Home Inns & Hotels Management Inc (NASDAQ: HMIN), China's largest budget hotel chain, posted ¥3.17 billion in revenues and ¥359.5 million in net profits for 2010, up 21.8% and 45% respectively from the year before. It opened 208 hotels in 2010, taking the total number to 818. It had 3.8 million active members by the end of 2010, up 51% from a year earlier. Occupancy rates averaged 93.5% throughout the year, up 2 percentage points from 2009; average room rate was ¥164 per day, compared to ¥146 in 2009. Home Inns expected new openings to range between 260 and 280 and expected revenue to grow 18% to 20% this year.
AirMedia Group Inc (NASDAQ: AMCN), a leading Chinese operator of out-of-home advertising platform, posted revenue up 55% to $236.5 million and $4.9 million in net losses for 2010, compared to $37.2 million in let losses in the year before.
Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386) has won regulatory approval for a joint venture refinery with Kuwait, said two people with knowledge of the situation. The project is expected to cost ¥60 billion and produce 15 million tons of refined oil annually when operational by 2013.
JA Solar Holdings Co (NASDAQ: JASO) and MEME, a US pioneer in wafer technologies, said they would build a 50:50, 250MW solar cell plant in Yangzhou, Jiangsu province to meet growing local demand. The plant is expected to begin production in 2H 2011 and eventually boost its capacity to 1,000MW.
Perfect World Co (NASDAQ: PWRD), a Chinese online game developer and operator, posted ¥2.47 billion in revenues and ¥879.3 million in net profits for 2010, up from ¥2.14 billion and down from ¥1.08 billion respectively from a year earlier.
$1 = ¥6.57