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China Auto Rental Delays Nasdaq Float
China Auto Rental Holdings Inc, which calls itself the nation's first and largest car rental provider, postponed its initial stock sale at the Nasdaq after struggling to attract investors, Bloomberg reported, citing a statement from Christensen Investor Relations Inc, China Auto Rental's public relations firm. The IPO was delayed because of "the current capital market conditions", read the statement. China Auto Rental had considered reducing the offering price after only about half the order book for the IPO was covered by early this week, according to people with knowledge of the matter.
Baidu, Sohu, Tencent Teamed Up for Online Video Hosting
Baidu Inc (Nasdaq: BIDU), Sohu.com Inc (Nasdaq: SOHU) and Tencent Holdings Ltd (HKG: 0700) said their online video services will collaborate on content licensing and broadcasting with rival industry leader Youku Inc (NYSE: YOKU). Youku last month merged with Tudou Holdings Ltd (Nasdaq: TUDO), China's second largest video site.
Baidu Q1 Net Profit Jumps 76%
Baidu Inc (Nasdaq: BIDU), China's number one search engine, posted ¥4.26 billion in revenues and ¥1.88 billion in net profits for Q1 2012, up 75% and 75.9% respectively from the same period a year ago. It served 321,000 customers and its income per customer averaged ¥13,300, up 17.2% and 49.4% year on year respectively. Baidu put Q2 revenue between ¥5.34 billion and ¥5.46 billion, indicating a 56.2% to 59.9% increase from Q2 2011.
Spill Trims CNOOC Q1 Output
CNOOC Ltd (NYSE: CEO, HKG: 0883), China's biggest offshore energy producer, said revenue from gas and oil sales rose 3.7% year on year to ¥48.84 billion in Q1 2012 as oil prices averaged up 19.4% to $120.79 a barrel and gas prices averaged up 19.8% to $5.88 per 1,000 cubic inches. A production suspension due to a spill in the Penglai oilfield cut output by 6.3% year on year to an equivalent of 79.8 million barrels of oil during the quarter. Capital expenditure grew 58.2% to ¥9.64 billion in Q1 due to intensified exploration.
Huaneng Power Q1 Net Profit Triples
Huaneng Power International Inc (NYSE: HNP, SHA: 600011, HKG: 0902), China's largest listed electricity producer, posted ¥34.3 billion in revenues and ¥919.4 million in net profits for Q1 2012, up from ¥30.4 billion in revenues and ¥226.3 million in net profits a year earlier. Rising electricity prices and its booming business in Singapore fueled the threefold increase in earnings.
CSR Q1 Net Profit Up 13%
CSR Corp (SHA: 601766, HKG: 1766), one of China's top two railway equipment manufacturers, posted ¥19.2 billion in revenues and ¥1.07 billion in net profits for Q1 2012, down 4.9% and up 13.3% respectively from the same period a year ago.
Slack Market Dents China Marine Containers Earnings
China International Marine Containers Group Co (SHE: 000039), the world's biggest shipping container maker, posted ¥12.35 billion in revenues and ¥375.31 million in net profits in Q1 2012, down from ¥17.06 billion in revenues and ¥1.36 billion in net profits a year earlier. Lower container prices and crimped demand were blamed for the poorer performance.
Gemdale 2011 Net Profit Rises 12%
Gemdale Corp (SHA: 600383), a Shenzhen-based property developer, posted ¥23.9 billion in revenues and ¥3.02 billion in net profits for 2011, up 22.1% and 12% respectively from the year before. It had 15.37 million m2 of land reserves as of the end of 2011.
$1 = ¥6.3
@2011 China Economy @ The China Perspective.
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