Baidu to Launch Own Messaging Service
China's most used search engine Baidu.com has plans to launch its own
instant messaging service, the company said in a statement. The
messenger will be called "Baidu Hi". A launch date was not revealed.
Research and development for "Baidu Hi" has been underway for almost
one year and internal testing for the product is currently underway,
Yahoo Finance reports.
9Diamond Eyes IPO
Shanghai-based online diamond retailer 9Diamond (www.9diamond.com) has
apparently raised USD10m for a Hong Kong initial public offering, state
media reports. The investment is backed by international diamond
traders and retailers Qiming Venture Partners, Zero2IPO, Rapaport and
Kleiner Perkins Caufield & Byers. The exact date for the IPO was
not disclosed.
Shenhua Energy Posts Profit Boost
China's major coal producer Shenhua Energy has said that its revenues
and its 2007 profits rose by 25 and 20 per cent, respectively. In 2007,
the country's major coal producer's revenues topped RMB82.1 bn, while
profits reached RMB29.9 bn. In 2006, Shenhua listed its shares on the
Shanghai stock market, raising USD8.91 bn and setting a mainland China
record at that time.
Merger Creates Second Largest Iron & Steel Company
The consolidation in the steel industry continues. Jinan Iron and Steel
Group (Ji'gang) and Laiwu Steel Group (Lai'gang) merge to become the
second largest iron and steel company. The new company will be called
Shangdong Iron and Steel Group and will have an output of 31.6m tons
per year, only second to China's major steel producer Baosteel. The
merged company will build up a new production plant in Rizhao, Shandong
province, with an annual capacity of 20m tons annually.
Last update : Sunday, 02 March 2008
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