The shares of Qihoo 360, a popular anti-virus software provider in China, surged 134.45 percent in their debut on the New York Stock Exchange on Wednesday.
Net profits for Agricultural Bank of China, Industrial and Commercial Bank of China, China Construction Bank, and Shanghai Pudong Development Bank grew 46 percent, 28 percent, 26.3 percent, and 45.10 percent respectively in 2010.
Chinese searching giant Baidu has come under fire recently, with a group of authors accusing its document sharing website, Baidu Wenke of infringing copyrights of the unlicensed copies of their work uploaded by Baidu users.
The resource tax rate for mined light rare earths will be 60 yuan per ton, while medium and heavy rare earths will be taxed at 30 yuan a ton.
China Telecom Corp, the country’s largest fixed-line carrier, plans to buy the CDMA mobile phone network for its parent company funded with debt.
Qihoo 360 plans to issue 12.1 million American Depositary shares (ADS), after the security software maker’s initial public offering of up to 151 million U.S. dollars is three times oversubscribed.
ZTE Corporation has signed an agreement with Malaysia’s telecom operating giant U MOBILE to deploy a high-speed wireless network across Malaysia.
Gome’s chairman Chen Xiao will be leaving his post and Zhang Dadazong will take helm at Gome after his departure, sources said. An official statement is expected to be released today.
China’s state-run aviation giant, Aviation Industry Corporation of China, is facing U.S. government scrutiny in its proposed purchase of a Minnesota-based small-aircraft maker announced last week.
People.com.cn, the online news portal of the official organ newspaper, The People’s Daily, is eyeing an initial public offering (IPO) as early as in June.
Stress tests have found that Chinese banks are able to withstand a 20~30 percent fall in housing prices, according to a CBRC official.
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