DUET says Australian government approves $5.5 billion takeover by CKI consortium
Australia's DUET Group on Friday said it had been advised by Cheung Kong Infrastructure Holdings (CKI) that the Australian government has approved the Hong Kong company's $5.5 billion consortium-led takeover offer.
In approving Li Ka-shing's takeover bid for Australia's electricity and gas utility Duet Group, the country's Treasurer Scott Morrison is admitting that the horse on foreign infrastructure investment has already bolted.
China's Bitauto raises $1 billion from internet giants Tencent, Baidu
Auto portal Bitauto Holdings Ltd has recently raised $1 billion from Tencent Holdings Ltd, Baidu Inc and JD.com Inc as it seeks to be China's largest online car financing platform.
China Mobile, others approached for buying into Singapore telco M1: sources
Top shareholders in Singapore telecoms company M1 Ltd have approached potential buyers China Mobile and global private equity firms, among others, to sell their combined majority stake in the firm.
China Development Bank may finance Fosun's Polyus deal
China Development Bank is considering providing financing for a Chinese consortium seeking to buy a stake in Russia's largest gold producer Polyus, two sources familiar with discussions about the potential deal told Reuters.
China's LeEco plans sale of $420 million Beijing real estate: sources
Chinese tech conglomerate LeEco is in talks to sell a prized property asset in the heart of Beijing it acquired in a $420 million deal last year, the latest effort by the electric car-to-smartphone behemoth to raise funds amid a severe cash crunch.
CDH Investments Said to Lead Buyout of Chinese Retailer Belle
China’s CDH Investments Fund Management Co. is working with the management of Belle International Holdings Ltd. on a potential buyout of the $5.7 billion footwear retailer.
TCL says U.S. protectionism No. 1 barrier to Chinese firms going global
Chinese electronics giant TCL Group said on Friday U.S. protectionism is the biggest hurdle to Chinese firms going global, and it had been told that a pending acquisition by the company of a United States technology firm may not be approved.
Vanke To Invest $440M In Chinese Online Real Estate Agency Lianjia
China's second biggest property developer China Vanke Co., Ltd. has agreed to invest RMB3 billion (US$440 million) in Lianjia, a Beijing-based online real estate agency, deepening the existing partnership between the two companies. It's unclear how large a stake Vanke has acquired in Lianjia.
CITIC Securities Leads $400M Round In EV Battery Maker Microvast
CITIC Securities has led a US$400 million funding round in Microvast Power System (MPS), an electric vehicle power system solutions provider and a subsidiary of U.S. and China-based Microvast.
IFC may invest up to $205m to China’s fertilizer producer Kingenta
International Finance Corporation (IFC) – the private lending arm of World Bank – is considering to invest up to $205 million in China’s Kingenta Ecological Engineering Group Co Ltd, a leading compound and specialty fertilizer producer and supplier.
Red flags were raised over Reading FC’s Chinese suitors
The prominent Chinese businesspeople behind a proposed takeover of Reading Football Club were previously subject to a Premier League investigation that raised “red flags” over their commercial background. Earlier this month the English Football League, provisionally cleared the acquisition of Reading by Dai Yongge and sister Hawken Xiu Li.
Chair of Hull City Bidder GreaterChina Arrested in Hong Kong
The chairman of a Hong Kong-based company that said it had a deal to buy British soccer club Hull City was arrested in the former British colony. David Yip, also executive director at GreaterChina Professional Services Ltd., was taken into custody by the Independent Commission Against Corruption. No reason was given for the arrest.
Chinese developer Far East plans $300m NZ project
An overseas property developer has announced plans for a $300 million pipeline of commercial and residential projects in New Zealand. Chinese-backed Far East plans to start with a 39-terraced housing project in Auckland's Hobsonville, and says it is the first stage of a wider 150-house development.
Alibaba deal to boost Chinese spending and Christchurch Airport revenue
A partnership deal between Christchurch Airport and e-commerce giant Alibaba has the potential to generate a $1 million a week in sales to Chinese consumers.
VCs commit $65m to China vaccine developer CanSino Biologics
SDIC Fund Management, a GP under China’s State Development & Investment Corporation, has led a $65 million round of funding for CanSino Biologics, a China-based vaccine developer.
China AI specialist Sense Time get $60m from Sailing
Sailing Capital has provided $60 million in Series C funding to artificial intelligence (AI) and deep learning technology start-up Sense Time, less than six months after the Beijing-based company announced its previous round.
Antony Leung's New Frontier backs Shenzhen medical group
New Frontier, a private equity firm co-founded by Antony Leung, formerly Hong Kong's financial secretary, has invested in Best Unimed Medical Group, a Shenzhen-based third-party physicians group. As part of the agreement, New Frontier will invest at least RMB1 billion ($145 million) in Best Unimed and become a major shareholder.
AGIC acquires European medical supplier, targets China growth
AGIC Capital has acquired 100% of Slovenia-based medical equipment supplier Fotona as part of a plan to expand operations in Asia with an emphasis on China. The deal will facilitate an exit for US private equity firm The Gores Group. Financial details were not disclosed.
Addor Capital leads $12m round for China’s Yeecall
Addor Capital has led a $12 million pre-Series B round for Yeecall, a Chinese mobile app that allows users to make free voice and video calls, with participation from existing investors including Sinovation Ventures.
China Creation Ventures Leads $16M Round In SME Credit Firm IceKredit
China Creation Ventures, a newly founded venture firm established by several former KPCB executives, has led a RMB110 million (US$16 million) series A round in Shanghai-based small and medium-sized enterprises (SMEs) credit assessment service provider IceKredit Inc.
ClearVue raises $362m for China consumer fund
ClearVue Partners has closed its second China consumer-focused fund at $362 million, having received commitments from institutional LPs including several global fast-moving consumer goods companies.
Haiyin Capital, NCET2 form Sino-US VC fund
China's Haiyin Capital and the US-based National Council of Entrepreneurial Tech Transfer (NCET2) have jointly launched a VC fund to provide capital to start-ups formed at American universities.
Source Code closes third China VC fund at $260m
Source Code Capital, a Chinese VC firm founded by Yi Cao (pictured), a former partner at Sequoia Capital, has closed its third US dollar-denominated technology fund at $260 million.
Chinese Textile Tycoon Becomes a Billionaire After Shanghai IPO
A revival in China’s polyester industry has produced a new billionaire. Zhuang Kuilong, chairman of textile maker and distributor Xinfengming Group Co., saw his wealth surge almost 60 percent after its shares began trading Tuesday in Shanghai.
Sun Hung Kai & Co. Rises After Finance Unit Said to Resume IPO
Sun Hung Kai & Co., a Hong Kong-based financial firm, jumped to the highest in 18 months, after the company was said to resume plans to list its consumer-finance unit following a two-year delay.
White knights ride to i-Cable’s rescue with plans for expansion
Troubled pay-television provider i-Cable Communications dropped 21 per cent on Friday morning as it resumed trading after announcing that it had found a white knight. The decline came after i-Cable announced Thursday night that it had been rescued by a consortium of white knights led by property tycoon David Chiu Tat-cheong together with New World Development chairman Henry Cheng Kar-shun and others, who plan to use the broadcaster as a foundation on which to build a new media company.
Chinese, Iranian firms to renovate nuke plant
Chinese and Iranian enterprises have agreed to renovate the Arak heavy water reactor, a key part of an international deal over Iran's nuclear program, and the first commercial contracts will be signed this weekend, Foreign Ministry spokesman Lu Kang said in Beijing on Thursday.
Renishaw announces new solutions centre partner and distributor for its additive manufacturing technology in China
Renishaw, has announced the signing of an agreement with FalconTech Co., Ltd. as a solutions centre partner and distributor for its additive manufacturing (AM) technology in China. Located in Wuxi, Jiangsu province, FalconTech is a technology and innovation company focusing on the rapid manufacturing of high performance components.
Baidu, Harman to develop in-car AI solutions for Chinese automakers
Chinese search engine giant Baidu and Samsung-owned automotive manufacturer Harman will jointly develop in-car artificial intelligence solutions for the Chinese automotive industry, the companies announced on Thursday.
Pakistan's Gwadar port leased to Chinese company for 40 years
A state-run Chinese company will handle the operations of Pakistan's strategic Gwadar port for a period of 40 years, the government said today. China Overseas Port Holding Company (COPHC) would carry out all the development work on the port.
Growing interest from Chinese investors in UK waste market, Grant Thornton says
Chinese investors are showing a growing interest in the UK and European waste management market, according to a new report. The annual waste review by London-based accountancy Grant Thornton looked into merger and acquisition activity and legislative changes within the UK waste market in 2016.
Toutiao hits $11 billion valuation with new funding
Chinese news site Toutiao has reached new heights with a recent round of fundraising, reported Reuters today citing a personal privy to the matter. The Beijing-based startup is now worth US$11 billion.
Founding Team Of LeEco's Yidao Yongche Resign As Internal Strife Escalates
The founding team of LeEco-controlled chauffeured car service provider Yidao Yongche have resigned en masse, as internal strife between LeEco and Yidao's original management team escalates amid a cash crunch at both companies.
Tencent executive expects WeChat Pay in every shop in China within two years
An executive at Tencent Holdings Ltd, China's biggest social media and online entertainment company, said on Friday he expects its mobile messaging app WeChat to provide electronic payment services in every Chinese shop within two years.
China UnionPay Pushes Mobile Abroad
The forthcoming release of a new global standard for mobile payments could give China UnionPay a chance to take on rivals Alibaba and Tencent in international markets.
Source Code Hires Former Kingsoft's CEO Zhang Hongjiang As Partner
Chinese venture firm Source Code Capital has hired Zhang Hongjiang, formerly CEO of Chinese software company Kingsoft and chief technology officer at Microsoft Asia Pacific Research and Development Group, as its venture partner.
Tencent, Moutai Shares Sparkle With New Global Milestones
The China growth story is making global titans of some of the nation's hottest companies, which are challenging the likes of Facebook and JP Morgan Chase & Co. as leaders of their class.
BeiGene Announces Initiation of First Pivotal Study in China of PD-1 Antibody BGB-A317
BeiGene, Ltd., a clinical-stage biopharmaceutical company developing molecularly targeted and immuno-oncology drugs for the treatment of cancer, today announced that the first patient was dosed in a pivotal clinical trial of BGB-A317, an investigational anti-PD-1 antibody, in Chinese patients with relapsed or refractory classical Hodgkin lymphoma (cHL).
China Expat Entrepreneur: Startup Grind Helps With Shanghai Contacts
Erik Walenza-Slabe first came to China after graduating from the University of Oregon in 2005 as part of a trip to see the world. He returned in 2010, and today is a co-founder of the Shanghai-based startup IoT ONE as well as director of the Shanghai chapter of Startup Grind, an independent community that connects one million entrepreneurs in 98 countries through events and media. Startup Grind helps entrepreneurs find mentorship, connect to partners and talent, obtain capital and reach new users.
Taylor Swift dating a Chinese tech tycoon? The rumour’s not about me, says Sohu CEO
The founder of Chinese internet giant Sohu has publicly denied being Taylor Swift’s latest squeeze amid talk that the American singer is dating one of China’s tech tycoons.
IMF says may raise China 2017 GDP forecast again
China's economy may grow faster than the International Monetary Fund (IMF) had expected for all of 2017 after a first-quarter performance that beat forecasts, the fund said, as it urged Beijing to address entrenched financial risks in the country.
Chinese Investors Are Embracing Everything Xiongan
As Jiang Yunhai sees it, a random investment 14 years ago could be the most fortuitous decision he’s ever made. The Beijing resident bought the Internet domain xiongan.com in 2003 before forgetting all about it -- until two weeks ago.
Chinese Businesses Quit Angola After `Disastrous' Currency Blow
Tens of thousands of Chinese have left Angola because of the oil slump that’s hurt business and halted construction projects, according to the head of a commerce group.
Chinese Yuan Assets Held By Foreign Central Banks Up 13%
Foreign central banks held a total of RMB563.5 billion (US$81.1 billion) Yuan-denominated assets by the end of last year, up 13% year-on-year, indicating increasing willingness by foreign central banks to hold Yuan assets on their balance sheets.
Shadow banking makes a surprise return to China
A surprisingly rebound of shadow banking credit was recorded in the mainland in the first quarter of this year, despite efforts by the central bank to curb off-balance activities.
Feeling Pressed by Beijing, Auto Makers Set Plans to Build Electric Cars in China
The world’s top auto makers are gearing up to build electric cars in China, despite concerns about market demand and the potential their technology could be compromised in a market with weak safeguards for intellectual property.
Chinese currency regulator claims victory and vindication as capital flight pressure eases
China’s currency regulator has claimed an early albeit cautious victory in its battle to stem the yuan’s capital flight, saying the country is coping “remarkably well” with the higher interest rates brought on by the US Federal Reserve.
Former Chinese Regulator Says China Growth May Slow
Former Chinese FX Regulator Guan Tao discusses the Chinese economy, Fed policy and weighs in on President Trump's attempt to talk down the dollar. He speaks with Bloomberg's Tom MacKenzie.
Chinese Workers Might Not Be Too Happy With Their Pay Raises
China’s labor market remained tight in the first quarter as the economy roared back. Workers, however, are finding that pay hikes aren’t as generous as they used to be.