Gome Electrical Appliances Holding Ltd (HKG: 0493), China's second largest chain store by revenue, aims to make 10% of its sales come from online transactions and to make its online sales account for 15% of total online white goods sales in China in the next two to three years, said Han Depeng, head of Gome's online retail division.
Citic Securities Co (SHA: 600030) has put a 51% stake in ChinaAMC up for sale asking for ¥7.56 billion. Founded in 1998, ChinaAMC is one of the first nation-wide fund management firms with the widest business range in China. Its fund for investment in securities had a net value of ¥224.8 billion as of the end of 2010, leading the market with a 9.05% share.
ZTE Corp (SHE: 000063, HKG: 0763), a leading Chinese telecom equipment maker, hopes its sales revenue will grow 20% this year from ¥70.26 billion in 2010.
China CNR Corp (SHA: 601299), a leading rail equipment manufacturer, broke the ground on a factory in Chongqing. The project is expected to generate ¥40 billion in annual revenues by 2015.
Kingsoft Corp (HKG: 3888), a leading Chinese software developer, is in the final stage of spinning off its office software business, according to an industry source. The new company, Kingsoft Office, will concentrate on moving its office suite products to the Internet. Kingsoft senior vice president Ge Ke said that the company will release a mobile version of WPS Office in June.
Agile Property Holdings Ltd (HKG: 3383) said it sold 930,000m2 in floor space valued at ¥11.5 billion in the first four months, up 27% and 53% respectively from a year earlier.
Hainan Airlines Ltd (SHA: 600221) said its southwest branch has signed a deal with Chongqing Yufu Asset Management Co, a local government-owned firm, to co-invest ¥3 billion establishing an airlines based in the city. The makeup of the ownership was not disclosed.
Henan Zhongfu Industrial Co (SHA: 600595), an electrolytic aluminum and aluminum sectional materials manufacturer, said it plans to purchase a 45% stake in Henan Yulian Zhongshan Investment Co focused on coal business.
$1 = ¥6.49