Business Digest, February 4, 2013

PUBLISHED : Monday, 04 February, 2013, 12:00am
UPDATED : Monday, 04 February, 2013, 4:04am

Qihoo ready to band with tech minnows

Qihoo 360 Technology chairman Zhou Hongyi said the antivirus company was willing to acquire stakes in smaller firms, as it competed against larger rivals such as Baidu and Tencent. Zhou said yesterday that he had always considered buying into smaller companies to help more internet start-ups grow. Qihoo has backed more than 100 firms since its initial public offering, according to Zhou. "If all the little companies die and I'm left alone as the only company fighting against industry giants, I don't think I have much competitive advantage either," Zhou said. Bloomberg


Citic Resources warns of major loss for 2012

Citic Resources expects to post a significant loss for last year, partly because of a decline in the results of its Hong Kong-listed subsidiary Citic Dameng and weak manganese prices. The non-cash impairment loss from Citic Dameng is expected to be substantial, and Citic Resources has made a non-cash provision for its investment in Citic Dameng. Toh Han Shih


Beijing to ease limits on brokerage branches

Beijing plans to relax restrictions on brokerages' expansion as regulators encourage securities companies to compete and diversify. The China Securities Regulatory Commission would lift limits on the location and number of new branches that brokerages could open, it said in draft rules. Under the new rules, the regulator would no longer specify and limit the businesses of new securities branches, it said. Bloomberg


Postal Savings Bank appoints new president

Postal Savings Bank of China named Lu Jiajin as its new president, eight months after saying his predecessor was being investigated by the authorities. The bank's previous president, Tao Liming, was formally arrested in December, Caixin Media magazine New Century reported last month. Bloomberg