Biz scene

MARKET

Parts deal

Jiangxi Hongdu Aviation Industry Corp said it has won a deal worth $57 million to subcontract aircraft parts manufacturing for Goodrich Corp in the next 14 years.

Hongdu Aviation will implement the subcontract, to provide parts for Boeing's new 787 Dreamliner, from 2008 to 2021, the subsidiary of AviChina Industry & Technology said in a statement.

Earnings up

Internet portal Sina Corp said its fourth-quarter profit grew 49 percent as advertising revenue rose.

Sina, which provides news, games, shopping and other Internet-based services to Chinese at home and abroad, posted a profit of $17.5 million, or 29 cents per share, for the three months ended Dec 31, compared with $11.7 million, or 20 cents per share, in the year-ago period.

Revenue grew 25 percent to $70.7 million from $56.4 million over the same period.

Profit climbs

Online game operator NetEase.com said yesterday quarterly profit rose, citing growth in traffic on its websites. Fourth-quarter profit rose to $53.4 million, or 41 cents per diluted American depositary share, from the year-earlier quarter's $43.9 million, or 32 cents per diluted ADS. The Beijing-based company's fourth-quarter revenue rose to $85.3 million from $74.1 million a year earlier.

BIZ UNUSUAL

Lucky bread

Bakers in Shandong province are doing well selling steamed bread in novelty shapes like animals.

The "lucky steamed bread" costs four times the ordinary bread at around 10 yuan per kg. Tiger-shaped steamed bread that weighs 3 kg is sold for 60 yuan.

The bread is a hit in Shandong and is also being sent to other provinces and abroad.

Fishy business

A Beijing entrepreneur is making a net profit of 200 yuan per day with her fish-shaped pastries filled with jam and chocolate.

Yu Nong makes the pastries using a mold and bakes them until they're crispy.

The fish-shaped sweet treats are going down well with local children.

Shark farmers

Farmers in Wuhan are making a handsome profit raising Myxocyprinus asiaticus, also known as Chinese high-fin banded sharks.

The sharks are colorful when young, making them popular as aquarium fish until they weigh over 500 grams. As adults their color fades and they are sold for eating. The shark meat is tender and highly nutritious and goes for 80 yuan per kg.

GRAPEVINE

Bank stake

Shanghai Commercial & Savings Bank based in Taiwan province may boost its stake in Bank of Shanghai through its Hong Kong unit, the Economic Daily News reported, without citing anyone.

Shanghai Commercial & Savings holds 57 percent of Shanghai Commercial Bank, its Hong Kong unit, and indirectly owns 3 percent of Bank of Shanghai, the report said.

BIZ MOVE

Sina appointment

Du Hong has been named chief operating officer of Sina Corp.

Du was senior vice-president of sales and marketing, overseeing Sina's online ad sales and brand promotion before the appointment.

Du joined Sina in November 1999 and worked as the director of business development and later deputy general manager of 1Pai.com, a joint venture between Sina and Yahoo!.

LOCAL

City facelift

Shijiazhuang, capital of Hebei province, will spend 33.8 billion yuan to revamp the city this year, Xinhua News Agency reported.

Under the plan, a 2-sq-km entertainment area will be built in the west of the city.

Landmark buildings including large-scale exhibition centers and luxury hotels will be built along Taiping River in the north. Two sewage treatment plants will also be built along the Hutuo and Taiping rivers and a series of green projects will be developed.

Veggie prices

Vegetable markets in Tianjin will follow the lead of supermarkets by clearly pricing produce, according to the municipality's price regulator.

The Tianjin government will issue price bulletins to vegetable markets to make pricing transparent for customers.

Supervisors were told to reduce management fees to ease the burden on retailers.

(China Daily 02/22/2008 page15)