Sharing China Business Stories

Saturday, March 31, 2012

360buy Claims 37% of China’s B2C Market

Chinese 3C etailer turned online department store 360buy claimed more than 37% of China's B2C market, according to Zhang Shouchuan, the Beijing-based company's vice president.

Taobao Mall, the B2C subsidiary of Alibaba which just changed its Chinese brand name to Tianmao (translates to Sky Cat in Chinese) secured over 50% market share under its belt in the third quarter of last year, according to Beijing-based market observer iResearch while, accounted for only 18.6% market share at the same period.

360buy's nearly twofold increase in the market could be partially ascribed to the fast-paced growth of its open platform, or 360buy POP, which saw more than 200% growth lately.

360buy's daily average orders reached about 400,000 over the past year, Zhang said.

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  3. Youa Spun off from Baidu to Operate Independently, Raising Tens of Millions

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Obama and Netanayu's Push for Attack on Iran

Gareth Porter: Obama cannot keep the US out of a war if Israel strikes Iran

Video Rating: 4 / 5

China Citic Bank 2011 net profit jumps 43.28%

BEIJING - China Citic Bank Co Ltd said on Friday that its net profit in 2011 surged 43.28 percent year-on-year to reach 30.82 billion yuan ($ 4.9 billion) due to higher net income margins and fee income.

Net interest income, or revenue from borrowers minus interest paid to depositors, increased 35.26 percent from the previous year to 65.11 billion yuan in 2011, according to the annual report the bank filed with the Shanghai Stock Exchange.

Commissions and income from services fees, another major contributor to the bank's profit growth, soared 55.2 percent year-on-year to 11.84 billion yuan.

The capital adequacy ratio of the bank stood at 12.27 percent at the end of last year, compared with 11.31 percent in 2010.

Non-performing loans outstanding rose slightly by 0.09 percent to 8.54 billion yuan at the end of 2011, with the non-performing loan ratio dipping 0.07 percentage points from previous year to 10.6 percent.

China Citic Bank's net profit last year was compared to 208.4 billion yuan for Industrial and Commercial Bank of China and 169.4 billion yuan for China Construction Bank, 130.32 billion yuan for Bank of China, as well as 50.74 billion yuan for Bank of Communications and 36.13 billion yuan for China Merchants Bank.

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Pakistani PM to leave for Boao Forum

ISLAMABAD - Pakistani Prime Minister Syed Yusuf Raza Gilani will leave for China on Saturday to participate in the Boao Forum for Asia Annual Conference 2012, reported the local state-run news agency APP on Friday.

The Prime Minister will address the opening session of the Forum which will be attended by political, business and academic leaders from across the globe in the seaside resort city of Boao in China's southern province of Hainan.

Gilani will speak on this year's theme "Asia in the changing world: Moving towards sound and sustainable development". He will touch the subjects, including widening wealth disparity and the need for a strong economic system in the region for the betterment of common man.

On the sidelines of the Forum, Gilani will hold separate meetings with Chinese Vice Premier Li Keqiang, Italy's Prime Minister Mario Monti and Kazakh Prime Minister Karim Masimov.

Prime Minister Gilani will also hold meetings with the representatives of several leading business companies.

He will give interviews to the local media, including Xinhua, CCTV, Hainan Daily and China Radio International.

The Boao Forum, established in 1998 by a group of Asia leaders, operates as a non-official non-profit organization mainly committed to enhancing cooperation between the Asian economies.

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Korean Air, UCC Video, Japan

UCC (User Created Content) contest is Korean Air latest campaign opened for staff to celebrate its 40th anniversary. Total of 5 business regions (China, Japan, Southeast Asia/Oceania, America, Europe/Middle East) had created their owned video which lip-synced with new corporate theme For our dream to compete 6 awards. This video is from Japan region contestant.

Video Rating: 4 / 5

Online gaming sector recovering

Source: By Gao Yuan (China Daily)

China's online gaming industry is recovering from a slump that started in 2010, and its market scale is expected to exceed 100 billion yuan ($ 15.9 billion) by the end of 2015, the Ministry of Culture said on Friday.

The market scale reached 46.85 billion yuan ($ 7.4 billion) by the end of 2011, a 34.4 percent increase year-on-year, according to the ministry, the industry's regulatory body.

"The market revived last year as its total revenue continued to expand and exports increased," said the ministry.

The industry's growth rate is expected to be between 20 and 25 percent over the next three years, which means the market scale could reach 82.6 billion yuan by 2014, Analysys International estimated earlier this year.

Chinese developers exported 92 new online games in the past year, which brought the total number of exported games to more than 150, according to the ministry.

Starting from 2010, the nation's leading online game developers, such as Shanda Games, The9 Ltd and Giant Interactive Group Inc, have announced their own overseas strategies for their online gaming businesses. Major overseas markets include South Korea and Vietnam.

In November, Alan Qunzhao Tan, chairman and CEO of Shanda Games, announced that he plans to lift the company's overseas revenues from about 5 percent in 2011 to 20 percent over the next three years, reported.

The industry is also attracting investors. Kai-Fu Lee, founder of the tech incubator Innovation Works, said that he is lik! ely to i nvest in more online game projects as the sector is "developing very fast".

"The development of the industry is being driven by the emergence of new types of games, such as browser and mobile games," said Sun Shoushan, deputy director of the General Administration of Press and Publication. The GAPP is another supervisor of the country's online gaming industry.
Browser games, which run on Internet browsers, are expected to be the industry's driving force in the years to come.

Sun Mengzi, an analyst from Analysys International, estimated that revenue from browser games, around 5 billion yuan last year, could easily double by 2013.

Data released on Friday by the Ministry of Culture showed that the revenue of the nation's mobile game developers hit 3.87 billion yuan in 2011, up more than 50 percent year-on-year.

The mobile gaming sector's revenue is expected to reach 10 billion yuan by 2014, which will drive up its market share to more than 17 percent, said Sun from Analysys International.

In addition, the ministry pledged to complete drawing up regulations on the mobile gaming sector in an effort to help develop the fledgling sector.

"As the market share of the Symbian operating system continues to drop, future mobile games will be gathered on Apple's iOS and the Android systems. This means that developers will be able to develop games at a faster speed and lower costs," the ministry said, adding that regulations should be implemented to pave the way for the mobile gaming sector's healthy development.
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Bought Republican Politicians

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Sina, Tencent Shut Down Commenting on Microblogs

Source: Wall Street Journal By Loretta Chao

BEIJING—China mounted a broad Internet crackdown beginning Friday, putting temporary restrictions on popular microblogging services run by Sina Corp. and Tencent Holdings Ltd. and detaining individuals that it accused of spreading rumors of a coup attempt in Beijing.

The moves are among the most dramatic censorship efforts undertaken by Beijing since the rise over the past two years of the popular microblogging services, known in China as weibo. They allow the fast dissemination of information, challenging the central government's traditional control of the media.

They also show the continuing tensions in China following the March sacking of Bo Xilai, a former Chinese Communist Party star whose ouster as Party chief of the megacity of Chongqing showed cracks in Beijing's veneer of political unity.

Sina and Tencent said in identical notices on their websites Saturday morning that they were shutting down the ability of users to comment on the posts of others until 8 a.m. Tuesday. Users will still be able to post their own material. "There has been lots of harmful illegal information among the comments on weibo," the notices said, saying the comment outage would allow "a centralized clean-up."

The state-run Xinhua news agency said in an article that local Internet information departments are punishing Beijing-based Sina and Shenzhen-based Tencent for allowing the rumors to appear, "resulting in adverse impact."

The notices follow a separat! e Xinhua article late Friday announcing the closure of 16 websites and the detention of six people for "fabricating or disseminating online rumors," particularly through microblogs.

Xinhua quoted a spokesman from China's State Internet Information Office as saying the websites were closed for spreading rumors of "military vehicles entering Beijing and something wrong going on in Beijing," in an apparent reference to rumors of a coup attempt that spread in the aftermath of the March 15 disclosure of the ouster of Mr. Bo as party chief of Chongqing.

The focus of many of the coup rumors—Zhou Yongkang, a member of China's powerful Politburo Standing Committee who is believed to be a Bo ally—has since appeared on state television in his official capacity.

Users were quick to complain about the move to temporarily cut off microblog comments, which limits but doesn't completely cut off interaction on the websites. Chinese weibo sites are a platform for users to publish short messages, similar to Twitter Inc., but also allow users to respond to one anothers' posts and initiate lively discussions by commenting on them.

Analysts say the functions make Chinese microblogging sites more interactive and have contributed to their fast growth. Both Sina and Tencent have more than 300 million registered user accounts each.

With the commenting services suspended, users may interact only by republishing others' posts and adding their own words. "Can I say a curse word? No? Then I've got nothing to say," quipped one user on Sina Weibo using the name Wiyu Chuzhi, apparently referencing a popular Chinese Internet joke about unhappiness over rising gasoline prices.

Pan Shiyi, who is chairman of Soho China Ltd. and one of China's best known real-estate moguls, and has more than nine million followers on Sina Weibo, questioned the move on his verified microblog. "In order to prevent the spreading of rumors, they shut down the coment function but left the repost function open. Is that th! e right medicine for the illness?" he wrote. His post was reposted thousands of times Saturday morning.

"Please shut down the whole Internet! Wouldn't that be easier?" another user going by the name Feishang Lantian said. "A country without democracy and freedom of speech is so hopeless and pathetic," wrote a user called Xiaodai.

A Sina public-relations representative said the action was taken in response to a growing number of rumors and illegal information on its site recently, not because of a specific incident. Tencent declined to comment.

"It's a punishment," said Jeremy Goldkorn, director of, which researches Chinese media and Internet. "Speculation about the coup ... is the kind of rumor that can lead to social instability," he said. The government has "decided to make it very clear that there's a line that shall not be crossed."

He added, "It makes you remember who's your daddy."

The service suspension casts more uncertainty over the future for Chinese microblogging sites, which have become a platform for unprecedented levels of public discussion, including about politics and politically sensitive news. Weibo sites have been a primary target for warnings and crackdowns over the past year as the government executes a campaign against Internet rumors.

Starting last December, officials in Beijing and Guangdong have ordered Weibo sites to verify the identities of users wishing to post content, saying that they support Weibo sites, and even use the sites themselves, but warned that the sites shouldn't be sources for "harmful information."

Beijing officials said in December they would be understanding if large microblogging services were unable to meet a March 16 deadline to comply with their orders, and as of Saturday, existing microblog users who didn't yet register their real names were still able to publish posts.

If the regulations are strictly enforced, however, experts say the loss of anonymity threatens to take the excitement out of th! e platfo rm. Sina warned investors in February that the identity verification regulations could hurt activity on its site.
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Gerald Celente: We're Going into The Greatest Depression and WW 3 - Alex Jones Tv 2/2

Alex also talks with trend forecaster, publisher of the Trends Journal, business consultant and author Gerald Celente.

Video Rating: 4 / 5

China's Economy News March 31, 2012

Tele interview: China's challenges in IPR protection

Watch Video

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For more on the release of ten cases of IPR protection, we are joined on the line by Professor Wu Weiguang, from the Law School of Tsinghua University.

Q1, Professor Wu, what’s the significance of selecting and releasing these cases?

Q2, What challenges does China still face in protecting intellectual property rights? What measures should be taken?

Selling is Hard Work

A short film by Infoteam - The Sales Process Architects. Discover why selling is such hard work and find out what makes it great. Infoteam helps B2B sales professionals become more successful in generating and winning new business. Your sales teams become more effective by focusing on what really matters in B2B-selling. For more information visit: Realisation Philippe Weibel GmbH: Illustration Raphael Gschwind:

Video Rating: 4 / 5

YouTube looks to Taiwan for content for China market

Source: Want China Times

Adam Smith, president of YouTube for the Asia-Pacific region, visited Taiwan on March 29 and announced a partnership with Taiwan's TV stations, album labels and entertainment companies.

Smith said that the video website will serve as an important global marketing platform for Taiwan's musical, television and innovative cultural industries.

Daniel Alegre, the Asia-Pacific president of Google, will also arrive next week to preside over the ground-breaking ceremony for the web giant's data center in Changhua in central Taiwan and unveil its development plan.

After Google took over YouTube in 2006, this is the first time senior officials from the group have visited Taiwan.

The Greater China market has become a key battleground for Google and its subsidiary in its battle with Apple. Wire services report that Google TV will roll out a new version of YouTube application programs, which will be furnished with channel selection functions, enabling access to YouTube channels via mobile devices and providing musical downloads.

Smith said that the Chinese-language cultural industry will be a major driver for YouTube in foraying into the Asia-Pacific and Chinese market in particular. Taiwan and Hong Kong are key bases for Chinese innovative cultural industry, as well as key partners of YouTube, he said.

Smith noted that YouTube's Taiwanese partners include four cable TV networks, including CtiTV and TVBS, five broadcast TV stations, six music labels and two entertainment companies. Read More @ Source

Selling is Hard Work

A short film by Infoteam - The Sales Process Architects. Discover why selling is such hard work and find out what makes it great. Infoteam helps B2B sales professionals become more successful in generating and winning new business. Your sales teams become more effective by focusing on what really matters in B2B-selling. For more information visit: Realisation Philippe Weibel GmbH: Illustration Raphael Gschwind:

Video Rating: 4 / 5

Foxconn vows to reduce hours at factories

Updated: 2012-03-31 08:06

By Chen Xin (China Daily)

Foxconn vows to reduce hours at factories

Foxconn, the largest supplier of Apple Inc, said on Friday that it will remedy its workplace abuses after a US labor auditor commissioned by Apple inspected Foxconn's three plants in China.

A report, filed by the nonprofit Fair Labor Association and released on Thursday, found that Foxconn employees work 56 hours a week on average - which is more than the 40 regular hours a week and 36 hours of overtime a month that they are allowed under Chinese law.

In some cases, the report found that employees had worked more than seven days in a row without taking a 24-hour break, as they are required to. And many were not properly paid for working overtime, it said.

In February and March, the Fair Labor Association surveyed more than 35,000 workers in three Foxconn factories, two of which are in the coastal manufacturing hub of Shenzhen and the third is in Chengdu, capital of Sichuan province. The employees at those places have an average age of 23 and less than 6 percent of them are between the ages of 16 and 18.

The report also found that a large number of the workers do not live in crowded dormitories and that nearly 48 percent of them did not think the factories' canteens were clean and hygienic.

Many of the employees also said they would like to work more hours and make more money. Asked if their salaries were enough to meet their basic needs, 64.3 percent said "no", according to the report.

The employees' average monthly salary at the Chengdu plant was 2,250 yuan ($ 360). In Shenzhen plants in general, the average is 2,800 yuan.

The Fair Labor Association said Foxconn has agreed to bring its factory conditions both into full compliance with Chinese law and with the association's standards governing working hours by July next year.

Foxconn will have to hire and train a significant number of additional workers, build accommodation for them, and devise a means of compensating them for the income they lose through a reduction in their hours, the association said.

"We welcome the results of the audit by the (Fair Labor Association) report and Foxconn has participated fully and openly in this review," Foxconn said in a statement.

"We are committed to working with Apple to carry out the remediation program and we are fully committed to ensuring that our employees have a safe, satisfactory and healthy working environment."

Foxconn recently raised the base wages it offers by up to 25 percent, the second large pay raise it has granted in less than two years.

As far as safety violations, the Fair Labor Association found few of them, noting that Foxconn has already dealt with hazards such as blocked emergency exits and defective protective gear. The company has also taken steps to reduce the amount of aluminum dust in the air, it said.

Ye Jingyi, a labor expert at Peking University, praised Foxconn for agreeing to reduce the amount of overtime employees at its factories put in.

"All enterprises should obey the workers' overtime limit stipulated by law and properly pay them," she said.

"The planned wage-increase mechanism should be set up to make sure that workers' pay increases at the same pace that enterprises develop and the country's economy grows," she said.

Analysts believe the remedies Foxconn takes are likely to affect other international technology companies. Foxconn employs 1.2 million workers in China, having them assemble products not just for Apple, but also for Microsoft Corp, Dell Inc, Motorola Mobility Holdings Inc and Sony Corp.

The research company IHS iSuppli estimates that Apple pays $ 8 for the assembly of a 16-gigabyte iPhone 4S. If Apple were to absorb the cost of giving Foxconn employees a wage increase that is large enough to maintain their salaries when their average working hours are reduced from 60 to 49 a week, the company would pay less than $ 2 extra to have an iPhone made, the research company said.

Han Meng, a researcher with the Chinese Academy of Social Sciences' institute of economics, said international companies must decide if it is they or their customers that should pay for a rise in labor costs.

Tim Cook, Apple CEO, visited a Foxconn factory in Zhengzhou in Henan province on Wednesday. One day before that visit, Cook met Vice-Premier Li Keqiang in Beijing. During their talk, Li had told Cook that multinational companies should "pay more attention to caring for workers", according to Xinhua News Agency.

Reuters contributed to this story.

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This Chart Shows How Important It Is to Engage Users on Weibo

Average Time per Visit

Sina Weibo Average Time per Visit

Both Sina Weibo and Tencent Weibo disabled their comments last Saturday morning and no one could comment since then until 3 April 2012.

Average time per visit on Sina Weibo dropped by 5.8% last Saturday, according Hitwise. “Comments”, for companies, is one important way of engaging fans and customers.

Etiquette Tips

Replacements, Ltd. offers free etiquette seminars seasonally to the public. Ever wonder how to set a proper table? Where should your spoon go? Because so many of our customers cannot attend these events in our retail store but are interested in knowing these things, we are sharing some of Jill Slatters etiquette tips with you. Cell phones off, elbows off the table and dont be late! Replacements, Ltd. is a pet-friendly company located in Greensboro, NC The company has been in business for 29 years and features the world's largest selection of old & new china, stoneware, crystal, glassware, sterling silver, stainless, and collectibles. Our 415000 square foot facilities (the size of seven football fields) house an incredible inventory of more than 13 million pieces in over 330000 patterns, some more than 100 years old!

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China revises Q4 current account surplus data

BEIJING - China's foreign exchange regulator on Saturday raised its 2011 fourth-quarter current account surplus to $ 60.5 billion from the preliminary figure of $ 59.8 billion.

The State Administration of Foreign Exchange (SAFE) also revised the full-year current account surplus in 2011 to $ 201.7 billion  from the previous figure of 201.1 billion, according to a statement on its website.

However, in the fourth quarter China registered a deficit of $ 29 billion in the capital and financial account, indicating net capital outflows from the country.

For the whole year, the capital and financial account ran a surplus of $ 221.1 billion, the statement said.

Excluding effects of changes in the exchange rates and asset prices, the country's international reserve assets increased by $ 12.4 billion in the fourth quarter and by $ 387.8 billion in 2011.

The foreign exchange reserves increased $ 11.7 billion during the October-December period, according to the statement.

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Rio Tinto signs up to China's iron ore platform

Rio Tinto joined China's iron ore trading platform. [File photo]

Rio Tinto joined China's iron ore trading platform. [File photo]

Rio Tinto Plc, the world's second-largest iron ore miner, joined China Beijing Metals Exchange, China's first spot iron ore trading platform, on Friday, a move that will help boost the country's clout in pricing the key material, analysts said.

"We welcome the development of CBMX as it gives us a new option for selling any available tons to China, over and above those already contracted," said Alan Smith, Rio Tinto's Iron Ore Asia president.

The agreement will require the producers to sell a pledged volume of their ore output through the platform.

The Beijing-headquartered exchange will bring steelmakers from China, the world's largest consumer of iron ore, and leading iron ore producers onto a common platform, after the top miners abandoned a 40-year annual benchmark pricing system in 2010, Reuters reported.

The announcement came just one day after Brazilian mining giant Vale SA signed a Memorandum of Understanding with CBMX.

Australia's Fortescue Metals Group Ltd, the third-largest iron ore miner, joined the platform on March 20.

The spot online trading platform will reflect the supply and demand conditions of the iron ore market "objectively and truthfully" and help foster a "fair, reasonable and transparent" global iron ore pricing mechanism, said a statement on CBMX's website.

Jointly launched on Jan 16 by China Beijing International Mining Exchange, China Iron & Steel Association and China Chamber of Commerce of Metals Minerals & Chemicals Importers & Exporters, the electronic platform has already started trial operations, according to the statement.

It is expected to start formal operations in May.

BHP Billiton Ltd is the only top iron ore miner that has yet to join the CBMX. It had previously given strong support to GlobalORE, a similar trading platform in Singapore.

China's major steel companies - including Baosteel Group Corp, Hebei Iron & Steel Group Co Ltd, Wuhan Iron and Steel Group Corp, Shougang Group, Angang Steel Co and China National Minerals Co Ltd, a subsidiary of China Minerals Corp - have agreed to join the new platform.

China accounts for 60 percent of the global seaborne iron ore trade and has the world's largest iron ore spot market.

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Alex Comments About The Catholic Churches Pedophile Case & Dyncorp's Child Sex-Slave Ring

PMC Business is Violence for Profit. Posted: Sep 3, 2009 4:02 AM (17)DynCorp is a Virginia-based military contractor. DynCorp began in 1946 as a project of a small group of returning World War II pilots seeking to use their military contacts to make a living in the air cargo business. Named California Eastern Airways, the original company was soon airlifting supplies to Asia used in the Korean War. DynCorp, it turns out, is a one of the top private military contractors working for the US government. In addition to allegedly trafficking in under-age sex slaves in Bosnia ( and poisoning rural farmers in Ecuador with its aerial spraying of Colombian coca crops ( Dyncorp just happens to be paid big dollars by the US government to patrol the US / Mexico border, Since the late 1990s, The United States has paid private contractors an estimated .2 billion, both to eradicate coca crops and to assist the Colombian army put down rebels that use the illegal drug trade to finance their insurgency. DynCorp has been awarded under competitive bid more of this business than any other company (18)Edinburgh Risk EI list their offices as being in London and Guernsey (UK), Washington DC (US) Baghdad (Iraq), Kabul (Afghanistan), Khartoum (Sudan) and Dubai (United Arab Emirates). They also list "affiliate" offices as being in Kentucky, North Carolina, Florida in the US. EI also has "representative" offices in the British Virgin ...

Video Rating: 4 / 5

HK tycoon brothers arrested

Raymond Kwok/Thomas Kwok, joint chairment and managing directors of Sun Hung Kai Properties Ltd. [File photo]

Raymond Kwok/Thomas Kwok, joint chairment and managing directors of Sun Hung Kai Properties Ltd. [File photo]

Two billionaire brothers who run Sun Hung Kai Properties Ltd, one of Asia's biggest property developers, have been arrested on suspicion of bribery, BBC reported.

Thomas and Raymond Kwok, joint chairmen and managing directors of the developer were taken into custody by Hong Kong's Independent Commission against Corruption.

Rafael Hui, former No. 2 head of Hong Kong, was also detained by the Commission for corruption charges, Bloomberg reported, citing people close to the matter.

Last week, one of the company's executive directors was arrested over suspected bribery. Thomas Chan Kui-yuen was responsible for land acquisition and project planning.

Share price Sun Hung Kai, the world's second largest property developer by market capitalization, was down as much as 15 percent in the first four hours of trading Friday, losing nearly US$ 6 billion in market value.


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