China’s largest PC maker Lenovo (Public, OTC:LNVGY) announced yesterday that the company will stop its Olympics sponsorship after the 2008 Olympics. According to the company the halt is part of the company’s change in marketing strategies as the 2008 sponsorship will help it to gain global recognition.
Local media reported today that Haier recently acquired a stake in Zhengzhou-based PC maker Sincerity Technology and the two companies will jointly invest in a new manufacturing plant and co-brand the Sincerity’s products to Haier-Sincerity.
HiTeker announced today that the company will issue 80 to 125 million shares to selected investors to raise funds to expand its IT product retail business HiSap. According to the announcement, the company will raise approximately $188 million to open 138 new stores and upgrade its logistics center.
Gome, China’s largest consumer electronics and home appliance retailer recently opened two stores in Shanghai Xujiahui area, where the company adopted a hypermart-like format similar to Best Buy (NYSE:BBY).
Chinese electronics maker TCL announced today that it has completed the negotiation with an overseas firm to bring in strategic investment for its struggling PC unit. Local sources believe the investor may acquire up to 82% of the PC unit.
Asus today announced in Beijing that its low-cost ultraportable laptop Eee PC will be available in China starting on November 24 2007. However, due to the product’s limited availability, the PC will only be available at major electronics retail chains such as Gome and Suning.
Local media reported today that Hong Kong listed BYD has submitted an application to the Hong Kong Stock Exchange to spin off its mobile phone business by the end of 2007. The report estimates the transaction will help raise up to $13 million.
Intel (NASDAQ: INTC) yesterday signed a partnership agreement with Chinese set-top box maker Digital Video Networks (DVN) to co-develop an interactive set-top box for the Chinese market.According to Intel, the new device will use Intel’s CE2110 processor and System on Chip solutions.
Baoding-based photosensitive material manufacturer Lucky Film announced this Tuesday that Kodak will sell its 20% stake in the company for $37 million. The deal put an end to the cooperative agreement signed in October 2003, in which Kodak promised $100 million cash investment and a set of manufacturing equipment for making photosensitive materials.
According to local media, the Chinese government is exploring possibilities of opening electronics industry parks in surrounding countries such as Vietnam and Russia. According to the Ministry of Information Industry, one delegation is currently in Russia negotiating with the local government regarding the park’s establishment and a second team is scheduled to visit Vietnam.