YOUNG’S CHINA BUSINESS BLOG
The buying binge by China’s 3 leading Internet companies continues this week, with news that social networking (SNS) giant Tencent (HKEx: 700) is purchasing 11.3 percent of mobile mapping firm NavInfo (Shenzhen: 002405) for 1.17 billion yuan ($183 million). Anyone who thinks I may be mistakenly recycling an old report with this news isn’t too far from the truth, as this particular deal looks quite similar to a different recent investment by e-commerce leader Alibaba in online mapping firm AutoNavi (Nasdaq: AMAP).
Security software maker Cheetah Mobile is trying to add some spring to its sputtering New York IPO with newly released data showing it was quite profitable in the first quarter, with mobile revenue accounting for 17 percent of its revenue. It’s hard to interpret too much from these newly announced numbers since no year-ago figures were given in the report I read. But what seems clearer is that Cheetah is trying hard to revive interest in its public listing, which is rapidly stumbling as the current window for IPOs in New York and Hong Kong quickly closes.
China’s plan to add up to 35 gigawatts of new solar power capacity by 2015 may be getting off to a slow start, but the nation looks quite happy to fund new plants in other countries to help its struggling solar panel makers. That’s my initial assessment, following reports that state-run giant Aviation Industry Corp of China (AVIC) plans to build up solar power plants with up to 300 megawatts of capacity in Britain.
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