Sinopec Ready for Massive Shakeup
Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386), China's biggest oil refiner, told Yicai.com that it will restructure its oilfield service and refinery divisions, involving tens of thousands of employees and dozens of subsidiaries. No details were disclosed.
Baidu Steps into Southeast Asia
Baidu.com Inc (NASDAQ: BIDU), China's most used search engine, will work with Singaporean labs and institutions to develop search engines backed by Southeast Asian languages as part of its global strategy, vice president Wang Meng said.
Qihoo 360 to Offer Video Search Services
Qihoo 360 Technology Co (NYSE: QIHU), a leading Chinese computer security software developer, plans to launch a video search engine and make it the best of its kind in China, chairman Zhou Hongyi said, adding that the company will consider developing other search services should the video search engine be successful.
Logistics Fees Drag Dangdang Down to Huge Losses
E Commerce China Dangdang Inc (NYSE: DANG), a Chinese online B2C retailer, posted ¥1.23 billion in revenues and ¥129.8 million in net losses for Q4 2011. The revenue was up 73% and net losses stood in stark contrast to a net profit of ¥14.8 million during Q4 2010. For the whole of 2011, it posted ¥3.62 billion in revenues, up 59% from 2010, and ¥229 million in net losses, compared with ¥30.8 million in the black in 2010. Significantly increased logistics expenses were blamed for the losses.
eLong Q4 Earnings Soar 257%
eLong Inc (NASDAQ: LONG), a leading Chinese online travel service provider, posted ¥168 million in revenues and ¥15 million in net profits for Q4 2011, up 28% and 257% respectively from the same period a year earlier. For the whole of 2011, its revenues were up 22% to ¥625 million and net profits were up 90.8% to ¥39.3 million.
Vanke Targets ¥200b Revenues by 2014
China Vanke Co (SHE: 000002), the nation's biggest property developer, will focus on its core business rather than diversify operations to help double revenue to ¥200 billion by 2014, chairman Wang Shi said.
State Construction Seals ¥20b Deals
China State Construction Engineering Corp (SHA: 601668) said it recently signed 10 contract worth a combined ¥19.67 billion. The value is equivalent to 5.3% of its revenues in 2010.
$1 = ¥6.3