Euronet Worldwide trumps Ant Financial's offer to buy MoneyGram
Six weeks after billionaire Jack Ma’s Ant Financial announced a plan to take over MoneyGram International Inc., a little-known Kansas company is swooping in with a higher bid. Euronet Worldwide Inc. is offering $15.20 a share for the money-transfer service, topping Ant’s $13.25 per share.
The financial transaction provider Euronet Worldwide said on Tuesday that it had made an unsolicited bid to acquire MoneyGram for about $1 billion in cash, igniting a potential bidding war for the money-transfer firm.
Air Products’ Yingde Bid May Be Losing Air
Air Products & Chemicals’ aspirations to be big in China may be deflated before long. The U.S. gas giant has been circling around its largest rival in China, Yingde Gases, for months. The Pennsylvania-based company had made public its nonbinding bid of up to $1.5 billion in January. But rival bidder PAG looks to have accumulated enough shares to block Air Products from owning Yingde.
Airbnb, a rumour of Chinese state funding and implications for home rental
One of the Chinese government’s biggest investment funds reportedly put $100 million into Airbnb‘s billion dollar fundraising round, which closed last week. The rumour appears to have come from Sky News and has been reported in the APAC and Chinese financial pages over the past few days.
China Investment Corporation (CIC) subscribed to roughly 10% of a $1bn (£822m) funding round disclosed by Airbnb in a filing with US securities regulators.
China's Doublestar to Buy Kumho Tire Stake in $830 Million Deal
China’s Qingdao Doublestar Co. said it has signed an agreement with Kumho Tire creditors to buy a 42 percent stake in the South Korean tiremaker for 955 billion won ($827 million), in a deal that could enable Doublestar to further expand in China.
China securities regulator approves 10 IPOs to raise up to 4.9 billion yuan
China's securities regulator said it had approved 10 initial public offerings which would raise up to 4.9 billion yuan ($709.63 million)in total. The China Securities Regulatory Commission made the announcement in a microblog post late on Friday, without giving a timeframe.
Foxconn, TSMC Eye Joint Bid for Toshiba Memory Unit
Taiwanese contract manufacturer Foxconn and chipmaker Taiwan Semiconductor Manufacturing Co., Ltd. (TSMC) will team up to make a joint bid for Toshiba Corp.’s semiconductor business, sources told Caixin Friday.
Anbang to pay Kushners US$400 million for New York office tower
A company owned by the family of Jared Kushner, President Donald Trump’s son-in-law and senior adviser, stands to receive more than US$400 million from a prominent Chinese company that is investing in the Kushners’ marquee Manhattan office tower at 666 Fifth Ave.
Ally Bridge backs $301m Luoxin Pharma take-private
Healthcare-focused PE investor Ally Bridge Group will support the HK$2.3 billion ($301 million) management-led take-private of Hong Kong-listed Shandong Luoxin Pharmacy Group.
Trina Solar Completes Going-Private Transaction
Trina Solar Limited announced the completion of its merger with Red Viburnum Company Limited, a wholly-owned subsidiary of Fortune Solar Holdings Limited. As a result of the merger, the Company ceased to be a publicly traded company and became a wholly-owned subsidiary of Parent.
In Search of Payment Licensing, Didi Chuxing Acquires 19pay
Car-hailing giant Didi Chuxing will acquire 19pay for 430 million yuan ($62.3 million), according to paynew.net. 19pay Technology is an electronic payment company based in Beijing, and has a hard-to-get license to facilitate third-party payments, which Didi has been keen to acquire.
Sequoia China, CMC Holdings Establish Sports Investment Fund
Sequoia Capital China and CMC Holdings, an investment holding company founded by Chinese media mogul and former Shanghai Media Group chief Li Ruigang, have jointly established a sports investment fund to back and consolidate global premium sports assets.
Qualcomm, Accel back India-China IoT player Borqs
Qualcomm Ventures and Accel Partners India have co-led a new round of funding worth $10 million for Borqs, an India-China venture that develops internet-of-things (IoT) devices. Borqs, which is headquartered in Beijing with R&D centers in Bangalore and Beijing, was founded in 2007.
China's Virscend Education Invests In Baby Center Franchise Babycare.Cn
Hong Kong-listed Chinese education firm Virscend Education Co., Ltd. has made a strategic investment in Babycare.cn, a Beijing-based early education company focused on children aged between zero to six. No financial details were announced.
Qiming, GGV-Backed CSD Water Completes $36M Shanghai Listing
Beijing-based water treatment company CSD Water Services, backed by Qiming Venture Partners and GGV Capital, has completed an initial public offering on the Shanghai Stock Exchange today.
Cash-Strapped LeEco Sells Shanghai Property To Make Ends Meet
Cash-strapped Chinese Internet giant LeEco has sold its 50% interest in a Shanghai property to developer and investor Sunac China Holdings, raising much needed capital to sustain operations across its sprawling business empire. No financial details were announced.
LeEco has lost two contractors that make LeEco smart TVs, due largely to delayed payments by its subsidiary Leshi Zhixin Electronic Technology, Shanghai Security Daily reported on Tuesday, citing a source familiar with the matter.
Alibaba Signs Cooperation Deal With Its Film Arm
Alibaba Pictures Group, Jack Ma's growing film studio, has struck a three-year strategic co-operation agreement with its parent company, e-commerce giant Alibaba.
According to Jeffery Towson, Chinese billionaire Jack Ma is tightening the links between his entertainment assets. Two years into Alibaba's push into entertainment, its movie arm, Alibaba Pictures, has a growing pipeline of produced and acquired content. It is regularly doing domestic and Hollywood deals for film production, financing and distribution.
Boeing To Build First Overseas Plane Completion And Delivery Center Near Shanghai
American airplane maker Boeing and Chinese aviation manufacturer, Beijing-based Commercial Aircraft Corporation of China Ltd. (COMAC), will begin construction on a Boeing 737 completion center in eastern China at the end of this month to make its first delivery in 2018.
Oppo Plays Cricket in Bid to Crack India Market
Fast-rising Chinese smartphone maker Oppo Electronics Corp. has signed a 10.8 billion rupee ($160 million) sponsorship deal with India’s national cricket team, aiming to raise its profile and sales through the association with the nation’s favorite sport.
Alibaba Partners With Denmark On Exports, Counterfeits And Travel
Alibaba Group Holding Ltd and the Danish government have signed a memorandum of understanding to increase trade and tourism between the two nations while strengthening cooperation in anti-counterfeiting and the protection of intellectual property, according to a company announcement.
Denmark also signed a historic agreement with Chinese travel site Dianping, becoming the first European nation to appear on the Chinese product reviews and group-buying platform.
Tencent Wins Xiamen Government Cloud Contract for One-Hundredth of Yuan
Internet giant Tencent Holdings Ltd. has won a contract to provide Internet-based cloud services to a government department in the coastal city of Xiamen for just 0.01 yuan — about one-seventh of a U.S. cent — raising concerns about the validity of the bid.
China’s First Legoland Theme Park to Open in Shanghai
British theme park developer Merlin Entertainments Group Ltd., the owner of Madame Tussauds museums, is planning to launch the toy-based Legoland theme park in Shanghai, in a bid to grab a slice of China’s booming entertainment market.
French PSA Group's deal no quick fix for China market woes
After its recent purchase of the Opel and Vauxhall brands, French car manufacturer PSA Group, which is partially owned by Chinese automaker Dongfeng Motor Co, is now under intense pressure due to its lackluster performance in the world.
New round of oil M&As on horizon
With world oil prices appearing to have stabilized, analysts said they believe there could be a new round of merger-and-acquisition activities in the sector－as Chinese oil companies took advantage of relatively low asset prices to enter the arena and become active players.
After $225 Billion in Deals Last Year, China Reins In Overseas Investment
China struck $225 billion in deals to acquire companies abroad last year, a record-breaking number that signalled to the world that Chinese business leaders were hot to haggle.
China-Hollywood Deals: Not So Fast
Several stories came out this past week reporting on the recent failure of Chinese investments in Hollywood. Hollywood deals fall apart all the time. It’s the nature of the business, and hardly unique to Chinese-invested projects. But those deals have been getting more attention lately because so much of the money coming in is from China.
Foreign Exchange Chief Seeks to Reassure on Capital Controls
Foreign companies can repatriate their profits overseas provided they comply with official requirements, Pan Gongsheng, China’s foreign exchange regulator, told Caixin, seeking to address concerns that capital controls aimed at halting an exodus of money are hurting business operations.
Chinese firms hire 1.5 mln foreign staff overseas
Chinese enterprises hired some 1.5 million foreigners overseas in 2016 amid their rapid global expansion, China's commerce minister said Saturday. Overseas Chinese enterprises recorded 1.5 trillion U.S. dollars in sales volume last year, bringing 40 billion U.S. dollars of taxes to host countries.
Foreign and Chinese companies equal under Made in China 2025
Foreign and Chinese enterprises will continue to be treated equally as the country steps up efforts to implement the Made in China 2025 initiative, Miao Wei, Minister of Industry and Information Technology, said.
Miao Wei, also promised that domestic and overseas electric vehicle makers would be treated equally future policies, and that international manufacturers would not be forced to transfer their technology centers to China.
Chinese Banks’ Latest Funding Trick Gets Scrutiny It Deserves
Chinese regulators keep trying to limit risk, and banks keep finding ways around. The latest example: a straightforward type of short-term bond called a negotiable certificate of deposit.
China Grabs Top Three Spots In Global Mobile App Ranking
Chinese Internet giants Tencent Holdings Ltd. and NetEase Inc., as well as Tencent-owned Finnish mobile game publisher Supercell Oy, took up the top three spots on a global top mobile app publisher ranking based on revenues.
In 2017’s top 20 ecosystems, Beijing leads in startup experience, Singapore in talent
The Startup Ecosystem Ranking report is back for a 2017 edition, and it’s shaking things up a little with its fresh list of the world’s top 20 startup ecosystems.
Shanghai officials draft rules to wrangle China’s bike-sharing craze
After almost a year of unfettered growth, China’s bike-sharing craze will finally start seeing concrete regulations. On Friday, the Shanghai Bicycle Association announced plans to enact citywide bike-sharing regulations as early as June, reported local Chinese media.