Melanie's Feed
Jul 13, 2011

Sina to launch virtual currency for Weibo in Q3

SHANGHAI, July 13 (Reuters) – China’s Sina Corp
will launch a virtual currency for its popular Weibo
microblogging service in the third quarter of this year, the
firm’s first real push to monetise the platform, a source with
direct knowledge of the plan said on Wednesday.

Analysts said the move is significant for Sina as it seeks
to monetise Weibo and expand it into a full-fledged social
network to compete with Renren Inc and Tencent
Holding’s QQZone. Sina, which launched Weibo about two
years ago, has more than 140 million users.

Jul 5, 2011

China’s Bright Food denies Treasury Wine buy talks

SHANGHAI (Reuters) – China’s Bright Food Group said on Tuesday it was not in discussions to buy any Australian wine assets, denying a media report that it was in internal talks on bidding for Australia’s Treasury Wine Estates Ltd (TWE.AX: Quote, Profile, Research, Stock Buzz).

“Currently, we have no Australian wine acquisitions in the works,” Pan Jianjun, general manager of the firm’s public relations department, said by telephone.

Jul 5, 2011

China’s Bright Food denies Treasury Wine buy talks but looking abroad

SHANGHAI, July 5 (Reuters) – China’s Bright Food Group said
on Tuesday it was not in discussions to buy any Australian wine
assets, denying a media report that it was in internal talks on
bidding for Australia’s Treasury Wine Estates Ltd .

“Currently, we have no Australian wine acquisitions in the
works,” Pan Jianjun, general manager of the firm’s public
relations department, said by telephone.

Jul 4, 2011

China’s Baidu ties up with Microsoft to power English search

SHANGHAI, July 4 (Reuters) – Baidu , which has
three-quarters of China’s search market, signed a deal with
Microsoft’s Bing to offer English-language search to
Baidu users, as it eyes an overseas expansion and Microsoft aims
to increase its presence in the world’s largest Internet market.

Baidu dominates China’s search-engine market after Google
Inc pulled out last year following a high-profile
fallout with Beijing over censorship.

Jul 4, 2011

Baidu says Microsoft’s Bing to power its English search

SHANGHAI (Reuters) – Baidu, which has three-quarters of China’s search market, signed a deal with Microsoft’s Bing to offer English-language search to Baidu users, as it eyes an overseas expansion and Microsoft aims to increase its presence in the world’s largest Internet market.

Baidu dominates China’s search-engine market after Google Inc pulled out last year following a high-profile fallout with Beijing over censorship.

Jun 30, 2011

SMIC CEO ousted from board, management shakeup likely

SHANGHAI, June 30 (Reuters) – China’s Semiconductor
Manufacturing International Corp may be in for
a top management shakeup after shareholders voted against
re-electing its chief executive to its board and the death of
its chairman this week.

SMIC, China’s biggest contract chipmaker, said 58.2 percent
of the shareholders voted against re-electing its Chief
Executive David Wang to the board at a meeting on Wednesday.

Jun 23, 2011

Battered Chinese Internet stocks still seen as risky bets

SHANGHAI, June 23 (Reuters) – U.S.-listed Chinese Internet
stocks are trading at lofty valuations even after a slump in
share prices on concerns over accounting scandals, and face an
uncertain business outlook.

The accounting irregularities have drawn attention from
regulators and brokers and some of the auditors involved are
facing legal action. Trading in several Chinese companies has
been halted on U.S. and Canadian exchanges, some for months, as
company and exchange officials investigate suspicions of
accounting fraud.

Jun 21, 2011

Scandals or not, VC firms still love China Net startups

SHANGHAI (Reuters) – The rash of accounting scandals that has hit U.S.-listed Chinese stocks has not curbed the appetite of private equity and venture capital firms looking for the next set of Chinese Internet stars in the mainland’s “So-Lo-Mo” and luxury e-commerce sectors.

PE and VC firms are still betting on firms in So-Lo-Mo, shorthand for the social, mobile and location-based services, including Digu.cn and UCWeb, because of the impending cheap tablet and smartphone boom in China.

Jun 16, 2011

Alibaba to split, not IPO, e-commerce unit Taobao

SHANGHAI, June 16 (Reuters) – Alibaba Group said on Thursday
it has reorganised Taobao, China’s largest e-commerce website,
into three separate companies, squashing any chance of a Taobao
public offering.

The move to split Taobao comes as Alibaba Group founder Jack
Ma grapples with its major shareholders, Yahoo Inc and
Japan’s Softbank , over ownership of Alipay, another of
the group’s crown jewels.

Jun 2, 2011

Gmail hackers had access to accounts for months: expert

SHANGHAI (Reuters) – Hackers who broke into Google’s Gmail system had access to some accounts for many months and could have been planning a more serious attack, said the cyber-security expert who first publicly revealed the incident.

Google said suspected Chinese hackers tried to steal the passwords of hundreds of Gmail account holders, including those of senior U.S. government officials, Chinese activists and journalists.