The following press releases and media reports about Chinese companies were carried on May 10. To view a full article or story, click on the link next to the headline.
══════════════════════════════════════════════════════
- New Zealand One of Huawei’s Most Strategic Markets -CEO Ren (Press release)
- Jingdong Tests 3-Hour Delivery Service in Beijing (English article)
- 51job (Nasdaq: JOBS) Reports Q1 Financial Results (PRNewswire)
- Alibaba To Buy AutoNavi (Nasdaq: AMAP) Stake, Become Top Investor (Chinese article)
- EU Agrees On China Solar Panel Duties; Beijing Urges Dialogue (English article)
- Latest calendar for Q1 earnings reports (Earnings calendar)
Online discount retailer Vipshop (NYSE: VIPS) emerged as one of China’s most remarkable turnaround stories in 2012, as its shares rallied sharply in the second half of the year after a miserable IPO. Now the company is passing more new milestones, reporting its first-ever profit in the fourth-quarter of 2012 and also entering the relatively small club of Chinese Internet firms that can boast of market values of $1 billion or more. The company has also solidified its position as China’s most valuable publicly traded e-commerce firm, after taking the title from older rival Dangdang (NYSE: DANG) last fall.
It’s only appropriate that I end this week with one more story on the bloody price wars in China’s e-commerce space that have dominated headlines these past few days, this time taking a look at the just-released quarterly results of Dangdang (NYSE: DANG), the only major publicly traded online merchant. Dangdang saw its loss more than quadruple in the quarter, as its marketing costs soared and margins crumbled due to all the price wars. (
China’s overheated e-commerce wars are quickly becoming a game of musical chairs that has seen many top names form partnerships with other big players, including an interesting new tie-up between top-tier operator Dangdang (NYSE: DANG) and leading Internet company Tencent (HKEx: 700). This new tie-up looks quite interesting and significant, though I should also point out that it’s just the latest in a steady string of recent initiatives for Dangdang, which has also just announced the launch of a more dubious move targeting the wedding market.
