Bank Corp (SHA: 601939, HKG: 0939) shares to bolster capital, Bloomberg reported. The sell-off will pare Bank of America's stake in China's largest mortgage lender to 1%, according to a statement by the US bank, which added that the buyers were a group of investors, without providing names.
Southern Airlines Passenger Traffic Up 4% in Oct
China Southern Airlines Ltd (NYSE: ZNH, SHA: 600029, HKG: 1055), the nation's biggest carrier, said its passenger traffic rose 3.9% year on year to 7.32 million people and cargo traffic fell 3.3% year on year to 99,380 tons in October. During the first 10 months, it handled 67.81 million passengers and 928,270 tons of cargo, up 4.9% and 1.2% respectively from the same period a year ago.
Tudou Turns Around from Losses
Tudou Holdings Ltd (NASDAQ: TUDO), a leading Chinese video site, posted ¥52.5 million in net profits for Q3 2011, turning around from being ¥500,000 in the red a year earlier. Its revenue was up 52.1% year on year and 28.3% quarter on quarter to ¥149.7 million for the quarter.
Ku6 Posts $13m in Loss for Q3
Ku6 Media Co (NASDAQ: KUTV), a Chinese video site operator, posted $4.2 million in revenues and $13 million in net losses for Q3 2011, down 2.3% and up 2.4% respectively from Q3 2010.
ZTE Wins Big Contract from China Unicom
ZTE Corp (SHE: 000063, HKG: 0763), China's second largest telecom device maker, said it won its bid for a contract from China Unicom Ltd (NYSE: CHU, SHA: 600050, HKG: 0762) to provide installation of optical distribution networks and related solutions in 14 provinces. No financial details were disclosed.
Suning to Operate 3,500 Stores by 2020
Suning Appliance Co (SHE: 002024), China's largest chain store by revenue, plans to step up expansion into foreign markets and third and fourth-tier Chinese cities and to operate a total of 3,500 stores in the next 10 years, chairman Zhang Jindong said at a global suppliers forum in Nanjing.
Shenhua Energy Coal Sales Up 14% in Oct
China Shenhua Energy Co (SHA: 601088, HKG: 1088), the nation's largest coal producer, said it produced 23.4 million tons of coal and sold 31.1 million tons in October, up 19.4% and 13.5% year on year respectively. It exported half a million tons of coal last month, down from 600,000 tons a year earlier.
China Coal Energy Output and Sales Continue to Rise
China Coal Energy Co (HKG: 1898), the nation's second largest coal producer by revenue, said it produced 8.56 million tons of coal and sold 11.12 million tons in October, up 13.2% and 20.1% year on year respectively. During the first 10 months, it produced 85.82 million tons and sold 110.9 million tons, up 8.2 and 14% respectively from the same period a year ago.
PICC Premium Income Total ¥144b Through Oct
PICC Property & Casualty Co (HKG: 2328) said its premium income added up to ¥144.24 billion in the first 10 months, up from ¥128.93 billion during the same period a year ago.
$1 = ¥6.35
@2011 China Economy @ The China Perspective.
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