Qihoo 360 Brings Tencent to Court
Qihoo 360 Technology Co (NYSE: QIHU), a leading Chinese computer security software developer, said it filed a suit to a Guangdong court over its dispute a year ago with QQ, China's most popular instant messaging software operated by Tencent Holdings Ltd (HKG: 0700). Qihoo says QQ took advantage of its monopoly to force its users to uninstall Qihoo products and is claiming ¥150 million in compensation.
CNOOC Taps Photovoltaic Business
CNOOC Ltd (NYSE: CEO, HKG: 0883), China's biggest offshore energy explorer, is in talks to acquire Canadian Solar Inc (NASDAQ: CSIQ), a Suzhou, Jiangsu province-based solar module manufacturer, digging deeper into the photovoltaic industry. CNOOC's battery unit invested $300 million in February in a venture with Spanish solar power company, Isofoton SA, to develop photovoltaic plants across Asia.
Eastern Airlines Forecasts 50% Dive in Q1 Earnings
China Eastern Airlines Corp (NYSE: CEA, SHA: 600115, HKG: 0670), the nation's second biggest carrier by passenger traffic, expected its net profit to plunge 50% year on year in Q1 2012 due to fewer passengers and rising fuel. It posted a ¥1 billion net profit for Q1 2011.
Angang Forecasts ¥2b Loss for Q1
Angang Steel Co (SHE: 000898, HKG: 0347), China's third biggest steelmaker by output, said it would likely post a ¥1.89 billion loss in Q1 2012 due to burgeoning raw material and energy prices. It posted a ¥71 million net profit for Q1 2011.
Ping An Premiums Shrink in Q1
Ping An Insurance Group Co of China (SHA: 601318, HKG: 2318), the nation's second biggest insurer, said its premium incomes added up to ¥74.58 billion in Q1 2012, including ¥48.44 billion from life insurance policies and ¥24.23 billion from property insurance policies. Its premium incomes were ¥86.1 billion in the same period a year ago.
Zhongjin Gold Net Profit Rises 51%
Zhongjin Gold Co (SHA: 600489), a leading Chinese gold producer, posted ¥33.14 billion in revenues and ¥1.82 billion in net profits for 2011, up 51.5% and 51% respectively from the year before. It unearthed 22.54 tons of gold and processed 90.96 tons last year, up 14.4% and 6% respectively from 2010. The company had 570.05 tons of gold reserves as of the end of 2011.
Changan Auto Forecasts 81% Profit Fall for Q1
Chongqing Changan Automobile Co (SHE: 000625) expects its net profit will plummet 80.6% year on year to ¥140 million in Q1 2012 as sales volume and investment returns decreased. It also said its revenue totaled ¥26.55 billion and net profit totaled ¥968 million in 2011, down 20.8% and 52.4% respectively from the year before amid a slack auto market overall.
$1 = ¥6.3