Sina Posts Loss for Q1, Expects Worse as Weibo Investment Steps Up Sina Corp (Nasdaq: SINA), a leading Chinese web portal and operatorof the nation's most used microblogging service Weibo, reported$13.7 million in net losses for Q1 2012 due to anemic ad revenuegrowth and increased spending. It posted a $15 million net profitin Q1 2011. Revenue was up 6% year on year to $106.2 million in Q12012. Sina CEO Cao Guowei said the company will probably postgreater losses as it plans to invest $160 million in Weibo thisyear, up from $120 million last year, to upgrade services andattract users and advertisers to solidify its leadership in themarket. |
Sina Weibo added 30 million users in Q1 2012, taking thetotal number beyond 324 million as of the end of March. China Mobile in Talks with Apple for iPhone Deal China Mobile Ltd (NYSE: CHL, HKG: 0941), the world's biggestwireless carrier by subscribers, is in talks with Apple Inc(Nasdaq: APPL) for its sale of the iPhone in mainland China,incoming chairman Xi Guohua said at a shareholders' meeting. ChinaMobile was serving 667.2 million customers as of the end of March,including nearly 60 million 3G service users. Its rivals, ChinaUnicom Ltd (NYSE: CHU, SHA: 600050, HKG: 0762) and China TelecomCorp (NYSE: CHA, HKG: 0728), have both been authorized to sell thesmartphone series in China. NetEase to Offer Own Smartphone NetEase.com Inc (Nasdaq: NTES), a Chinese web portal and onlinegame operator, plans to offer smartphones under its own name, aperson familiar with matter said.
NetEase has paired up with ahandset maker to develop a smartphone to be launched soon, pricedat ¥1,000, according to the source. Baidu Inc (Nasdaq: BIDU),China's dominant search engine, Qihoo 360 Technology Co (Nasdaq:QIHU), a security software developer and Shanda InteractiveEntertainment Ltd, an online entertainment service provider, hadpreviously announced similar plans. PetroChina Participates in Canadian Gas Project PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857) said it will teamup with Shell Canada and South Korean and Japanese companies todevelop a natural gas project in Kitimat, British Columbia. ShellCanada owns 40% of the gas exporting project, and PetroChina andthe South Korean and Japanese companies each 20%. The developmentof the project is expected to begin around 2015 and operations areexpected to kick off by 2020.
AgriBank Buys HK Building as Regional HQ Agricultural Bank of China Ltd (SHA: 601288, HKG: 1288) has spent$629 million purchasing an office building in Hong Kong as itsregional headquarters, according to Colliers International, whichbrokered the deal. Covering 175,000ft2, the 28-story building cost$3,589/ft2. $1 = ¥6.32.
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