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Baidu's Qunar to Invest $30m in Intelligent Services
Qunar.com, an online travel service provider owned by Baidu Inc (Nasdaq: BIDU), said it plans to spend $30 million developing an intelligent platform, which will be free to all online travel service providers and will offer services specifically for travel search requests.
China Railway Materials Plans Dual Listing
State-owned China Railway Materials Co is planning to raise up to ¥6 billion from the Shanghai portion of a dual listing that will also include Hong Kong, the Wall Street Journal reported. Due to a downward market, the size of the IPO is less than the ¥14.7 billion the company originally hoped to raise when it announced the listing plan in November. The company handles logistics for China's giant railroad system and supplies steel rails and diesel fuel to trains.
China Aircraft Leasing Plans HK Listing
China Aircraft Leasing Co, the Hong Kong-based lessor partly owned by state-owned conglomerate China Everbright Ltd (HKG: 0165), is planning an IPO in the city so it can buy more aircraft at a time when European banks are retreating from the business of leasing jets, the Wall Street Journal reported. China Aircraft Leasing CEO Mike Poon said that his company wants to have a fleet of 100 aircraft by 2015, up from 16 currently, and an IPO will go toward funding that growth. China Aircraft Leasing's total assets are valued at $800 million.
Poly Forecasts 12% Drop in 1H Earnings
Poly Real Estate Group Co (SHA: 600048), China's second largest property developer by market value, posted ¥20.18 billion in revenues and ¥2.46 billion in net profits in 1H 2012, up 32.9% and down 12.1% respectively from 1H 2011. It sold 4.38 million m2 in floor space valued at ¥50.3 billion in 1H 2012, up 28.4% and 27.5% respectively from 1H 2011. The figures were unaudited.
Gemdale 1H Sales Volume Up 40%
Gemdale Corp (SHA: 600383), a major property developer based in Shenzhen, said it sold 293,000m2 in floor space valued at ¥3.56 billion in June, up 8.6% and down 3.6% respectively from a year earlier. The company has cut prices to attract buyers amid a sluggish market. During 1H 2012, 1.14 million m2 of properties were sold, fetching ¥13.46 billion, up 40.1% and 19.6% respectively from 1H 2011.
Yonghui Superstores Foresees 30% Decline in 1H Earnings
Yonghui Superstores Co (SHA: 601933), a Fujian province-based supermarket chain, said it expects its revenue to grow 45% year on year and its net profits to fall 30% in 1H 2012. A sharp increase in financial expenses and operating costs for new stores were blamed for the decline in earnings. The company posted ¥269.84 million in net profits for 1H 2011.
BoComm Boosts Frankfurt Branch Capital
Bank of Communications Co (SHA: 601328, HKG: 3328), China's fifth largest lender by assets, said it has won regulatory approval from the Chinese and German authorities to boost capital at its branch in Frankfurt by ¥200 million, marking the first Renminbi-denominated cash injection in an overseas Chinese-funded financial institution. The move will help the Chinese currency as well as the bank take up a greater role in the international market.
$1 = ¥6.32
@2011 China Economy @ The China Perspective.
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