THE MARKETS

Mobile Shopping

China's online grocery giant Yihaodian launched a virtual store mobile application focusing on baby products on April 16, the first of its kind in China. Customers will be able to order diapers and baby formula more conveniently with a special app on their mobile phones.

"With the increasing number of urban parents who don't have much time to shop in stores, mobile e-commence can help them shop for baby products," said Pan Qi, Vice President of Marketing of Yihaodian.

Yihaodian sales rose to 2.7 billion yuan ($428.76 million) in 2011, from 805 million yuan ($127.83 million) in 2010.

The great business potential attracted attention worldwide. Earlier this year, U.S. retail giant Walmart increased its stake in Yihaodian to 51 percent in order to boost its online presence in China.

Business Reshuffle

Oil giant Sinopec Group is reshuffling its businesses and making preparations for an initial public offering (IPO) in Hong Kong.

Sinopec's restructuring started as early as February. Oil logistics and refining have become the first two sectors to be combined, said Huang Wensheng, spokesman of Sinopec.

In mid-2012, Sinopec will finish consolidating its eight subsidiary construction companies into a new group, reported China Daily citing a source close to Sinopec.

The balance sheets of the eight companies have been merged to meet what is required for an IPO in Hong Kong, said the source.