China DealBook
A Newsletter on Deal Making in China

By: ChinaDesk | April 28, 2017

A Newsletter on Deal Making in China | M&A . Investment Banking .VC . PE . Deals

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Deal News

China’s Didi Chuxing is raising up to $6 billion at a valuation of over $50 billion
Didi Chuxing, the on-demand giant that drove Uber out of China, is set to become the world’s second-highest valued tech startup. Less than a year after raising almost $3 billion, Chinese ride-hailing giant Didi Chuxing is on the cusp of adding a further $5 billion or more to its arsenal.

 

Reading between the lines, this investment looks as much like SoftBank Group Corp. pushing money onto the four-year-old company. Clearly, Masa is a fan of the collaborative approach being taken by Didi, which stands at loggerheads with Uber's combative style. That may be why he's so keen to ensure the Chinese company is well armed for the next phase of battle, which will probably include global expansion and driverless cars, and will surely pit it against Uber once more.

 

BP to Sell Interest in SECCO to Sinopec for $1.68 Billion

BP announced that it has agreed to sell its 50% stake in the Shanghai SECCO Petrochemical Company Limited (SECCO) to Gaoqiao Petrochemical Co Ltd, a 100% subsidiary of China Petroleum & Chemical Corporation (Sinopec), BP's joint venture partner, for a total consideration of $1.68 billion.

 

China's Yili Scraps $667 Million Deal for Organic Milk Company
Inner Mongolia Yili Industrial Group Co. terminated a planned 4.6 billion yuan ($667 million) purchase of a stake in China Shengmu Organic Milk Ltd. because it didn’t win regulatory approval from Chinese authorities.

 

China's HNA buys 16.8% stake in Swiss firm Dufry
Chinese conglomerate HNA Group has agreed to purchase 16.8 per cent of Swiss duty-free stores operator Dufry, a stake with a market value of about 1.44 billion Swiss francs (S$2.02 billion).

 

HNA to replace Odebrecht in airport group, Brazil minister says
HNA Airport Holding Group Co Ltd will buy out the stake that engineering conglomerate Odebrecht SA has in Brazil's second-busiest international airport in order to help solve an impasse with a government agency over licensing rights, a Brazilian Cabinet minister said on Monday.

 

Chinese Coal Miner Said to Vie for Singapore Mobile Carrier M1
Singapore's smallest telecom company has a ringtone loud enough to be heard in a coalmine in China's Shanxi province. Shanxi Meijin Energy Co. is among bidders for M1 Ltd., which has a 24 percent share of Singapore's wireless market. Shanxi Meijin Energy Co. and China Broadband have separately submitted first-round offers. Bahrain Telecommunications Co. and private equity funds have also made non-binding bids.

 
Meanwhile China Mobile, the world’s largest telecom carrier by subscribers, denied a media report that it was considering to acquiring a stake in M1 Ltd.

 

Australia clears Chow Tai Fook's $3 bln buyout of Alinta Energy
A buyout by Hong Kong's Chow Tai Fook Enterprises (CTFE) of gas and electricity retailer Alinta Energy has been approved by Australia's Foreign Investment Review Board (FIRB), clearing the way for a deal said to be worth nearly A$4 billion ($3 billion).

 

Air China says Beijing green-lights ownership reforms of cargo business
Air China Ltd has received the green light from Beijing to push ahead with mixed-ownership reform of its air freight logistics business, the firm said late on Friday, signaling a potential shake-up of China's cargo carrier market.

 

FIPB refers Shanghai Fosun’s Gland proposal to CCEA
India’s Foreign Investment Promotion Board (FIPB) has referred to the Cabinet Committee on Economic Affairs (CCEA) a proposal on the acquisition of Hyderabad-based pharmaceutical company Gland Pharma by Shanghai Fosun Pharmaceutical.

 

China's Bike Wars Escalate as Didi Throws Weight Behind Ofo
Didi Chuxing may be going up against its own patron, Tencent Holdings Ltd., by picking a rival side in China’s cut-throat bike-rental industry. China’s largest ride-hailing service said Thursday it has integrated Ofo’s service into its own mobile app, granting the startup access to some 400 million users who use Didi to summon cars and taxis. That pits it against Tencent, a prominent backer of Ofo’s arch-rival, Mobike.


Ofo, which completed its $450 million Series D round of funding less than two months ago, also received a strategic investment of undisclosed size from Ant Financial, Alibaba Group’s financial services affiliate. The two companies said they would collaborate on payment services, particularly as Ofo expands internationally.

 

P2P Lender China Rapid Finance Lays Out Terms For IPO
P2P lender China Rapid Finance seeks to raise $105 million in its U.S. IPO by offering 10 million shares with a price range of $9.50 to $11.50 per share. The company has more than one million customers, with the majority of its revenue coming from repeat clients.

 

Chevron to sell Bangladesh gas fields to Chinese co
U.S. oil and gas company Chevron Corp said on Monday it has agreed to sell its three gas producing fields in Bangladesh to Chinese firm Himalaya Energy, as part of a plan to raise billions of dollars by shedding non-core properties this year.

 

NXP sells Advanced Semiconductor Stake to Chinese Buyer
Dutch chipmaker NXP Semiconductors NV said it has sold its 27% stake in Advanced Semiconductor Manufacturing Corp. Ltd., the company’s latest asset sale to a Chinese buyer as it prepares to be acquired by global giant Qualcomm Inc.

 

Banque Misr to sign $500m loan agreement with China Development Bank
Banque Misr will sign a $500m loan agreement with the Chinese Development Bank (CDB), with a term of eight years. The bank earlier signed a $100m loan agreement with the CDB, with a term of five years, to finance owners of small and medium enterprises (SMEs).

 

Paramount’s New Chief Jim Gianopulos Revives $1 Billion China Slate Deal
Paramount Pictures has revived its $1 billion slate deal with two Chinese media companies, which was presumed dead last month. The studio’s new Chairman and CEO Jim Gianopulos, who took over the studio in March, traveled to Beijing last week to try and resurrect the deal with Shanghai Film Group and Huahua Media.

 

China co-working space operators UrWork, New Space merge
UrWork, a Chinese VC-backed co-working office space provider, has agreed to merge with its industry peer New Space. The combined entity will be worth RMB9 billion ($1.3 billion). It is said to be the first merger in China's co-working space market.

 

Netflix enters China via licensing deal with top video streaming service iQiyi
China has long eluded Netflix. The company officially gave up on its original plan to enter the country last October in favor of licensing deals, and now it has inked its first major deal.

 

China will encourage coal miners to merge, restructure: state planner
Beijing will encourage coal companies to merge and restructure to increase efficiency in the industry and take measures to return thermal coal prices to a "reasonable" range, China's economic planning agency said in a statement on Wednesday.

 

ATV likely to avoid liquidation as Chinese company takes majority stake, pays HK$2.2 billion debts
In a new twist to the sorry drama of Hong Kong’s now-defunct Asia Television (ATV), the company is likely to avoid going into liquidation as a mainland-based “white knight” has successfully acquired its majority stake and resolved its major debts totalling about HK$2.2 billion. The latest development came as new investor Star Platinum Enterprises already resolved the firm’s debt of HK$2.1 billion owed to former major shareholder Wong Ching.

 

China State Shipbuilding Corporation Signs Debt-for-Equity Swap Agreement with China Construction Bank
China State Shipbuilding Corporation, the parent of China CSSC Holdings signed cooperation framework agreements in relation to deleveraging and marketized debt-equity swap.

 

Chinese regulator approves 10 IPO applications
China's stock market regulator approved 10 IPO applications in the past week. The companies will be allowed to raise up to 6 billion yuan (about 870 million U.S. dollars), China Securities Regulatory Commission (CSRC) said in a statement Friday.

 

Banyan leads round for China education courses platform
Banyan Capital has led a Series A round of funding for Lizhiweike, a Chinese online education mobile platform, with participation from existing investor GSR Ventures. Financial terms were not disclosed but the round amounted to tens of millions of dollars.

 

Accel, Shunwei lead $5m round for India's Mech Mocha
Accel Partners and Shunwei Capital have led a $5 million Series A round for Indian mobile gaming start-up Mech Mocha Game Studios.

 

Excelsior buys Office Depot Korea business
Hong Kong-based private equity firm Excelsior Capital has bought the South Korea business of business products supplier Office Depot. The transaction continues Office Depot’s divestments of its international businesses that began last year in the wake of the failed takeover bid by rival Staples.

 

Nokia, Xiaomi Join $14M Round In Chinese Fitness Mobile App Yuedongquan
Nokia Growth Partners, an early-stage investment unit of Finnish mobile maker Nokia Corp, has led a RMB100 million (US$14 million) series C round in Yuedongquan, a Shenzhen-based fitness mobile app developer.

 

Oriza Seed leads $25m Series A for Shanghai biotech firm
Oriza Seed Venture Capital, an early-stage and growth-stage investment unit under China’s Oriza Holdings, has led a $25 million Series A round for EpimAb Biotherapeutics, a Shanghai-based biopharmaceutical firm.

 

CITIC Capital to exit Japanese chemicals manufacturer
CITIC Capital has agreed to exit 100% of Japanese chemicals manufacturer Polymatech to two domestic firms. Financial details were not disclosed. CITIC acquired the company in late 2012 for an undisclosed sum via its Japan Partners II fund, which closed in 2011 at JPY18.

 

IFC to invest $10m in Chinese dried noodles maker Xiang Nian
International Finance Corporation (IFC) – the private lending arm of the World Bank – will invest up to $10 million in equity into Xiang Nian, a Nanyang-based manufacturer that specialises in the production of dried noodles, smoothening the way for its IPO in the next few years.

 

Tsing Capital Joins $18M Round In IoT Sensor Device and Network Technology Firm Senoro
Chinese cleantech venture capital firm Tsing Capital, Germany-based Robert Bosch Venture Capital GmbH. and Japanese Sumitomo Corp have led a US$18 million series B round in Sensoro, a China and U.S.-based Internet of Things (IoT) sensor device and network technology company.

 

Cargill JV opens $100m oilseed plant in north China
Covering 21,000 square metres, the Hebei Jiahao Grain & Oil plant was constructed at a cost of US$100m and will have an annual capacity of over 1.3m tonnes. It will be used by Cargill to supply the growing regional market.

 

‘Transformers’ Tom DeSanto, China’s CITIC Guoan Pact On Co-Productions
X-Men co-writer and Transformers producer Tom DeSanto has teamed with Citic Guoan, a division of Chinese conglomerate Citic Group, on a series of films for the global market. The pact, which was unveiled at the close of the Beijing International Film Festival.

 

Manchester City's BNN partnership helps the club deliver exclusive content on China's leading news app
Manchester City have renewed their partnership with Chinese technology, content and services company BNN as the club looks to increase commercial opportunities in Asia with training clinics for fans and a presence on the country’s leading news outlet.

 

Alisports Partners With Asian Olympic Council To Bring eSports To 2022 Games
Alisports Group, the sports affiliate of Alibaba Group Holding Ltd., has announced a strategic partnership with the Olympic Council of Asia in an effort to bring electronic sports (eSports), or competitive video games, to the official sports program of the 2022 Asian Games in Hangzhou, China.

 

Original content catches on in China with Jianshu receiving USD 6 M, & more
Jianshu, a popular blogging platform also known as China’s Medium, enables users to express themselves by sharing their original written content on the platform’s simple layout. This Series B financing round was led by Legend Capital and Susquehanna International Group, and the funds will be used to expand marketing plans, and increase its investment on technology to seek a new business model.

 

Aston Martin Suspends EV Partnership With Struggling Chinese Tech Firm LeEco
Aston Martin Lagonda Ltd, a British luxury sports car manufacturer, has suspended a previously announced partnership with struggling Chinese tech company LeEco to jointly develop electric vehicles for the global markets.

 

China Unicom Joint Venture to Launch In-Flight Wi-Fi
China Unicom unveiled a joint venture with local partners on Tuesday, as the country’s second-largest telecom carrier by subscribers scrambles to offer a range of in-flight Wi-Fi services. China United Network Communications Ltd.

 

Vanke to Lay Down Tracks With Hangzhou Metro
Leading real estate developer China Vanke Co. Ltd. says it is collaborating with the subway authority of Hangzhou city, marking the company’s first co-development project with a state-owned transport agency.

 

Tencent’s Cloud Computing Arm to Open Five Overseas Data Centers
Tencent Holdings Ltd. said it will more than double the number of global data centers for its cloud computing service this year. The company said it opened the first of the five new centers this week in Silicon Valley.

 

Starter Pistol Fires on Wanda’s Global Marathon Deal
Wanda Group said on Wednesday it will partner with an organization representing six of the world’s top marathons to develop similar races in three Asian cities over the next decade — part of its plan to develop the China sports market.

 

Venture, PE Deals In China's Mobile Internet Sector Nearly Doubled During Q1
Venture capital and private equity investments in China's mobile Internet sector staged a significant rebound during the first quarter, with 29 deals worth US$1.

 

Alibaba's Yu'eBao Becomes First Chinese Fund Management Firm With Over RMB1 Trillion In Assets
The operators of Yu’eBao, a fund management service for individual investors owned by Alibaba Group's Alipay, has become the first Chinese fund company to manage more than RMB1 trillion (US$145 billion). Tianhong Asset Management Co.

 

China’s Yi Capital closes $116m VC fund
Yi Capital, a Beijing-based VC firm founded by two former partners at CDH Investments, has closed its debut renminbi-denominated fund at RMB800 million ($116 million). LPs include national and local level government guidance funds, Chinese listed companies and entrepreneurs.

 

JD.com signs deal with HP to target corporate clients
Chinese e-commerce giant JD.com Inc signed strategic partnership with HP Inc on Thursday, a move aimed at boosting its strength to compete in the growing enterprise market in the country. Under the deal, the two sides will enhance cooperation in product development, sales, marketing and customer services, connecting the sales platform and brand to offer clients better services.

 

Chinese Firms to Build Agricultural Industrial Park in Laos
The Lao Ministry of Agriculture and Forestry has partnered with China Xuanye (Lao) Co. Ltd. and AVIC International Beijing Co. Ltd. to build a modern agricultural industrial park in Laos, the official Xinhua News Agency reported Wednesday.

 

Shenzhen Stock Exchange to facilitate Indian tech startups’ access to Chinese investments
The China-based Shenzhen Stock Exchange is creating a platform which will facilitate access of Chinese capital for Indian fin tech companies and technology based startups.

 

Chinese Buyers Own 2% of Bordeaux’s Vineyard Chateaus
More than 150, or 2%, of vineyard chateaus in the wine-making region Bordeaux in southwest France are now owned by Chinese investors, according to a report Monday.

 

China banks miss out on U.S. investment banking bonanza
As scores of investment bankers profit from the fee bonanza offered by Chinese companies hunting for deals in the United States, one group is conspicuously absent - Chinese banks.

 

Despite their deep ties with Chinese firms, the country's largest state-owned banks are missing out on the hundreds of millions of dollars that Wall Street banks and their European rivals earn advising Chinese companies on acquisitions and share and debt sales.

 

Advisers find China boutique M&A work rewarding
Competition to offer advice is fierce, and advisers are looking for ways to distinguishing themselves from their peers. "Boutique advisory firms could be more hands-on, personal and patient with thorny issues and communication difficulties," said Lily Zhang, a director at Vermilion, which has been advising on such deals since 2005. But, big investment banks argue they have the advantage of abundant cross-industry resources, global connectivity, and the ability to provide major financing.

 

China’s Outbound M&As Plummet 77% in First Quarter
Chinese outbound investment slowed in the first quarter as regulators increased scrutiny of overseas deals, a PricewaterhouseCoopers (PwC) report said Thursday.

 

Z-Ben Advisors’ annual China Rankings: top ranking foreign asset managers in China
Stand still and your competitors will overtake you. That is the key finding from Z-Ben Advisors’ second annual China Rankings, clearly evidenced by over a quarter of last year’s top 25 global managers failing to make this year’s list. JPMorgan has the highest-ranked onshore business, benefitting from being on the Mainland for over a decade. Its superiority in the outbound business places it above its closest rivals.

 

Companies/People


World's Most Indebted Developer Battles It Out With Shorts Again
The world’s most indebted developer is duking it out with short-sellers again. China Evergrande Co. has spent HK$6.3 billion ($808 million) in a buyback spree since March 29, two days after short interest started climbing from a trough.


China Evergrande Group has joined the mainland listing bandwagon as a way to tap heady valuations. To get there, China's most indebted real estate firm is spending precious cash on buybacks to boost its Hong Kong-traded stock.

 

Jewelry Retailer Becomes a Billionaire Amid IPO Demand in China
Chinese gem retailer Zhou Zongwen became a billionaire when his Chow Tai Seng Jewellery Co. surged in value following its initial public offering this week. Shares of the gold and jewelry seller rose 44 percent Thursday to 28.68 yuan ($4.16) in Shenzhen.

 

Meet the Google Alum Who Created China's Facebook-Groupon Mashup
Colin Huang belongs to a rarefied cohort of Chinese entrepreneurs who launched their careers in Silicon Valley and then returned home to start successful tech companies.

 

Pinduoduo, or PDD, is a kind of Facebook-Groupon mashup that Huang believes could revolutionize e-commerce. PDD just raised more than $100 million, valuing the company at more than 10 billion yuan ($1.5 billion) less than two years after its founding.

 

How did a small Chinese airline become the king of acquisitions? Chinese media wonder – and then suddenly don’t
Chinese media reports questioning the ownership and funding of big-spending conglomerate HNA Group were pulled suddenly after publication from mainland websites and social media on Monday.

 

JD.com creates new unit for its logistics services
JD.com, China’s second-largest e-commerce company after Alibaba, will create a new business group called JD Logistics. Not to be confused with a Wisconsin-based company that has a similar name, JD Logistics will take advantage of JD.com’s existing delivery and warehouse infrastructure.

 

Anbang Subsidiaries Report Big Net Cash Outflows
The life insurance and property insurance subsidiaries of Anbang Insurance Group, the Chinese owner of New York's Waldorf Astoria hotel, reported a net cash outflow of 5.7 billion yuan ($830 million) and 19.1 billion yuan respectively in the first quarter of this year.

 

Insurance industry analysts said that the net cash outflow indicates the companies paid more to clients who claimed back or canceled their policies than the income the companies could earn from insurance premiums.

 

Quick Take: Alibaba Eyes More Latin American Markets After Brazil
Six years after entering Brazil, Chinese e-commerce leader Alibaba Group Holding Ltd. is planning to visit a number of other Latin American markets, founder Jack Ma said, as it seeks to build up its global presence.

 

Alibaba also has plans to provide credit services in Brazil, Jack Ma, was quoted as saying in Wednesday's edition of O Estado de S. Paulo. In China, the e-commerce firm developed a credit line to finance purchases on its website.

 

Alibaba aims to fulfill US jobs pledge
Jack Ma is acting to fulfill a promise he made to US President-elect Donald Trump: Get 1 million small- and medium-sized US businesses enrolled on his Alibaba online platforms to sell their products to China's growing middle class and create 1 million jobs in the US. The Chinese e-commerce giant plans to host a two-day conference in Detroit on June 20 and 21 to help U.S. businesses sell to 443 million consumers in China.

 

This Restaurant Chain Wants to Bring Chinese Hotpot to the World
Sichuan HaiDiLao Catering Co., the Chinese spicy soup chain that offers free massages and manicures to awaiting customers, may open 80 outlets this year as it expands abroad. As many as 10 of the new restaurants will be outside China, Chairman Zhang Yong said.

 

Anbang Chief Wu Xiaohui Interviewed By State Newspaper Despite Rumors Of Detention
The mystery over the status of Wu Xiaohui, chairman of Chinese insurance firm Anbang Insurance Group, deepened today as the the New Beijing Daily, a state newspaper operated by the Beijing government's propaganda department, published an interview with the business leader.

 

Sina CEO Sees Bubble in Chinese Tech
Sina’s CEO told Bloomberg that he does see a bubble in the Chinese technology sector, created from “too much money” pouring in whenever a new concept emerges. Chao used the sharing economy craze as an example, indicating that for one idea, hundreds, not dozens, of companies are created. In theory, all of these can not be successful

 

China's Tencent seeks growth abroad
As growth slows in China and emerging markets start to pick up speed, China’s three largest tech conglomerates — Baidu, Alibaba, and Tencent — are looking to expand their businesses globally, The Economist reports. These efforts are largely coming in the form of acquisitions and investments in foreign markets, as competition in China thwarts their domestic growth

 

Xiaomi's quietly ambitious new global boss sets his sights on the US
Xiaomi's new global head isn't a tech rock star like former exec Hugo Barra, but its plans appear to be in safe hands. That's at least the impression I got from Wang Xiang, the Chinese manufacturer's senior vice president.

 

Jack Ma to World: Prepare for Decades of Pain
Disruption, once a bullish V.C. buzzword, has taken on a darker meaning in the Trump era. And Silicon Valley, once ridiculed for its utopian bubble about making the world a better place, has grown noticeably more apocalyptic in its outlook.

 

WeChat Beefs Up Its Search Functions
WeChat, the highly popular social platform in China, plans to make its search functions more powerful, announcing the creation of a new search-engine division. WeChat is owned by tech giant Tencent Holdings Ltd.


Struggling LeEco Pledges to Back Online Video Unit

LeEco’s CEO has assured investors they need not worry about the financial health of the company’s flagship unit — Leshi Internet Information and Technology Corp. — despite a disappointing yearly earnings report.

 

Bus Maker Changes Gear With ‘One Belt, One Road’ Exports
Chinese bus maker Zhengzhou Yutong Bus has seen its first quarter export volume rise by 56% annually, due to opportunities brought about by the “One Belt, One Road” (OBOR) initiative.

  

Other Updates

 

China's strong first-quarter growth highlights positive signs: finance minister
An increasing number of positive signs were seen in the Chinese economy in the first quarter GDP report, finance minister Xiao Jie said in a meeting in Washington last week.

 

China central bank chief says 6.5 percent growth target 'within reach'
China's 2017 growth target of 6.5 percent is "within reach", the governor of the country's central bank said in a statement on Saturday, amid stronger economic signs at the start of the year.

 

China Unveils $55.2 Billion in Tax Cuts to Boost Growth
China has unveiled plans to ease the tax burden on companies and consumers by more than 380 billion yuan ($55.2 billion) this year to boost economic growth.

 

SOEs Net Profits Rise 37.3% Year-on-Year in Q1
Total net profits of Chinese state-owned enterprises (SOEs) climbed 37.3% to 587.3 billion yuan in the first quarter from a year ago, softening from a gain of 40.3% in the first two months, the Ministry of Finance said Wednesday.

 

Chinese president warns Politburo to be on guard against financial risks
Chinese President Xi Jinping ramped up the rhetoric about financial risks on Tuesday, making a rare repeated call for the authorities to keep a lid on the threats.

 

China's regulator orders insurers to focus on risk
China's insurance regulator has asked insurers to make improvements to their risk assessment processes and emergency backstops, the latest in a slew of measures taken to tackle weaknesses in the country's financial system.

 

China's Hidden Debt Stirs Investor Angst as Local Defaults Rise
Rising defaults in China are unearthing hidden debt at companies across the country. Small firms that can’t get loans by themselves have been winning banks over by getting other companies to guarantee their borrowings.

 

Debt Crisis Shakes Chinese Town, Pointing to Wider Problems
In China, it’s all about whom you owe. That precise question — who owes what to whom? — shook the Chinese industrial town of Zouping in recent weeks. Some businesses closed. City officials engineered a desperate corporate takeover. An executive was detained by the police.

 

Banks Are Backing Out of $1.7 Trillion in Chinese Investments
The turbulence has centered on so-called entrusted investments -- funds that Chinese banks farm out to external asset managers.

 

China's Bad Loans, Capital Outflows Stabilize, PBOC's Yi Says
China’s non-performing loans have stabilized and the pressure from capital outflows has eased as the nation’s economic recovery takes hold, said Deputy Central Bank Governor Yi Gang.

 

China’s Super-Rich Target Environment, Research in Growing Embrace of Philanthropy
China’s top 100 philanthropists have donated more than 110 billion yuan ($15.9 billion) in total over the past six years and an increasing share of it went into research programs and environmental protection, a recent survey found.

 

Inside China’s Plans for World Robot Domination
China is embracing robotics with the same full-on intensity that’s made it a force in high-speed rail and renewable energy. Beijing economic planners view it as a stepping stone to a broader strategic goal: dominating emerging markets for artificial intelligence, driver-less vehicles and digitally-connected appliances and homes.

 

London claims top-spot in renminbi foreign exchange transactions
London ranked No 1 for offshore renminbi foreign exchange transactions during the first three months of 2017, according to the latest data released by a leading global financial network on Tuesday. The Society for Worldwide Interbank Financial Telecommunication says 36.

 

China's New Jet Will Seek Share of World's Largest Aircraft Market
China is set to become the world’s largest market for aircraft and the nation’s first domestically developed large jet is getting ready seeking a share of that business.

 

Chinese banks, brokers eye robo advice for edge on competition
China's wealth management industry is preparing for a boom in automated investment advice and trading programs, or "robo-advisors", as brokerages, banks and insurers look for a cheaper way to increase revenue from retail clients.

 

China's $290 Billion New City Lifts Hope for Better Urbanization
China’s plan to build a new city about two hours drive from Beijing has raised hopes it may catalyze better urban design across the nation, enhancing economic efficiency and cutting air pollution.

 

China Will Produce 4 of Top 10 Global Food Companies by 2027, Says Leading Food Investor
China’s food industry is modernizing at its fastest pace ever, using more technology to scale up and meet higher standards, according to Alex Zhang, cofounder and management partner of Beijing Hosen Investment Management (Hosen Capital).

 

Here are the 50 largest companies in the world by revenue
While familiar global oil firms and massive banks make up a good portion of the companies on the list, there are also many companies in China and Europe that are less likely to ring a bell. Here is a primer on some of the companies that clearly rank among the world’s largest, but fly a little under the radar.