The following is excerpted from IRG's weekly stock report:
• Baidu (NASDAQ:BIDU) announced that it has entered into an agreement with Intel (NASDAQ:INTC) to set up a joint lab to promote the development of new technologies in China. According to Baidu’s spokesperson, the company is working at present with Intel on how to prepare for the application environment of the next generation Internet search. The lab team will be composed of technicians from both Baidu and Intel.
• Alibaba, the Chinese online e-commerce operator, announced the formal launching of its Japanese edition. The president of Alibaba said that with the edition, it will enter the Japanese market by setting up an affiliate company in Japan with business partners like Softbank. The official also disclosed that Alibaba will be exploring the markets of Hong Kong and Taiwan.
Media, Entertainment and Gaming
• China Unicom (NYSE:CHU) announced the launching of its mobile phone newspaper in cooperation with People's Daily. People's Daily-China Unicom Mobile Phone Newspaper is described as being similar to reading news online. The official said that the service is available to China Unicom's CDMA users after they download relevant software. China Unicom also disclosed that it is in talks with People’s Daily regarding the possibility of launching a similar platform for its other affiliated newspapers like Global Times and Beijing Times.
• DNY Limited, a wholly owned subsidiary of Dynasty Gaming Inc., headquartered in Canada, announced the formal signing of a Definitive Agreement with SEGA Corporation of Japan for the development of new Multi-Player Online Games for the exclusive distribution and use of the company in China. Dynasty disclosed its plans to go into an aggressive marketing and promotional campaign as the new games become operational.
• PacificNet, Inc. (PINK:PACT-OLD), a provider of gaming technology, e-commerce, and Customer Relationship Management [CRM] in China, announced that it has received formal notification from the NASDAQ Listing and Hearings Council that the company has demonstrated compliance with NASDAQ's filing requirements under the Marketplace Rules. With the notification, PacificNet’s securities will continue to be listed on the NASDAQ Global Market.
• Glu Mobile Inc. (NASDAQ:GLUU) announced that it has completed the acquisition of Beijing Zhangzhong MIG Information Technology Co. Ltd., a developer and publisher of mobile games for China. Industry observer sees Glu Mobile’s acquisition of MIG as strengthening the company’s presence in China and boosting Glu´s relationship with China Mobile, the largest wireless carrier in China. Glu Mobile is a global publisher of mobile games based in California with offices in London, France, Germany, Spain, Italy, Hong Kong, China, Sao Paulo and Chile.
• China Mobile (NYSE:CHL) announced that it has added 6.5 million new customers in November with a total of 362.7 million subscribers, compared with the 356.2 million subscribers at the end of October. The company posted a prepaid customer base of 293.3 million, with the postpaid base reaching a total of 69.4 million.
• Oracle (NASDAQ:ORCL) announced the start of operation at its Shenyang branch, which is expected to serve as a strong platform for the company as well as the information software industry development in that area. The Shenyang branch is part of the MOU that Oracle signed with Liaoning Provincial Information Industry Department in 2006. Oracle cited several factors for the choice of Shenyang as the location of its new branch: the rapid economic and technological development in the place, sound infrastructure, excellent talent base, good investment environment and the availability of support from local government.
• CIMTEK announced the expansion of its operations with a new facility in Suzhou to support global demand for quality manufacturing. The company said the new facility is part of its Asian based business initiatives, which aims at delivering the reliable products by way of fast and cost effective means possible. Industry observers note that China has become a key part of many manufacturers' business strategy for sourcing and manufacturing. CIMTEK counts among its clients Microsoft (NASDAQ:MSFT), Motorola (MOT), Honeywell (NYSE:HON) and Siemens (SI).
• Datang Telecom Group announced that it has signed a letter of intent with the People's Insurance Group. Under the agreement, the People’s Insurance Company of China, a subsidiary of the People’s Insurance Group, will invest 1.5 billion yuan (US$203.6 million) in Datang Mobile for a 13 percent stake. Datang Mobile is an affiliate of Data Telecom. The president of People’s Insurance Group described the investment as its first large investment ever made in the communications industry. Local media reported that Tang Ru'an, Datang Mobile’s general manager will resign from the company.
Disclaimer: IRG is not responsible for the accuracy of the news compiled within this article, which is based on publicly available information.