Ctrip Introduces New Booking System
Ctrip.com International Ltd (NASDAQ: CTRP), China's biggest online travel service provider, has launched a new system for booking international air tickets. The system was developed by hundreds of engineers in two years, according to Ctrip deputy executive director Li Xiaping, who said overseas travel from China will continue to grow rapidly from last year's 70 million tourists.
Fosun Ups Stake in Simcere Pharma
Shanghai Fosun Pharmaceutical Group Co (SHA: 600196) said its wholly-owned subsidiary in Hong Kong has spent $4.28 million buying a 1% stake in Simcere Pharmaceutical Group (NYSE: SCR) over the past three months, increasing its holdings to 7.46%. Simcere specializes in drugs for tumors, cardiovascular diseases and contagious diseases.
Concord Medical Takes Stake in Chang'an Hospital
Concord Medical Services Holdings Ltd (NYSE: CCM), a leading hospital management company in China, announced the signing of a purchase agreement under which it will acquire 52% of the equity interest of Chang'an Hospital for $39.4 million in cash. Xi'an, Shaanxi province-based Chang'an Hospital is one of the largest privately-owned general hospitals in China.
Credit Loosened for Agribank Branches
China is boosting rural credit by cutting reserve ratios for more branches of state-owned Agricultural Bank of China Ltd (SHA: 601288, HKG: 1288), Bloomberg reported. Effective March 25, the ratio will fall by two percentage points for 565 branches, a move that the central bank said will free up ¥23 billion.
Lenovo Said to Shift Production to Japan
Lenovo Group Ltd (HKG: 0992), China's biggest personal computer maker, is considering shifting some of its personal computer manufacturing to Japan's Mate Co, which is controlled by Lenovo's Japanese joint venture with NEC, Japanese media reported. The move is seen to help Lenovo cut logistics costs, quicken shipments, and label its products "Made in Japan."
Sinotrans Net Profit Rises 4.2%
Sinotrans Ltd (HKG: 0598) posted ¥43.75 billion in revenues and ¥642.51 million in net profits for 2011, up 2.8% and 4.2% respectively from the year before. The company said the increase in business outstripped the decrease in shipping fees.
Everbright Securities Net Profit Plunges 30%
Everbright Securities Co (SHA: 601788) posted ¥4.5 billion in revenues and ¥1.5 billion in net profits for 2011, down 11% and 30% respectively from the year before as a result of the Chinese stock market's bearish performance.
$1 = ¥6.31