Ex Cloudary exec detained on suspicion of espionage
An escalating clash between 2 of China’s top Internet names has taken an interesting twist, with word that a former Shanda executive has been detained just before the formal launch of his new online literature company backed by sector giant Tencent (HKEx: 700). Broadly speaking, I’m somewhat encouraged by this latest development, which shows that China may finally be preparing to crack down on perpetrators of economic crimes who in the past often faced little or no serious punishment for their offenses. At the same time, I do worry that this latest detention may have less to do with the law, and more to do with politics and guanxi. Read Full Post…
Last month’s New York IPO filing by online retailer LightInTheBox has many predicting a new stream of Chinese listings could soon hit the market, prompting many to guess who might be next. One of the leading candidates for a near-term New York offering was Cloudary, the literature unit of online entertainment firm Shanda, though that prospect is dimming with each passing day due to recent turmoil at the company. Read Full Post…
The following press releases and media reports about Chinese companies were carried on May 8. To view a full article or story, click on the link next to the headline.
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Games Will Be Breakthrough Area For Tencent (HKEx: 700) WeChat – Ma (Chinese article)
Baidu (Nasdaq: BIDU) Acquires Online Video Business of PPS for US $370 Mln (PRNewswire)
Ex-Qidian Team to Provide Content for Tencent (HKEx: 700) Book Channel (English article)
Nokia (Helsinki: NOK1V) Changes China Head For 4th Time In 3 Years (Chinese article)
Alibaba Posts Q4 Profit Of $640 Mln, Up 172 Pct (Chinese article)
