Tudou Stems Losses in Q1
Tudou Holdings Ltd (Nasdaq: TUDO), China's second biggest video site, posted ¥140.3 million in revenues and ¥134.5 million in net losses for Q1 2012. Compared to the same period a year ago, the revenue was up 76.7% and the losses shrank substantially from ¥336 million. Broadband, copyright and other expenses that increased faster than revenue kept the company operating in the red. Youku Inc (NYSE: YOKU), the industry leader, has proposed a merger with Tudou.
Mecox Lane Unveils $10m Share Repo
Mecox Lane Ltd (Nasdaq: MCOX), the Chinese online clothing retailer that operates M18.com, said it will repurchase up to $10 million of its own American depositary shares within a year starting May 20, 2012. The company posted a $4.2 million net loss in Q1 2012, as it continued to attract customers with huge discounts. It faces possible delisting as its share price is hovering around $1.
Concord Medical Q1 Net Profit Rises 9%
Concord Medical Services Holdings Ltd (NYSE: CCM), a hospital management solution provider and the operator of the largest network of radiotherapy and diagnostic imaging centers in China, posted $16.9 million in revenues and $4 million in net profits for Q1 2012, up 22.1% and 9.2% respectively from the same period a year ago. The company said it will push forward with establishing standalone hospitals, open new centers with hospital partners, pursue acquisition targets, and increase utilization and efficiency at existing facilities.
Suntech Introduces New Compact Module
Suntech Power Holdings Co (NYSE: STP), the world's biggest solar panel maker, will introduce a new compact frame design for its popular 60-cell W-Series module at Intersolar Munich. The new slim and lightweight module format is easier to install, lowers shipment costs, and reduces the product's carbon footprint. The frame design will be utilized on Suntech's new W-Series 260W modules, each with 60, six-inch monocrystalline cells that together achieve up to 16% module-level conversion efficiency.
Tencent's E-Commerce Unit Eyes IPO
Tencent E-Commerce Holdings, a subsidiary of Tencent Holdings Ltd, one of China's biggest internet firms, plans to go public as past of its push to operate more independently, said incoming CEO Wu Xiaoguang.
Cargo Rates Hike to Give Daqin Railway ¥800m Windfall
Daqin Railway Co (SHA: 601006), a leading rail transport service provider, said it expects its revenue to increase by ¥800 million as China's cargo rates have been raised by ¥0.01/ton/km on average. The company's revenue rose 7.1% to ¥45 billion in 2011, also bolstered by a slight increase in cargo rates.
Int'l Passengers Prop Up Shanghai Airport Traffic
Shanghai International Airport Co (SHA: 600009), the operator of the city's two airports, said it handled 3.84 million passengers and 245,000 tons of cargo in April, up 12% and down 12.1% respectively from the same month a year ago. International passenger traffic, which jumped 21.6% to 1.42 million people last month, drove up the total volume of passengers, the company added.
$1 = ¥6.31