Melanie's Feed
May 12, 2011

China’s Sina to ramp up Weibo investment to fend off rivals

SINGAPORE/BANGALORE (Reuters) – China’s Sina Corp plans to ramp up investment in its hot Twitter-like product, Weibo, for the rest of the year in order to fend off competition from Tencent Holdings and attract a wider user base.

Sina, which has seen its stock soar on investor hopes that Weibo will be monetized sooner rather than later, reported a 39 percent decline in quarterly net profit after it invested heavily in the platform.

May 12, 2011

Alibaba.com says Q1 net profit up 37 percent

SINGAPORE/HONG KONG, May 12 (Reuters) – China’s Alibaba.com
Ltd reported a forecast-beating 37 percent rise in
quarterly net profit even though subscribers for one of its key
products fell sharply.

China’s largest e-commerce company raised the price of its
popular ‘China Gold Supplier’ package in January, leading to a
drop in membership sign-ups in the first quarter.

May 12, 2011

Sina to ramp up Weibo investment to fend off rivals

SINGAPORE/BANGALORE, May 12 (Reuters) – China’s Sina Corp
plans to ramp up investment in its hot Twitter-like
product, Weibo, for the rest of the year in order to fend off
competition from Tencent Holdings and attract a wider
user base.

Sina, which has seen its stock soar on investor hopes that
Weibo will be monetized sooner rather than later, reported a 39
percent profit in quarterly net profit after it invested heavily
in the platform.

May 11, 2011

Tencent Q1 says net profit jumps 61 percent

SINGAPORE/HONG KONG, May 11 (Reuters) – Tencent Holdings Ltd
, China’s most valuable Internet company, reported a
record quarterly profit on Wednesday, driven by strong
performance at its online games business and contribution from a
U.S. acquisition.

Tencent, which operates hit online games such as Dungeon &
Fighter and Crossfire in China’s red-hot market, faces stiff
competition from Shanda Games Ltd , Netease.com Inc
and Changyou.com Ltd , and Renren Inc
in social gaming.

May 2, 2011

Exclusive: How U.S. trying to wean China off Iranian oil

SHANGHAI (Reuters) – The United States collaborated with Saudi Arabia to increase crude oil supplies to China at the expense of Iran, U.S. diplomatic cables show. The move was designed to hurt Iran and win Beijing’s support for sanctions against Tehran over its nuclear program.

China has long worried that oil supplies from Iran could be choked off if Beijing sides too closely with the West over Tehran’s disputed nuclear activity, which opponents say is intended to give it the means to assemble nuclear weapons. Iran insists its nuclear program is peaceful.

Apr 30, 2011

Renren IPO appetite seen huge but red flags abound

SHANGHAI/NEW YORK, April 29 (Reuters) – When Chinese social
networking site Renren goes public next week, investors will
likely ignore big risks the company faces, and be lured instead
by a combination of the words “China” and “social networking.”

Hot Chinese tech companies like Internet search engine
Baidu Inc (BIDU.O: Quote, Profile, Research, Stock Buzz) and online video site Youku.com (YOKU.N: Quote, Profile, Research, Stock Buzz)
have risen triple-digit percentages since their IPOs, whetting
investors’ appetites for such offerings.

Apr 29, 2011

China’s frothy Internet sector seen due for a correction

BEIJING, April 29 (Reuters) – China’s red-hot Internet
sector is due for a correction, with valuations reaching frothy
levels, and some players will be eliminated, industry
executives and venture capitalists say.

But the decline will not be as
steep as the dive seen in the U.S. dot.com bubble
which burst in 2000, triggering a slump in stock prices and
put ting a brake on the broader economy.

Apr 25, 2011

China to punish Baidu for illegal music downloads

SHANGHAI (Reuters) – China’s ministry of culture is to punish search engine company Baidu (BIDU.O: Quote, Profile, Research, Stock Buzz) for providing illegal music downloads, a move that may hit its soaring share price.

Xinhua, China’s official news agency, reported on Monday the government will punish 14 websites that have provided illegal music downloads, including Baidu, China’s top search engine.

Apr 25, 2011

China to punish Baidu for illegal music search service

SHANGHAI (Reuters) – China’s Ministry of Culture will punish Baidu Inc for providing illegal music downloads, a move that poses near-term risk to the firm’s soaring stock price.

Xinhua, China’s official news agency, reported on Monday that the government will punish 14 websites that have provided illegal music downloads, including Baidu, China’s top search engine.

Apr 22, 2011

Third day of Shanghai strike threatens China exports

SHANGHAI, April 22 (Reuters) – Striking truck drivers
gathered for a third day on Friday in Shanghai’s main harbour
district amid heavy police presence and signs the action has
already started to curb exports from the country’s busiest
container port.

A crowd of up to 600 people milled about outside an office
of a logistics company near the Baoshan Port, one of Shanghai’s
ports. Some threw rocks at trucks whose drivers had not joined
in the strikes, breaking the windows of at least one truck.