Qihoo 360 Offers Online Shopping Insurance
Qihoo 360 Technology Co (Nasdaq: QIHU), a leading Chinese security software developer, has released an online shopping insurance policy, which will offer ¥36,000 in compensation to phishing victims. The service will only be compatible with Internet Explorer and Qihoo 360's self-branded browsers. A similar jointly-developed product that works on 26 browsers was previously released by People's Insurance Company of China and Kingsoft Corp's (HKG: 3888) antivirus division.
Huaneng Power Generation Down 1.5% in 1H
Huaneng Power International Inc (NYSE: HNP, SHA: 600011, HKG: 0902), China's largest listed electricity producer, said it generated 150.17 billion kW hours of electricity and sold 141.64 billion kW hours in 1H 2012, both down 1.5% from 1H 2011. Huaneng said an increase in generation from hydropower plants ate into its business of coal-fired electricity and therefore caused the declines.
Tencent Unveils Search Engine for Android Phones
Tencent Holdings Ltd (HKG: 0700), one of China's biggest internet firms, said it has finished developing Haina, a search engine for Android-backed cellphones. Once officially launched, the search engine can be accessed at Haina.myapp.com, which has formed tie-ups with a number of mobile app stores.
Pacific Insurance Forecasts Sagging Earnings for 1H
China Pacific Insurance Group Co (SHA: 601601, HKG: 2601) said it expected its 1H net profit to slip 55% from ¥5.82 billion a year earlier due to a decrease in investment returns and slower growth in its business. The insurer's premium incomes totaled ¥90.4 billion in 1H 2012, including ¥55.2 billion from life and casualty insurance and ¥35.2 billion from property insurance.
Shenhua Energy to Build ¥4.6b Coal Logistics Center in Zhuhai
China Shenhua Energy Co (SHA: 601088, HKG: 1088), the nation's biggest coal producer, said it has won regulatory approval to build a ¥4.57 billion coal logistics center in Zhuhai, Guangdong province to shore up coal transport capacity at Guangdong ports.
$1 = ¥6.32