Shanda e Mechanical seal xpands into online video
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Shanda expands into online videoPublished: 29 Nov 2009 13:02:01 PST<p class="authorInfor"></p><p>By Cong Mu
Shanda Interactive Entertainment, a Nasdaq-listed online game and entertainment company, Friday acquired a video website through its subsidiary for an undisclosed amount, further enlarging its media business.
According to a preliminary agreement, Ku6, a Chinese version of Youtube, will sell all of its stocks to Hurray! Holding, a subsidiary of Shanda, in exchange for an aggregate of over 723 million Hurray! ordinary shares, including 444,381 Hurray! American Depositary Shares (ADS), the buyer said in a statement on its website.
Upon the completion of the merger, Ku6 will hold a 32.8 percent stake in Hurray!, second to Shanda's 51 percent controlling stake, which the Internet media conglomerate acquired in July.
Li Shanyou, founder of Ku6, will become the president of Hurray! after closing the deal, an unidentified source told 163. com.
Li said in the statement that Ku6 will establish itself as a leading new media platform for wireless and online video broadcasting, while Qu Haibin, interim CEO of Hurray! said that he saw significant opportunities for cooperation.
Hurray!, a Nasdaq-listed ringtone and wireless services firm, recorded a net loss for the first half of 2009 of 60 cents per ADS, compared with a net income of 29 cents per ADS for the same period last year.
Ku6 is the third largest online video provider, owning a 14.3 percent market share in August, according to iResearch, a Shanghai-based Internet consulting company.
Ku6's Li told 163.com in early November that the company's revenue for the last 12 months exceeded 100 million yuan ($14.6 million), and he said the website will see profit in 2010, when video copyright issues will be resolved.
Ku6 will retain its brand name and become a wholly-owned subsidiary of Hurray! after the acquisition, which is still pending shareholders' approval and is expected to be completed in the first quarter of 2010.</p><p>Hurray!'s shares closed down 11 cents, or 2.15 percent, at $5.00 per share Friday.
None of the three companies involved were available for comment.
Shanda, which already operates online gaming, music and publishing, is moving into the video content business with money raised from the capital markets, standing to profit from the fast growing domestic advertising market.
The company and Hunan Broadcasting and Television Group set up a joint venture November 12 to invest 600 million yuan ($87.8 million) to produce online movies and television series, after it spun off a 28.99 percent stake in Shanda Games on the Nasdaq to raise $1 billion in September.
According to iResearch, the Internet advertisement market in China grew 17.9 percent year-on-year in the third quarter to 5.7 billion yuan ($834.6 million), and it will be as big as 20 billion yuan ($2.9 billion) for the whole year.
In the US, advertisement expenditure shrank 4 percent year-on-year in the same quarter to $6.4 billion, Wang Shuai, general manger of yahoo.com. cn, said over the weekend in an industry forum in Hangzhou, Zhejiang Province.
"If the entire Internet ad market reaches 20 billion yuan, then the online video ad section will be worth 6 billion ($878.5 million)," Li of Ku6 said.</p><p align=center> Explore the World, Understand China!
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Shanghai Mechanical seal GM's vehicles sales double in Aug
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Shanghai GM's vehicles sales double in AugPublished: 01 Sep 2009 22:41:31 PST<p class="authorInfor"></p><!--begin CK content--><ul class="narrow">Top 5 News From ChinaKnowledge.comChina Unicom, Chunghwa Telecom to set up mainland JVHang Seng Index opens 312 points lower on WedChinese stocks open nearly flat on WedCNOOC inks deal with Qatar PetroleumCNTA relaxes requirements for foreign-invested travel agencies<P>Sep. 2, 2009 (China Knowledge) - Shanghai General Motors Co Ltd, the joint venture between General Motors Corp and Shanghai Automotive Industry Corp, Tuesday said its vehicle sales nearly doubled from a year earlier to 63,303 units in August, setting a new monthly record, the Shanghai Daily reported.</P><P>GM said in a statement that the robust sales were boosted by sales of new models and by a recovery in the auto industry.</P><P>Sales of Buicks jumped 103% year on year to 38,905 units, including 7,887 units of the revamped Buick LaCrosse, more than 7,000 new Buick Regal sedans, and 17,474 Buick Excelle sedans. Sales of vehicles under GM's Chevrolet brand grew 99% to 23,771 units, according to the statement.</P><P>The auto maker plans to launch more new products, including the 1.6 Turbo Buick Regal and the new Cadillac SRX SUV, in the Chinese market in the coming months to meet the growing demand for high-quality personal transportation.</P><P>Shanghai GM sold 288,843 vehicles in the first half of this year, 16.1% more than in the first half of last year. Sales of its best-selling model Buick grew 34% from a year earlier to 195,989 in the period. In July, Shanghai GM raised its full-year sales target for 2009 from 500,000 units to 580,000 units.
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Dongguan Mechanical seal : Well-Developed Infrastructure & Excellent Environment for Business, Living and Recreation
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Dongguan: Well-Developed Infrastructure & Excellent Environment for Business, Living and Recreation Published: 04 May 2009 10:18:05 PST<p class="authorInfor"></p><P>In recent years, Dongguan has been actively building an excellent urban environment for business, living and recreation. The whole city changes with each passing day. More&more public facilities are being constructed&completed. In these two years, Dongguan’s 14 items of 23 major infrastructure projects of the city have been completed with total investment of RMB 10.7 billion.
The city has invested RMB 1.8 billiion to build up and put in use 15 projects of 110KV plus power transformer substation which adds the 3300MVA of rated power capability of main transformer. LNG project has finished the construction of 385 km. And the first phase of city’s 6th water plant is basically completed. Dongguan’s information comprehensive index hits 73%. It has increased 237 public entertainment projects including parks, tourism spots and squares.
The forest coverage rate is 35.5%, and the per capita public meadow for urban residents is 15 square meters. Daily polluted water and waste handling capacities of the city reach 429,000 tons and 2,800 tons respectively. Urban sewage and waste handling rates hit 74.8% and 100%. In 2008, Dongguan has been appraised as “National Garden City” by the State’s Ministry of Construction.</P><P>Dongguan’s service industry enjoys booming development. It has 5 national grade exhibitions, 97 star-rated hotels, among which 20 are five-star. Shopping is very convenient in Dongguan, with such large shopping centers as Wal-Mart, Carrefour, Metro and all styles of shopping districts. Noble villas and apartments have been built for the residence of foreigners. There are 6 golf courses and many country parks in Dongguan, providing a comfortable recreational environment for overseas businessmen. </P><P>Presently, Dongguan has one Mass Art Center, 1,222 public libraries, 21 museums, 481 cultural squares, 35 art performance places, 50 public broadcasting programs and 37 public television programs. The comprehensive coverage of broadcasting and television reaches 100%. In 2007, 12.205 million public newspapers, 1.666 billion magazines and 113 thousand Books had been published.</P><P>Dongguan establishes a well-developed medical care system that can meet the medical need of foreigners. There’re 1,400 legal medical organizations, over 20,000 medical staff and 14,000 beds.</P><P>Physical culture of Dongguan enjoys flourishing development. Per capita gym area is 4 square meters. The city has two league basketball match teams ranking top in the country, among which the Winnerway Team has gained champion of CBA finals for 4 times.</P><P>Dongguan enjoys peaceful public security atmosphere, with well-developed social welfare systems and succor systems.
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