Hanting Inns Looks to Franchises
China Lodging Group Ltd (Nasdaq: HTHT), a budget hotel operator commonly known as Hanting Inns, plans to operate 2,600 locations, 60% of them franchises, by 2016, CEO Ji Qi said. The hotel chain aims to increase the number to 1,200 by the end of this year before surging to 4,000 by 2021.
BAK Battery Continues to Lose Money
China BAK Battery Inc (Nasdaq: CBAK), a Chinese lithium battery manufacturer, posted $32.8 million in revenues and $15.6 million in net losses for Q1 2012. Revenue was down 29.8% from $46.7 million in Q1 2011 due largely due to weaker demand for prismatic cells and cylindrical cells. Net loss aggravated from $4.1 million in the red in Q1 2011 as expenses kept running high.
Lenovo to Spend ¥5b on New Wuhan Plant
Lenovo Group Ltd (HKG: 0992), China's biggest personal computer maker, said it plans to invest ¥5 billion building a facility in Wuhan, Hubei's provincial capital, to research and make cellphones and tablet computers. Construction on the project is expected to be completed by October 2013 and generate ¥10 billion in revenues per year.
ZTE Secures $47m Sweden Deal
ZTE Corp (SHE: 000063, HKG: 0763), China's second largest telecom device maker, signed a $47 million deal to supply 4G devices to Hi3G Sweden, a Swedish wireless carrier. ZTE, which is seeking opportunities in developed economies, said its 4G technology is still in the embryonic stage but at least five times faster than most common 3G speeds in Europe and America.
Financial Firms Earn ¥292b in Q1
China's 50 listed financial firms reported a combined ¥291.66 billion in net profits for Q1 2012, up 14.6% from the same period a year ago, according to Wind data. Of the 50 firms, 16 banks contributed nearly 93% of total net profit, making ¥9 billion per day between January and March.
$1 = ¥6.3