Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

China: Local Companies Start Smartphone War Against Apple (NASDAQ:AAPL), Google (NASDAQ:GOOG)


Sotheby's and CNOOC also make the news.

Google: Three and a half years after launching its China-only music service, Google is shutting it down, the company announced in a blog post. The service, available at, will be up till October 19 for users to save their playlists, but all music streaming and downloading capabilities were suspended today.

In the blog post (in Chinese), Yang Wenluo, Google China's engineering research general manager, writes: "The impact of this product was not as high as we expected, so we decided to divert our resources to other products," according to Reuters

The world's leading search engine had started its Google Music Search in China in March 2009 together with a local partner and had set its sights on competing with Baidu (NASDAQ:BIDU), which then was known for offering links to illegal mp3 downloads.

When Google had to move its Chinese site to Hong Kong over its refusal to comply to China's censorship laws in 2010, the company's share of the China search market took a sharp hit, which also affected the popularity of its music service. Meanwhile, Chinese users can now flock to Baidu, which has started a licensed music search called Baidu Ting.

Sotheby's (NYSE:BID): Auction house Sotheby's has announced plans to open its first-ever international auction house in China. The company is spending $1.2 million to acquire an 80% stake in a 10-year joint venture with state-owned Beijing Gehua Cultural Development Group. The venture, to be called Sotheby's (Beijing) Auction, now awaits regulatory approval.

"China and its growing class of collectors has been the single most attractive growth market for the company," Kevin Ching, CEO of Sotheby's Asia, noted in a press release. Indeed, China's art market has exploded in recent years, and in 2011, China was the largest art market in the world for a second consecutive year, participating in 41% of worldwide art sales.

Twitter: @sterlingwong
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Featured Videos