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August 23 – Broadcom Corp (Nasdaq: BRCM) is seeking growth among China's rising number of low-cost smartphone makers, the Wall Street Journal reported, citing CEO Scott McGregor. Broadcom hopes to work with manufacturers such as ZTE Corp (SHE: 000063, HKG: 0763) that produce low-price handsets to gain market share in China as well as other emerging and developed markets. McGregor also said Broadcom is working to expand its products to include chips compatible with phones offered by China Mobile Ltd (NYSE: CHL, HKG: 0941), instead of just phones from China Unicom Ltd (NYSE: CHU, SHA: 600050, HKG: 0762).
http://online.wsj.com/article/SB10000872396390444082904577604952862704964.html
August 22 – Motorola Mobility Holdings Inc (NYSE: MMI) laid off 468 employees in Beijing, or 90% of its total headcount in the city. The company will pay them ¥30,000 to ¥40,000 in redundancy compensation.
http://www.fawan.com/Article/jj/jd/2012/08/22/130444167034.html
August 21 – Sony Corp (NYSE: SNE) said it has opened its largest global outlet store in Guangzhou, Guangdong's provincial capital, and it will soon open its first store in Chengdu, Sichuan's provincial capital. Before the Guangzhou store opened its doors, the Japanese electronics maker had a total of three stores in Shanghai and Beijing, each of which cover between 500 and 700m2 in floor space and take in at least ¥10 million in revenues per month.
http://www.yicai.com/news/2012/08/2006027.html
August 21 – Citigroup Inc (NYSE: C) said it issued its first sole-branded credit card in China in a move to tap the nation's nascent and tightly-controlled credit card industry, the Wall Street Journal reported. It already had previous offered co-branded credit cards with Shanghai Pudong Development Bank Co (SHA: 600000) although Citigroup has ended this partnership. Central bank data show China had 268 million credit cards in circulation by September 2011, more than five times the number in circulation at the end of 2006.
http://online.wsj.com/article/SB10000872396390444443504577602122166854222.html
August 21 – Walt Disney Co (NYSE: DIS) said it will build two theme hotels for its planned Shanghai Disneyland, its first theme park in mainland China. Both hotels will have seven stories and cover more than 40,000m2 in floor space.
http://www.yicai.com/news/2012/08/2006020.html
$1 = ¥6.36
@2011 China Economy @ The China Perspective.
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