Posted by: Sarah Wu on Sep 02 2010

Sina (Nasdaq:SINA) is planning to spin off its microblogging service for independent operation, Sohu reported September 2 citing unnamed sources. The company seeks an investment from an internet company to support the development of the microblogging service as well as investments from venture capital firms, but Sina will keep the controlling stake, according to the report...

Posted by: Kiki.yang on Sep 02 2010

Guangdong-based real estate developer Hopson Development Holdings (0754.HK) plans to acquire 94,476.3 square meters of residential land in Shanghai for RMB 1.25 billion, guandian.cn reported September 1st.

Hopson previously reported a net profit of HK$5.8 billion in 2009, compared with HK$1.96 billion in 2008.

Posted by: Tom Telford on Sep 02 2010

Ping An Insurance (Group) (2318.HK, 601318.SH) will acquire 1.64 billion shares in Shenzhen Development Bank (SDB) (000001.SZ), raising its interest in the lender to 52.39% from 29.99%, according to a Ping An announcement on September 2...

Posted by: Kiki.yang on Sep 02 2010

The People's Bank of China (PBoC) injected a net of RMB 70 billion into money markets in its regular open market operations this week, xinhuanet.com reported September 2.

The central bank sold three-month bills worth a total of RMB 13 billion at a rate of 1.5704% on Thursday, September 2, according to an announcement on its website...

Posted by: Tom Telford on Sep 02 2010

The Shanghai Composite Index increased 1.25% to close at 2,655.78, while the Shenzhen Composite Index climbed 1.84% to end at 1,172.34 on Thursday, September 2. Trading volumes on the Shanghai and Shenzhen Stock Exchanges were 12.41 billion and 8.80 billion, respectively.

Metallurgical products manufacturer Luyin Investment (600784.SH) and diamond-tipped drills maker Henan Huanghe Whirlwind (600172.SH) both leaped 10.05%, machine tools maker Qinghai Huading Industrial (600243.SH) and graphite products maker Sinosteel Jilin Carbon (000928.SZ) each gained 10.04%, and Shaanxi Qinchuan Machinery Development (000837.SZ) increased 6.54%.

Drugs maker Chongqing Taiji Industry (600129.SH) and Jiangsu Lianhuan Pharmaceutical (600513.SH) closed more than 10% higher, while Tibet Rhodiola Pharmaceutical (600211.SH) Guangzhou Pharmaceutical (600332.SH) Southwest Pharmaceutical (600666.SH) gained 8.62% and 6.99%, respectively.

Pharmaceuticals maker Zhejiang Garden Biochemical High-Tech and printed circuit board assembly producer ShenZhen Yitoa Intelligent Control have been approved to list on a domestic exchange, according to an announcement on the China Securities Regulatory Announcement on Wednesday.

Electronic parts manufacturer Shenzhen Evenwin Precision Technology (300115.SZ), fire extinguisher maker Shaanxi J&R Fire Protection (300116.SZ), Beijing Jiayu Door, Window and Curtain Wall Joint-Stock Co...

Posted by: Tom Telford on Sep 02 2010

The Hang Seng Index gained 1.19% to close at 20,868.92 on Thursday, September 2, in main board trading turnover of HK$66.13billion. The Hang Seng China Enterprises Index increased 1.65% to end at 11,688.84.

Airlines gained today, with Air China (0753.HK, 601111.SH) gaining 4.33%, Cathay Pacific (0293.HK) ending up 2.92% and China Eastern (NYSE:CEA, 0670.HK, 600115.SH) surging 5.53%.

Banks also improved, with China CITIC Bank (0998.HK, 601998.SH), Bank of China Hong Kong (2388.HK) and Bank of Communications (3328.HK, 601328.SH) rising 3.35%, 2.13% and 2.36%, respectively.

Posted by: Sijia Xie on Sep 02 2010

Sportswear manufacturer and retailer Peak Sport Products' (1968.HK) Q1 and Q2 same store sales (SSS) growth stood at 15.3% and 12.5%, respectively, year-on-year, reported Sina September 1.

In the first half of 2010, Peak's revenues grew by 33.3% to RMB 1.81 billion and net income grew by 29.6% to RMB 346.6 million, according to a Peak announcement on August 27...

Posted by: Sarah Wu on Sep 02 2010

China's Minister of Culture Cai Wu will lead a team of game industry senior executives including Shanda (Nasdaq:SNDA) President Tan Qunzhao, Giant Interactive (NYSE:GA) Vice Director Wen Xuhua and Kingsoft (3888.HK) Vice President Bi Zhenhua to Taiwan on Thursday, September 2, where they will attend the TaiPei International Digital Content Exchange, Taiwan-based Economic Daily News reported August 31...

Posted by: Sarah Wu on Sep 01 2010

Shanda Interactive (Nasdaq:SNDA) game subsidiary Shanda Games (Nasdaq:GAME) has released "Heise Baofeng" (roughly "Black Storm"), a new version of its licensed 3D MMORPG AION, on September 1, qq.com reports...

Posted by: Ana Swanson on Sep 01 2010

LDK Solar (NYSE:LDK) has filed a lawsuit demanding compensation from Canadian Solar (Nasdaq:CSIQ) for the breach of a 10-year supply contract signed in 2008, LDK announced September 1. Under the agreement, LDK planned to supply 800MW of solar wafers to Canadian Solar through 2018, with roughly 40MW shipped in 2009 and 80MW annually from 2010 onwards, according to a Canadian Solar announcement in June 2008...

Posted by: Kiki.yang on Sep 01 2010

China's Purchasing Managers' Index (PMI) for August stood at 51.7, 0.5 point higher than July, according to data released by China Federation of Logistics and Purchasing (CFLP) August 31.

HSBC's China Manufacturing PMI was 51.9 in August, up from 49.4 in July, its lowest level in 17 months, according to data released by HSBC (NYSE:HBC, LSE:HSBA, 0005.HK) on September 1.

Posted by: Sijia Xie on Sep 01 2010

Hebei-based Baolongcang has been closing stores in groups for renovation following the company's acquisition by French retailer Carrefour (EPA:CA) from August 28 onwards, Hebei Daily reports. The company's stores are expected to be all re-opened by the middle of October, the report said...

Posted by: Sijia Xie on Sep 01 2010

Beijing retail group Wu Mart (8277.HK) plans to open a store in Yinchuan, capital of Ningxia Province on September 16, linkshop.com.cn reported September 1. Wu Mart acquired a stake in Yinchuan Xinhua Department Store (600785.SH) for RMB 176.7 billion in April 2006, becoming the company's largest shareholder, according to the report...

Posted by: Sarah Wu on Sep 01 2010

Alibaba's consumer-focused e-commerce site Taobao.com has released a notice to users of its promotional service "Taobao Zhitongche," requiring them to remove all information or promotions regarding account numbers for Tencent's (0700.HK) instant messaging service QQ before August 31, according to an August 26 posting on the site...

Posted by: Sijia Xie on Sep 01 2010

Medicinal products distributor and energy saving air-conditioners provider Coolpoint Energy (8032.HK) has acquired approximately 30.9% of sportswear company Li Ning (2331.HK), Coolpoint announced August 31...