China Unicom Said to Form E-Commerce Department
China Unicom Ltd (NYSE: CHU, SHA: 600050, HKG: 0762) circulated an internal document ordering the establishment of an e-commerce division expected to generate ¥36.5 billion in revenues this year, people familiar with the matter said. China Unicom sold ¥23.1 billion worth of products online in 2011, up 86% from the year before.
Tudou Shares Content with Shanghai Telecom
Tudou Holdings Ltd (Nasdaq: TUDO), China's second biggest online video operator, said it has agreed to allow sharing of all content posted to China Telecom Corp's (NYSE: CHA, HKG: 0728) Shanghai eCloud service. The eCloud storage service currently has 1.3 million users.
JA Solar Swings to Loss
JA Solar Holdings Co (Nasdaq: JASO), a Shanghai-based solar module manufacturer, posted ¥250.9 million in net losses for Q1 2012 after global demand and prices plunged amid glut. The loss stood in stark contrast to a ¥470.2 million profit a year earlier. Revenue fell 56% year on year to ¥1.6 billion between January and March.
Ku6 Posts Smaller Loss
Ku6 Media Co (Nasdaq: KUTV), a Chinese internet video company, said its net losses decreased 54.6% from a year earlier to $1.79 million in Q1 2012 after operating expenses slumped 35.6%. Revenue was up 5.9% quarter on quarter to $4.68 million during the period.
Soho Gets $626m Credit Line for Expansion in Beijing, Shanghai
Soho China Ltd (HKG: 0410), a Beijing-based property developer, said it secured a $626 million credit package from a consortium of Chinese and foreign banks. Soho will use the money for organic growth and mergers and acquisitions in Beijing and Shanghai, chairman Pan Shiyi said. It will repay the loans at a 4.6% interest rate within three years.
Suntory, Tsingtao Brewery Paired Up for Chinese JV
Suntory Holdings Ltd said it has signed an agreement with Tsingtao Brewery Co (SHA: 600600, HKG: 0168), China's second largest brewer by capacity, to establish 50:50 joint ventures in Shanghai and Jiangsu province. No details were disclosed. Asahi Group Holdings Ltd, Suntory's bitter foe, owns 19.9% of Tsingtao Brewery.
Sinohydro Wins ¥17b Subway Project
Sinohydro Group Ltd (SHA: 601669), a leading Chinese hydropower plant contractor and the company behind the mainland's biggest IPO in 2011, said it signed a ¥16.85 billion build transfer contract for a subway project in Shenzhen. Sinohydro's contribution to the project is expected to be completed in 53 months.
Changan Auto to Get ¥300m Subsidies for R&D
Chongqing Changan Automobile Co (SHE: 000625) said the Chongqing government will grant ¥300 million to support its research and development capability.
$1 = ¥6.36