China's business press carried the following stories on Wednesday. China.org.cn has not checked the stories and does not vouch for their accuracy.

Little Sheep sells overseas business—21st Century Business Herald

Hot-pot restaurant chain Little Sheep (0968.HK) has given up its overseas business after suffering difficulties in delving into foreign market.

Little Sheep announced on December 11 that it sold a 69 percent stake in American company-operated stores for US $345,000 and relinquished control of these outlets. This announcement follows Little Sheep finalizing deals to sell its stake in operations in Canada and Japan.

Wang Daizong, CEO of Little Sheep, confirmed that the company has abandoned all company-operated restaurants overseas after those trading.

"It is very costly to run business directly overseas; we will depend on franchise to expand our overseas market in the future,"said Wang.

China Tietong completes split-up—Beijing Times

Assets of China Tietong, a smaller telecommunication operator in China, were split into two parts yesterday. Special network business will go to the  Ministry of Railway and public network business will be integrated into China Mobile.

Wang Jianzhou, CEO of China Mobile, said he hasn't considered packing the stripped-down business from Tietong into its listed arm.

Ku6.com unveils new plan—Oriental Morning Post

Domestic video website Ku6.com has announced a new plan to invest 300 million yuan in purchasing licensed videos and bandwidth, and streamlining online content next year.

This announcement comes just two weeks after Ku6 merged with the wireless service provider Hurray Solutions.

The plan is backed by Ku6's parent company Shanda Interactive Entertainment, a leading Chinese technology company.

Li Shanyou, founder and CEO of Ku6.com revealed that his ambition is to establish Ku6.com as the number one video website in China.

Beijing holds public hearing on water price adjustment—Beijing Daily

Beijing holds a public hearing on water price adjustment today. This is the first time that hearing is being broadcast live online. A plan to increase the water price to 0.9 yuan a ton will be discussed.

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