China Mobile Presses Ahead with 4G TD-LTE Trial
China Mobile Ltd (NYSE: CHL, HKG: 0941), the world's largest wireless carrier by subscribers, said its ongoing fourth-generation TD-LTE network equipment trial is going smoothly and has uncovered no issues with the technology, Bloomberg reported. The biggest bottleneck for adoption of the new standard is device availability, chairman Xi Guohua said, adding that the company is counting on a shift to 4G wireless service to help expand its data customer base after the incompatibility of its homegrown 3G network with popular devices such as the iPhone led the company to lose market share.
China Unicom Serving 54.5m 3G Users
China Unicom Ltd (NYSE: CHU, SHA: 600050, HKG: 0762) said it added 370,000 2G customers and 2.73 million 3G customers in May, taking the total numbers to 161 million and 54.5 million respectively as of May 31.
Lashou Halts Nasdaq Float
Lashou.com, a leading Chinese deal-of-the-day site, is pulling back its IPO at the Nasdaq, according to a filing to the SEC. It did not give reasons for the withdrawal, but it is believed that a series of accounting scandals at US-listed Chinese companies and China's faltering economic growth were to blame. Lashou lodged its IPO application last October, planning to offer 5.4 million American depository shares at $13 to $15 apiece.
ZTE to Buy $9b of Goods from US 2012-14
ZTE Corp (SHE: 000063, HKG: 0763), China's second largest telecom device maker, said its procurement in the US would grow 10% annually to a total of $9 billion in the three years starting 2012. ZTE already signed $5 billion worth of contracts with Qualcomm Inc (Nasdaq: QCOM) and Broadcom Corp (Nasdaq: BRCM) in February.
ICBC to Offer Funds to Aussie Iron Ore Project
Australasian Resources Ltd, a Perth-based mineral exploration company, said Industrial & Commercial Bank of China Ltd (SHA: 601398, HKG: 1398), the world's biggest lender by market value, will offer financial support to its $3.9 billion iron ore project in the remote Australian territory of Pilbara. Australasian said it has received a letter of intent from ICBC, without disclosing more. The Pilbara project is expected to produce 12 million tons of iron ore per year.
Rainbow Department Store Opens 54th Store
Rainbow Department Store Co (SHE: 002419) said it opened its 22nd store in Shenzhen, where the company is headquartered. It is Rainbow's 54th store nationwide.
$1 = ¥6.35