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Yahoo! sells shares Yahoo! sells shares(0)

UBS AG, the sole underwriter, placed 57.5 million shares, at an indicated price range of HK$19.80 to HK$20.30 each, according to terms of the sale obtained by Dow Jones Newswire which valued the transaction at around $150m (£91m).

That sale gave Yahoo! a 47 percent profit on the stock’s IPO price of two years ago. The original lockup period on the IPO would have required Yahoo to hold onto the shares until November but that was waived in June. said in June that Yahoo, Cisco Systems Inc.,American International Group Inc. and other cornerstone investors would be allowed to sell their stakes immediately, five months before the expiry of a previously agreed lock-up agreement. The move was designed to boost liquidity of its shares, the Chinese company said at the time.

The California-based company still holds a 40% stake in the company?s unlisted parent, Alibaba Group, which owns about 70pc of, giving Yahoo! a 28pc indirect interest in

John Spelich, Hong Kong-based vice president for international corporate affairs at Alibaba Group, said they welcomed the share sale. The sale will help the company achieve broader ownership of its stock, he said.

Source : Konaxis

Alibaba expands in Europe Alibaba expands in Europe(0)

Suppliers from developed countries such as the U.K. have started seeking markets in Asian countries, especially China, as demand at home eroded amid the worst recession since World War II, said Maggie Choo, Alibaba?s director for Europe, the Middle East and Africa. The company in April opened its London head office as a gateway for its push into other European markets.

Sourcing enquiries directed to U.K. customers, mostly small- or medium-sized companies, rose ?sharply? from a year earlier, Choo said. ?This shows a strengthening demand around the world for British goods and services,? she said.

Agricultural products, home furniture, food and beverages are among the most-purchased British goods, according to Alibaba. The Web site has more than 450,000 users in the U.K.

Source : Konaxis

Neusoft to acquire 3 subsidiaries Neusoft to acquire 3 subsidiaries(0)

Neusoft is expanding its operations faster through partnerships and acquisitions. The three companies will be integrated into Neusoft’s global mobile solution business unit and will employ nearly 250 people in Europe. The acquisition is expected to be approved by Chinese regulators soon.

The acquisition will help Neusoft upgrade its ability to develop, design and test software for mobile phones and other mobile communication terminals as well as further expand its market in Europe and the Americas.

Finland-based Sesca Group is an international company which delivers ICT systems for companies within energy production and ICT industries.

Neusoft now has six software development bases, eight regional headquarters, 16 software development and technical support centers, and a marketing and service network in more than 40 cities across China.

Founded in 1991, Neusoft has established three institutes for software development that have more than 25,000 students, and annually provide about 6,000 graduates for the company and other enterprises throughout the country.

Neusoft has also built a vocational training base for IT professionals that train tens of thousands of students each year.

Neusoft posted net profits of 237 million yuan in the first half of this year, up 31.6 percent from the same period of last year.

Source : Konaxis

Driven by Yahoo’s selling, Alibaba stocks decreased by 11% Driven by Yahoo’s selling, Alibaba stocks decreased by 11%(0)

According to the Stock Exchange Market information, Alibaba had a total of 57.475 shares before openning transactions on 2:30 pm, involving a total of 1.138 billion Hong Kong dollars.

According to sources yesterday Yahoo was selling 57.481 million shares Alibaba stocks through the UBS with a share price of 19.8 to 20.3 Hong Kong dollars, cash up to 1.167 billion Hong Kong dollars.

Regarding this, research report published by JP Morgan Chase said the action was only for Yahoo’s internal financial needs, which would not cause any negative impact on Alibaba business. According to Alibaba’s management recently, the company had a positive growth prospects in India, in addition they launched an international version platform-AliExpress, so JP Morgan Chase believed Alibaba fundamentals were still strong, expected it to have a flow allotment of shares increased from 24% to 25%, which had a positive impact on the stock. The Bank granted Alibaba “neutral” rating, target price was 22 Hong Kong dollars.

Kaifu Lee’s incubation site, innovation-works, had a low-key internal test Kaifu Lee’s incubation site, innovation-works, had a low-key internal test(0)

Today Kai-fu Lee disclosed the new company’s Web site had indeed been on-line, “but the contents of the above are wrong.” Sources close to Kai-fu Lee confirmed the innovation workshop website was the site Kai-fu Lee and his team were currently debugging.

Sources said that the current site was still in the testing stage, and further details need to be released on Monday, therefore, many contents were inaccurate or imperfect currently. Same sources suggested to pay attention to information posted after Monday.

According to information disclosed on homepage of the Innovation Works site, its areas of primary concern was the Internet, mobile Internet and information technology, and selected the best business ideas, entrepreneurs and engineers, to match excellences for every business sessions, while providing funding, guidance and backing.

Media reported that Kaifu Lee’s business platform had received supports from founder of youtube, Liu Chuanzhi, Lenovo Holdings president, as well as the US leading venture capital companies.

The “History” column of Innovation Works has clearly demonstrated its founding in September 2009. Although some measures were taken to make vague the investments in the next five years, as well as specific details of the joining successful people, but it was said the venture investors at current platform were all from well-known Fortune 100 venture capital companies and Sino-US elites, of which many successful people were willing to counseling youth entrepreneurship.

Kaifu Lee said during an interview by Sina science and technology, his leaving proposal brought up on August 5 were permitted three days later, and in the 4 weeks time since August 8, he helped Google China with everything of his job on one hand, on the other hand, started his own business plans and completed the whole project plan, financing, and strategic cooperations.

China Mobile E-readers China Mobile E-readers(0)

Wang Jianzhou, also China Mobile’s chairman, called e-reading a “new culture” with a big potential for growth in China because of the rising popularity of smart phones, which can download content faster than conventional cell phones.

I a panel discussion in Taiwan, Wang said that China Mobile already is promoting the use of e-readers, a palm-sized unit that allows people to receive large volumes of content on a glare-free screen, unlike the cell phones.

Wang added that China Mobile already has 40 million customers who receive news briefs daily with their cell phones.

“That has exceeded the circulation of many newspapers,” Wang said to Taiwan?s Business Weekly. He is on a nine-day trip to Taiwan to seek partners and suppliers for its emerging third-generation mobile business.

He signed a memorandum Monday with Taiwan’s High Tech Computer Corp. to jointly develop smartphones that will run with its 3G network and placed an e-reader order with Taiwan’s Foxconn Technology Group, the world’s largest contract electronics manufacturer.

According to Digitimes, China Mobile plans to team up with Foxconn Electronics for the production of ereaders, with the shipments to start as early as the first half of 2010.

The report added that Wang said China Mobile plans to spend a minimum of 120 billion yuan ($17.5 billion) over the next three years on mobile products, including cell phones, laptops and e-readers.

China has 680 million cell phone users already and its three main mobile carriers have a combined 7 million new users each month, Wang said.

“We need to lower cell phone prices so more of our 700 million farmers will have access to the service,” he said.

Source : Konaxis

Giant network denied the collective resignation of its marketing department Giant network denied the collective resignation of its marketing department(0)

There were media reports that because of the profits decline, organizational structure adjustment, corporate relocation and other reasons, rumor was that giant network had collective resignation at its marketing department. PR department of Giant Network Communications denied this news, and emphasized that the current giant marketing staff were stable, and no employee to leave.

Giant Network on August 19 released its second-quarter earnings, and the quarterly financial report showed the net revenues of second quarter of 2009 was 364.1 million yuan (about 53.3 million U.S. dollars), the last quarter was 373.5 million yuan, same time a year ago was 504.8 million yuan; net profit was 231.9 million yuan (about 34 million U.S. dollars), that of the last quarter was 231.9 million yuan, same time a year earlier was 350.6 million yuan.

CDC will acquire a health care business intelligence consulting firm CDC will acquire a health care business intelligence consulting firm(0)

It is known that the IT service provider is in the Greater New York area of United States. As a private provider, the company provides on-site customer-oriented consulting solutions, point-to-point strategic consulting, outsourcing R & D and system integration services. The company’s main service is medical market business, including business intelligence solutions, data storage, customer application development and other services.

Upon completion of this acquisition, the company’s solutions and services will be incorporated into the overall service projects of CDC Global Services, including IT consulting, project management, management supporting desktop solutions and many business process outsourcing services.

Tencent 400 plus patents Tencent 400 plus patents(0)

The newspaper said, citing company executives, that the achievement was gained by increased research and development activities of the Shenzhen-based company.

The company has established a research institute with an investment of more than 100 million yuan.

It also attracted talent from other technology companies such as Microsoft, Google, IBM and Huawei Technologies. About half of Tencent’s employees are working on research-related fields.

Source : Konaxis

SouFun CEO: considering listed in Hong Kong or the United States in 2010 SouFun CEO: considering listed in Hong Kong or the United States in 2010(0)

Mo said SouFun would like to choose the Chinese mainland market, because its customer base concentrated primarily in domestic. However, the examination and approval procedures of supervising in China is expected to be a barrier for being listed.

“Hong Kong and the United States are our two options, and the third option is the mainland China,” said Mo, “If I have to give a time frame, it is more likely to be the next year.”

Australia’s biggest telecommunications company Telecom Australia holds 51% of the shares of SouFun, and other shareholders including the United States venture capital firm IDG, and Mo Tianquan himself.

SouFun profit growth of 2009 targets at 50%, and is currently seeking acquisition opportunities around the world.

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