Google.cn' sales down 40 percent in January
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China's business press carried the following stories on Friday. China.org.cn has not checked the stories and does not vouch for their accuracy.
Google.cn' sales down 40 percent in January—China Business News
As Google prepares for talks with the Chinese government over its decision to withdraw business in China, the global search engine giant took a large hit in ad revenue. A newspaper report said ad revenue has dropped 40 percent so far this month.
"Since Google hasn't made a clear stance on the issue yet, the ad agents began to worry about the recent shrinking new orders,"said a Google.cn's ad agent.
"The period before Spring Festival should be a busy season, but new orders declined at least 30 percent,"he added.
ICBC buys Bank of East Asia's Canadian unit--21st Century Business Herald
China's largest bank, Industrial and Commercial Bank of China, announced Jan. 28 that it has completed acquisition of Bank of East Asia's Canadian unit.
Under the deal, ICBC paid C$80.25 million (US$76 million) for a 70-percent stake in the Canadian branch. Bank of East Asia held the balance.
The purchase enables ICBC to obtain an operating license and customer base in Canada, another important step to increase its presence in North America since it opened its first office in New York in 2008.
As part of the deal, Bank of East Asia will spend HK$372 million (US$47.8 million) to increase its holding in ICEA Finance, a joint venture with ICBC, to 75 percent.
CSRC may calls for a suspension on IPO—www.ce.cn
China Securities Regulatory Commission may suspend its IPO application soon because of fear that new shares issue will trigger a further slump in the current weak market, according to rumors.
The benchmark Shanghai Composite Index has fallen 8.64 percent since the beginning of this year, which analysts attribute to tight money and too rapid market expansion.
New Huadu invests in Shanghai Povos—National Business Daily
Tang Jun, president and chief executive officer of New Huadu, announced yesterday that the company has bought a 19.9 percent stake for US$32 million in Shanghai Povos. With the purchase, New Huadu became the small home appliance maker's second-largest shareholder, a move signaling that the Fujian-based investment company plans to enlarge its business to home appliances.
The deal is the second purchase that New Huadu has sealed within one week. One Jan. 25, New Huadu bought four IT companies for US$25 million through its subsidiary Inxite Information Industry Co.
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