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Youku narrows loss on more revenue

Youku, China's largest video website, announced its unaudited financial results for the first quarter and an offering of about US$600 million in a follow-on sale of American Depositary Receipts. Youku had US$19.5 million in net revenue for the first quarter, up 163 percent from a ...

Countdown to a new GPS

A salesman demonstrates how to operate the Beidou navigation system for drivers at a trade market in Ningbo, in East China's Zhejiang province. As part of its efforts to establish an independent satellite navigation system, in 2000 the Chinese government launched the first Beidou ...

Little-known Hawtai makes deal for Saab

With a planned investment of 150 million euros ($222 million) for a majority stake in Spyker Cars NV, little-known Chinese SUV and car manufacturer Hawtai Motor Group last week unveiled plans to make Saab cars in China. The agreement calls for privately owned Hawtai to pay 120 ...

Shanghai GM sets new April record

General Motors and its joint ventures sold 203,367 vehicles in China in April, the third month this year that the carmaker's monthly sales surpassed 200,000 units in the world's largest vehicle market. Domestic sales by Shanghai GM, its flagship joint venture, increased 7.4 ...

Chinese property developers struggle as gov't cools market

With the government's ongoing and persistent efforts to cool the red-hot property market, Chinese property developers are struggling to sell properties while becoming more encumbered with debt. The debt of the country's property developers rose 41.27 percent year on year to 1.05 ...

Chinese Internet companies rush to debut in US

With two Chinese Internet firms landing the New York Stock Exchange (NYSE) last week and more expected to come, the US capital market is likely to see an IPO boom of Chinese companies in May. NetQin Mobile Inc., a Chinese maker of cell phone Internet security software, made its ...

China rises to top in ranks of ship makers

China, if measured by the number of ships it produces and the number of orders it receives for such vessels, is the foremost shipbuilder in the world. Still, the country needs more time to become a real superpower in the shipbuilding industry, said a senior industry official. ...

Fighting fraud online under spotlight

The proliferation of fake products being sold online jumped back into the spotlight after China Central Television recently reported that Taobao, China's biggest online marketplace, was allowing pirated and phony goods to be sold on its website. In the report, a consumer accused ...

Sony data breach may rain on cloud computing

The Sony data breach that compromised the personal data of more than 100 million customers of the Japanese electronics conglomerate may claim yet another victim - the cloud computing industry. Some businesses are rethinking plans to move to cloud-based computer systems located at ...

High-tech science park gets big boost

Zhongguancun-based companies garnered business revenues of 380 million yuan ($69 million) in the first quarter of this year, up 12 percent on a year-on-year basis. The State Council recently approved a development plan called the Zhongguancun National Innovation Demonstration ...

Chinese Internet companies rush to debut in U.S.

With two Chinese Internet firms landing the New York Stock Exchange (NYSE) last week and more expected to come, the U.S. capital market is likely to see an IPO boom of Chinese companies in May. NetQin Mobile Inc., a Chinese maker of cell phone Internet security software, made its ...

Youku may net acquisitions

Youku.com Inc, owner of China's biggest online-video site, said it will review possible acquisitions as the company plans to sell new stock to fund expansion. "As we see the increasing flow of capital from the public and private markets into the online-video sector, we want to ...

Buyers find love at first byte of new Apple iPads

After lining up outside for 16 hours, Yu Hong stepped out of an Apple store in Beijing one happy lady on Friday. "I love the iPad 2!" she shouted. The 48-year-old was the first to buy Apple's iPad 2 at its Sanlitun store, the company's flagship store in the city. "I finally have ...

Bona reports first-quarter profit surge

Bona Film Group Ltd, China's largest privately owned film distributor by distribution numbers, said on Friday that its first-quarter net profit rose 76.7 percent year-on-year to $2.4 million. "We exceeded our guidance in the first quarter as we continued to leverage our ...

US accused of dumping cars

China yesterday accused car makers in the United States of dumping sedans and cross-country vehicles with engine capacity of 2.5 liters and above in the Chinese market, and the US government had subsidized the exports. But China will not immediately impose anti-dumping tariff and ...

BYD April car sales slump 11%

BYD, a Shenzhen-based auto maker in which Warren Buffett holds a stake, suffers from a slumping sales in Apirl. Chinese car maker BYD Co Ltd, backed by US billionaire Warren Buffett, said on Thursday that it sold 40,100 cars in April, down 11 percent year-on-year according to ...

E-commerce injects vitality into rural development in China (3)

Wang Weike, Party chief at Dongfeng village of Shaji, told Xinhua that between 1,000 and 2,000 out of the 4,000 local residents used to migrate elsewhere to find jobs. However, 90 percent of the migrants have returned home to run online shops. They employ people from nearby ...

E-commerce injects vitality into rural development in China (2)

Two years ago, Zhang Haiyang from Anhui moved to Qingyanliu to run an online shop selling daily necessities. He told Xinhua that the village boasted the nation's lowest cost for express services and professional homepage designers for online startups. Qingyanliu is a showcase of ...

Baidu plans legal music downloads

China's biggest search engine, Baidu Inc, plans to provide free downloads of copyrighted music from next week. The move comes as a response to increasing criticism of its involvement in copyright infringement. The new service, Baidu Ting, will see the search giant in head-to-head ...

E-reader maker looks for tonic

Having boasted in May 2010 that its aim was to overturn Apple Inc's dominance in the Chinese tablet PC market, the nation's leading maker of e-readers and tablet PCs, Hanvon Technology Co Ltd, has posted a first quarter loss of 40 million yuan ($6 million). By contrast, the ...
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