Stocks News
- Yahoo to buy Alibaba.com IPO shares
Date: 10-Oct-2007 Sources: (Shenzhen Daily)
U.S. Web giant Yahoo Inc. will subscribe for 10 percent of the shares to be sold by China's largest e-commerce company, Alibaba.com Ltd., according to a term sheet, in an initial public offering that is expected to raise roughly US$1 billion.
The company plans to sell 858.9 million shares, or 17 percent of its enlarged share capital, in a Hong Kong listing. Of the shares to be sold, 75 percent are earmarked for global investors, 15 percent for Hong Kong retail investors, and 10 percent for Yahoo.
Auto output forecast to reach 8.5m
THE country's auto output is expected to reach 8.5 million this year, registering annual growth of 45.8 percent since 2002, the Ministry of Commerce said Monday.
According to statistics, by the end of 2006, China's auto industry accounted for 3.7 percent of the nation's GDP, together with its related industries employing one-sixth of the country's total workforce.
Central bank drains 12b yuan
CHINA'S central bank drained a total of 12 billion yuan from the money market yesterday through an issue of one-year bills and 28-day bond repurchase agreements.
The bank said it drained 8 billion yuan through the repos at 3 percent, using the finance ministry's special bonds as collateral. It also auctioned 4 billion yuan of one-year bills in its regular open market operation at a yield of 3.4447 percent. Money is flowing back to the market after a seasonal spike in demand related to last week's long holiday. A total of 137 billion yuan in central bank bills will mature this week.
Smartphone market seen surging
FALLING prices are expected to boost sales of smartphones in China more than seven-fold by 2011, a study by research firm Gartner showed yesterday.
China and India are the largest growth markets for cellphone vendors like Nokia , Samsung Electronics or Sony Ericsson, but so far the demand has focused on cheap models. Gartner expects this to change in China - it forecasts that more than 85 million smartphones will be sold in China in 2011, compared with 11.6 million in 2006. Gartner said the most popular smartphones in China are cheaper, 'second-best?models that have an attractive, slim design, handwriting recognition, music player and loudspeakers as standard features, with a few local extra features.
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