Mobike to pedal into 200 global cities -- Chinese bike-sharing behemoth Mobike Technology Co Ltd is gearing up its overseas expansion, as the company aims to meet its ambitious goal of operating in 200 cities globally by the end of this year. Beijing-based Mobike announced on August 1 the launch of bike-rental services in London, with a plan to operate 750 bikes in September. Much of that expansion will be domestic, but he said Mobike will cover more countries in the second half of the year.
Chinese-developed phone screens gain bigger market share -- The market share of Chinese-developed phone screens saw a notable rise in the first half of 2017, thanks to technical breakthroughs by the country's manufacturers. China's smartphone shipments hit 226 million during the period, more than 66 percent of which used domestically made screens, up 14.1 percent compared with the same period in 2015, according to a report released by the China Academy of Information and Communication Technology.
Baidu's net income rises 83 percent in Q2 -- Chinese internet firm Baidu reported an 82.9 percent net income increase to 4.4 billion yuan (651 million U.S. dollars) in the second quarter, which ended June 30, the company announced on July 28. Total revenue of the world's largest Chinese search engine stood at about 20.9 billion yuan in the second quarter, a 14.3 percent increase from the same period last year. Mobile revenue represented 72 percent of the company's total revenue, up from 62 percent last year, according to the company's unaudited financial statement. (Source: China Daily)
Romania approves China's takeover of main oil company -- The Romanian authorities approved a deal concluded between KazMunayGas from Kazakhstan (KMG) and China Energy Company Limited (CEFC) at the end of 2016, KMG International (KMGI) announced on July 27. An agreement was signed in December 2016 between KMG and CEFC on the sale of the 51 percent stake of the KMGI Group, which owns and conducts major operations in refining and petrochemicals, retail, trading, upstream and industrial services through its own network of Rompetrol petrol stations in Romania, Bulgaria, Moldova, Georgia, as well as through its partners in the Black Sea region.
Huawei dials into robust growth -- Huawei Technologies Co Ltd said it maintained robust growth in the first half of the year, as the world's third biggest smartphone maker continued to expand its presence in the high-end segment. The Shenzhen-based company said it shipped about 73 million smartphones in the first six months, up 20 percent year-on-year. The strong momentum helped its consumer business group record 105 billion yuan (15.6 billion U.S. dollars) in revenue, accounting for about 37 percent of its total revenue. (Source: China Daily)
China Eastern buys 10 pct stake in Air France KLM -- China Eastern Airlines announced on July 28 it will invest 375 million euros (438 million U.S. dollars) to purchase a 10-percent stake of the European carrier Air France KLM. An overseas affiliate of the Shanghai-based airline has signed two agreements with Air France KLM about the purchase and future market cooperation. The purchase will be the largest strategic investment for the Chinese airline. Delta Air Lines, which holds a 3.2 percent stake in China Eastern, will also buy a 10 percent stake in Air France KLM.
Suning ushers in new era for cars sales in China -- A market that buys more than 20 million cars a year is mouth-watering for not just automakers and dealers, but even for home appliance retailers, especially after China began reforming its 4S-store domination this month. In the past two weeks, the first brick-and-mortar car market for Suning.com grabbed the spotlight and put the Chinese car sales market on the verge of groundbreaking changes. Located in a Suning plaza in downtown Nanjing, provincial capital of eastern China's Jiangsu, the market opened for business on July 15.
China's search engine firm Sogou to seek IPO in US -- Sogou Inc, a Chinese search engine operator, announced on July 31 that it plans to go public in the US. Its parent company Sohu.com said Sogou expected to submit paperwork to the US Securities and Exchange Commission this year for a possible initial public offering (IPO). But the company has not disclosed how many American depositary shares would be offered or at what price. Bloomberg previously reported Sogou may sell 10 percent of its shares and the IPO size will be at 5 billion dollars. (Source: China Daily)
Lao govt approve Chinese company to conduct SEZ feasibility study -- Lao government has given the green light for a Chinese company to conduct a feasibility study on developing the Khonphapheng Special Economic Zone (SEZ) in southern Laos' Champassak province, local media reported on August 2. The Chinese company had informed authorities that it wants to invest 10 billion U.S. dollars to develop the SEZ, some 580 km south of capital Vientiane, the Deputy Governor of Champassak, Buasone Vongsongkhone told Lao state-run media Vientiane Times. (Source: China Daily)
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