Tudou, Youku Sue Each Other
Tudou Holdings Ltd (NASDAQ: TUDO), a leading Chinese video site, said it will file a suit against Youku.com Inc (NYSE: YOKU), its competitor, claiming Youku illegally broadcasted one of its exclusive shows. Tudou is seeking ¥150 million in compensation for the alleged violation. Youku has hit back, saying that Tudou violated its copyright and it will take legal actions.
CNOOC, Sinopec Said to Bid for 30% Frac Tech
CNOOC Ltd (NYSE: CEO, HKG: 0883) and Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386) are competing to buy a 30% stake in Frac Tech Holdings LLC, a Texas-based shale gas service company, in a deal that could be valued at $2 billion, the Wall Street Journal reported, citing a person familiar with the situation. State-controlled Saudi Arabian Oil Co also is bidding, the person said.
China Life Insurance Premiums Total ¥301b Through Nov
China Life Insurance Co (NYSE: LFC, SHA: 601628, HKG: 2628) said its premium incomes amounted to ¥301.2 billion in the first 11 months, up from ¥299.3 billion during the same period a year ago.
CCB to Increase Support for Small and Rural Businesses
China Construction Bank Corp (SHA: 601939, HKG: 0939), the nation's largest mortgage lender, said it will step up extending loans to small businesses and rural customers and will significantly limit loans to polluting industries next year.
PICC Property & Casualty Premiums Total ¥157b Through Nov
PICC Property & Casualty Co (HKG: 2328) said its premium incomes amounted to ¥157.5 billion in the first 11 months, up from ¥140.26 billion during the same period a year ago.
Sinoma Wins $257m Angola Contract
Sinoma International Engineering Co (SHA: 600970) said it signed a $257.4 million deal to build a cement plant in Angola. The project is expected to be completed within 32 months.
Dongshan Precision Lifts LED Capacity
Suzhou Dongshan Precision Manufacturing Co (SHE: 002384) said it plans to spend ¥100 million expanding its LED capacity to 4.5 million panels per year. The project is expected to generate ¥600 million in revenues and ¥48 million in net profits annually once operational in three months.
Country Garden Revenue Up 29% Through Nov
Country Garden Holdings Co (HKG: 2007), a property developer, said it sold 6.27 million m2 in floor space valued at ¥39.4 billion in the first 11 months, up 12% and 29% respectively from the same period a year ago.
¥5t Evaporated from China's Market Cap
The market capitalization of China's A shares, traded in Shanghai and Shenzhen, slumped to ¥25.3 trillion by the close of trading on Thursday, shedding ¥5 trillion from the beginning of this year, statistics show.
$1 = ¥6.35