PetroChina Ramps Up Central Asian Gas Imports
PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857), the nation's biggest oil and gas explorer, plans to import 23 billion to 25 billion m3 of natural gas from Central Asia this year and 30 billion m3 from the region next year, chairman Jiang Jiemin said. The company imported 15.9 billion m3 of natural gas from Central Asia last year. Jiang also said PetroChina's crude oil production will continue to increase steadily in the years to come and total 110 million tons annually by the end of 2015.
China Sunergy to Build US Plant After Chinese Solar Levy
China Sunergy Co (Nasdaq: CSUN), a solar cell manufacturer, said it plans to build a plant in the US in response to an earlier decision by the federal government to impose a 30% antidumping tariff on Chinese solar panels. The company also plans to sell non-Chinese made products in the US, an executive said.
Ad Revenue Bails Qihoo 360 Out of Loss
Qihoo 360 Technology Co (NYSE: QIHU), a leading Chinese computer security software developer, posted $69.3 million in revenues and $14.1 million in net profits for Q1 2012. The revenue was up 202.1% and the net profit was compared to a $21.4 million loss in the same quarter a year ago thanks to surging ad revenue. Qihoo's users averaged 411 million monthly and its 360 browser captured a 62% market share between January and March.
China Mobile Snatches 40% of 3G Customers
China Mobile Ltd (NYSE: CHL, HKG: 0941), the world's largest wireless carrier by subscribers, said the number of its TD-SCDMA mobile service subscribers has exceeded 60 million, representing 40% of the nation's 3G market. The company has invested ¥193 billion in TD-SCDMA infrastructure over the past three years.
Shanghai Pharma Quells Probe Rumor
Shanghai Pharmaceuticals Holding Co (SHA: 601607, HKG: 2607), China's second biggest drug distributor, denied it was being investigated by the mainland and Hong Kong securities regulators for faking financial statements for two acquisitions earlier this year. The company's shares plummeted in Shanghai and have fallen to their lowest level ever in Hong Kong.
5,000 Firms to Go Public in China in 10 Years
There will be 5,000 Chinese firms going public in the next 10 years, and China's capital market will be positive in the long run, NYSE Euronext CEO Duncan Niederauer said. He called for the protection of intellectual property and the development of the private sector to keep the capital market healthy.
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