China's Shanda Interactive profit plunges 95 pct in Q2

SHANGHAI | Wed Aug 31, 2011 5:40am EDT

SHANGHAI Aug 31 (Reuters) - Chinese Internet firm Shanda Interactive said on Wednesday its second-quarter net profit fell 95 percent on increased costs.

The firm, which has an online gaming unit, Shanda Games , said its second quarter profit fell to 8.8 million yuan ($1.38 million) from 169.9 million yuan from a year ago.

Operating expenses rose to 858.6 million yuan in the quarter, up 44 percent while cost of services also rose 44 percent in the quarter.

Revenue rose 26 percent to 1.71 billion yuan.

"We believe our strategic initiatives and investments in new products and services will help us better capture the tremendous opportunities in the fast-evolving internet industry," said Chen Tianqiao, Shanda's chief executive, in a statement.

The firm's plan to list its e-book subsidiary, Cloudary Corp, was stalled in July due to unfavourable market conditions. ($1 = 6.381 Chinese Yuan) (Reporting by Melanie Lee; Editing by Kazunori Takada)

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China PV firm sets IPO price at 53 times earnings, raises $395 mln

SHANGHAI | Wed Aug 31, 2011 5:08am EDT

SHANGHAI Aug 31 (Reuters) - Beijing Jingyuntong Technology will raise 2.52 billion yuan ($395 million) from an initial public offering in Shanghai after setting the price at over 50 times its historic earnings.

The IPO size was nearly three times Jingyuntong's initial target of about 900 million yuan.

Jingyuntong will sell up to 60 million shares at 42 yuan a share, at the top of an indicative range, the company said in a statement to the Shanghai Stock Exchange late on Tuesday.

The offer price valued the company at 53.47 times 2010 earnings, it added.

The Chinese photovoltaic equipment maker and rivals such as Shenzhen-listed Zhejiang Jinggong Science and Technology Co Ltd and Jiangsu Huasheng Tianlong Photoelectric Co Ltd are beneficiaries of China's drive to develop its solar power sector.

The money raised will be used to finance the first phase development of a silicon industrial park in Beijing, according to its IPO prospectus.

Citic Securities is the underwriter of the IPO. ($1 = 6.381 yuan) (Reporting by Soo Ai Peng; Editing by Kazunori Takada)

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Compal sees Q3, Q4 shipments flat from Q2

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