China Minsheng Financial eyes financial sector buys in Europe
China Minsheng Financial Holding Corp is scouting for acquisitions of financial services companies including banks in Europe, betting on the bloc's strengthening ties with the world's second-largest economy, a top executive said.
China Minsheng Financial's planned push into the European Union's financial sector comes against the backdrop of some countries looking for investors to bail out their stressed banks, and Beijing's push to bolster trade ties with Europe. Portugal's Novo Banco, which the state is trying to sell after a 2014 rescue, has several new potential buyers, including China Minsheng Financial, a senior government official told Reuters last month.
China Investment Corp Sets Up Joint Fund For Overseas Investments
China’s sovereign-wealth fund China Investment Corporation (CIC) has teamed up with a French public sector financial institution to jointly tap overseas investment opportunities, with a focus on real estate and infrastructure, according to an announcement.
Ant Financial-Backed Qufenqi Operator Plans $800M US IPO
The operator of Chinese e-commerce firm Qufenqi, backed by Ant Financial, is planning a U.S. IPO to raise between US$500 million to US$800 million during the first half of 2017.
Commodity trader Hartree setting up China JV with Wanxiang Resources: source
Privately owned Hartree Capital is setting up a commodities trading joint venture in China with Wanxiang Resources, owned by the world’s largest auto parts maker, as it pushes to expand into the country’s mammoth markets for industrial materials, a person familiar with the matter said.
Man Wah Denies Investment In Struggling LeEco
Hong Kong-listed investment holding company Man Wah Holdings Ltd., which was among a number of Chinese companies reportedly injecting US$600 million to LeEco, has issued a statement denying its involvement.
Banyan Capital-Backed Chinese Wearables Maker Transtek Completes Domestic IPO
Guangdong Transtek Medical Electronics Co., Ltd., a wearable devices maker and mobile healthcare firm backed by Banyan Capital, has completed an in initial public offering on the Shenzhen Stock Exchange.
Ant Financial, Ucar Invest $100M In Used Car Transaction Service Firm Souche.Com
Ant Financial Services Group and Ucar Inc. have invested US$100 million in Souche.com, a Hangzhou-based used car dealership transaction services provider, as the com
Chinese Online Education Firm Mofangge Raises $22M Venture Funding
Chinese online education firm Mofangge has raised RMB149 million (US$22 million) in series B and B+ round from unnamed individual investors, according to Chinese media reports. Founded in 2013, Mofangge previously raised tens of millions of U.S. dollars from Fosun Kinzon Capital in 2014.
Hony Capital Invests In Noodle Chain Xiao Mian Via Lee & Man Handbags
Hony Capital really loves the food and restaurant business. Hong Kong-listed Lee & Man Handbags Holding Ltd., owned by the Chinese buyout shop, has invested RMB25 million (US$3.6 million) in Xiao Mian, a Chinese noodle restaurant chain founded two years ago.
pany's series C financing round. Ant Financial will help Souche.
China's Tech Unicorns Look Increasingly Cursed
China's tech unicorns -- private companies valued at $1 billion or more -- are far more commonplace and look increasingly cursed. Even as the tech universe's center of gravity seems to be shifting toward Beijing, there's growing skepticism within China about how valid some of the sky-high valuations are. Investors and analysts are whispering doubts about startups' ability to maintain such lofty numbers when they try to raise future funding or go public.
Tencent Partners With Qualcomm To Develop Mobile AR/VR Games
Tencent Holdings Ltd. has established a strategic partnership with Qualcomm Incorporated to create virtual and augmented reality-based immersive mobile user experiences in gaming and entertainment, with the launch of a joint innovation center.
VW rejigs China partners but keeps hand on wheel
Volkswagen is tweaking its partnerships in China, paving the way to migrate some production of the popular Audi brand out of its joint venture with the decrepit China FAW and into the more dynamic SAIC. FAW may mourn, but the Audi team is most worried about Mercedes Benz, not its local partners. After three decades of policy coddling, Chinese domestic JV brands are still not competing at the Germans' level.
Chinese firms have 'big enthusiasm' to invest in Philippines
A Beijing trade official said Tuesday that Chinese companies have "very big" enthusiasm about investing in railways and airports and other major infrastructure projects in the Philippines, and his government will encourage them to build an industrial park.
Chinese leadership sending ‘confusing’ messages over reform of state-owned enterprises: China watcher
The Chinese leadership, headed by President Xi Jinping, is sending out conflicting messages about economic liberalisation and state enterprise reform, according to Nicholas Lardy, a senior fellow at Peterson Institute for International Economics. He also warned that the tepid progress of state sector reform was now the “the biggest risk to China’s economy”.
Whether Beijing is committed to a free market economy, or one that is heavily regulated and dominated by state players, is a question of great importance for the future of the world’s No. 2 economy.
Another Financial Warning Sign Is Flashing in China
It is time to add another credit indicator to the financial warning signs flashing in China. The adjusted loan-to-deposit ratio, which includes a range of off-balance sheet items and is an indicator of the banking system’s ability to weather stress, climbed to 80 per cent as of June 30, according to S&P Global Ratings.
Goldman Says Buy China Stocks With Foreign Assets as Yuan Slumps
Chinese companies with overseas businesses and foreign-currency assets will benefit as the yuan’s depreciation accelerates after Donald Trump’s victory, according to Goldman Sachs Group Inc.
Uber Might Have the Last Laugh Over China
Chinese ride sharing company Didi Chuxing was on a roll just a couple of months ago after driving Uber Technologies Inc. out of the country to cement itself at the top of the market. That was before local governments stepped in with new rules that could derail its victory.
China’s central bank is hiring blockchain experts to help it kill off cash
China’s central bank is hiring blockchain experts to help it develop its own digital currency, according to a recruitment ad. The central bank has been working to create and issue a digital currency for years in order to replace cash, the bank’s governor, Zhou Xiaochun, has said previously. Blockchain technology is among the systems it has examined.
China, India would pick up America's clean energy slack under Trump
China and India stand to benefit if America's progress on clean energy slips under President-elect Donald Trump, energy experts say. Trump has vowed to gut U.S. climate policies that favor wind, solar and other lower-emissions technologies and instead revive the struggling coal sector.
Tencent reports $1.5B profit thanks to its WeChat messaging app and mobile games
Tencent, Asia’s most valuable tech company, posted another healthy profit thanks to its growing mobile messaging app WeChat and its mobile games business. The company reported a net profit of RMB 10.6 billion ($1.5 billion), up 43 percent year-on-year, on revenue of RMB 40.
Hamburg Summit to focus on Belt and Road Initiative
China's Belt and Road Initiative will be a key focus of the Hamburg Summit in Germany on Nov 23 and 24. Initiated by the Hamburg Chamber of Commerce, the Hamburg Summit is a major Sino-European economic conference that aims to boost exchanges and tap business opportunities for entrepreneurs from both countries, according to organizers.
China’s driverless trucks hope to overtake their international rivals
China may be gearing up to pull ahead of the U.S. in the race to overhaul road delivery with fleets of self-driving long-haul trucks.A number of companies are developing automation technologies that promise to lower costs, reduce accidents, and improve overall efficiency for the trucking industry by allowing drivers to make longer trips that include periods of rest.
BMO wins China approval to quote C$ against yuan
Bank of Montreal said on Tuesday it had been named the first and only Canadian bank approved by the People's Bank of China to quote the Canadian dollar against the yuan as a market maker in the China Foreign Exchange Trade System.