China Mobile (CHL.NYSE, 0941.HKG), the country’s largest wireless carrier by subscribers, said Thursday that a vice president had resigned amid a government probe into “financial-related issues,” The Wall Street Journal reported. Lu Xiangdong is the third China Mobile executive to be suspended in recent years following government investigations: one was given a suspended death sentence in […]
Category: Tech, Media & Telecom
Bank of Communications (601328.SH, 3328.HKG), China’s fifth-largest lender, announced plans to shore up capital by issuing US$8.9 billion in shares, the world’s biggest share issue since May, Bloomberg reported. The lender will sell shares in both Shanghai and Hong Kong, with the Ministry of Finance and HSBC Holdings (HBC.NYSE, HSBA.LON, 0005.HKG), its two largest shareholders, […]
To be continued; Dropping the W-bomb
Tencent Holdings (700.HKG), China’s largest internet company by sales, will decrease the pace of its investments due to lower earnings that resulted from several dozen equity investments in 2011, Bloomberg reported. President Martin Lau said the company will still complete “at least ten” deals this year. Tencent posted its lowest full-year profit growth since 2005 after […]
Youku (YOKU.NYSE) and Tudou (TUDO.Nasdaq), China’s two largest online video companies, announced plans to merge in what will be the internet industry’s biggest deal via a stock-swap agreement, the Financial Times reported. Youku shareholders will own 71.5% of the merged company, which will be valued at US$1.04 billion and have a 35.5% share of China’s […]