MoneyGram board says Euronet offer could result in superior proposal
U.S. electronic payments company MoneyGram International Inc said on Monday that peer Euronet Worldwide Inc's offer could result in a superior proposal compared to the one from China's Ant Financial Services Group.
MoneyGram will share confidential information with peer Euronet so that it can firm up its offer. Euronet had offered $15.20 per share in cash to buy MoneyGram last week, topping the $13.25 per share offer from Ant Financial. Wall Street already seems certain that there's more to come.
Traders are betting that Chinese billionaire Jack Ma is about to get drawn into a bidding war as he seeks to build a global payments empire.
Paramount rejected in potential $1B film deal with China
Looks like Viacom just opened a fortune cookie that reads “It’s not your lucky day.” The media giant’s Paramount Pictures movie unit has failed to strike a deal with two Chinese groups to receive $1 billion in financing for a fresh series of films.
Paramount appears to be the latest casualty of the Chinese government’s clampdown on cash that had been exiting the country and pouring into Hollywood coffers. Viacom insiders insist they still have confidence in a positive outcome, pointing to recent statements from Chinese partners suggesting the parties are still trying to resolve their issues in the so-called “slate financing” deal to fund future movie projects.
China's Sinopec nears deal to buy Chevron's South African oil assets
China Petroleum and Chemical Corp (Sinopec) is nearing an agreement to buy a majority stake in Chevron Corp's South African assets, which are estimated at $1 billion. Sinopec, Asia's largest oil refiner, was the last bidder remaining, and close to a deal with Chevron after an auction that spanned more than a year for its refinery, retails business and storage terminals.
China FX head says overseas M&A like 'a rose with thorns': paper
Chinese companies investing overseas need to be careful and invest rationally, the head of China's foreign exchange regulator was quoted as saying by the official Shanghai Securities News on Monday.
"Overseas mergers and acquisitions can sometimes resemble a rose with thorns, you must be careful and you must do your due diligence," said Pan Gongsheng, the head of the State Administration of Foreign Exchange (SAFE) who is also a vice governor of the central bank, was quoted as saying by the paper. "These deals can be like clasping a handful of sand at the beach, it looks like you've got it in your grasp but at the last moment it slips through your fingers."
IBM Cloud enters China through new Wanda joint venture
IBM and Wanda Internet Technology Group have agreed to form a new joint venture to bring IBM Cloud services to China. On Sunday, the two companies announced the plans in Beijing, which includes the formation of Wanda Cloud Company, a JV which will push Wanda into the public cloud business.
Fanli mulls China IPO, aims for 100 billion yuan of online trading
Fanli.com, a Shanghai-based directory for online shopping funded by Walt Disney’s Steamboat Ventures, said it is considering an initial public offering on China’s A-shares market.
CreditEase's Fintech Venture Fund Invests In Three US Fintech Start-Ups
CreditEase Fintech Investment Fund, a venture fund backed by Chinese financial technology firm CreditEase, has participated in a series C financing round in Trumid, a U.S. electronic trading platform for the bond market, and in a series B round in WeConvene, a U.S. online corporate access management provider for capital markets. It also joined a seed round in WorldCover, an innovative peer-to-peer insurance network in the U.S.
Alibaba’s favorite ‘warehouse robot’ maker gets funding
Chinese logistics and warehousing robotics developer Geek+ has raised a RMB100 million ($14 million) round of funding led by Singapore’s Vertex Venture Holdings. Existing investors Banyan Capital and Shanghai Volcanic Stone Capital also participated in the round.
Legend-Backed Tanyuan Tech Completes $59M Shanghai IPO
Tanyuan Tech, a Jiangsu province-based high-tech new material maker backed by Chinese investment firm Legend Capital and GSR Ventures, has completed an initial public offering on the Shanghai Stock Exchange today.
Qiming Leads $10M Series B Round In Chinese VR Headset Developer Hypereal
Qiming Venture Partners has led a series B round worth around US$10 million in Hypereal, a Shanghai-based visual reality headset developer, according to a company announcement.
Chinese car-trading platform Mychebao gets $100m Series C
PAG Asia Capital has led a $100 million Series C round of funding for Mychebao.com, a Chinese online auction platform for second-hand cars.
SDIC Fund leads $40m Series B for Chinese drug developer
Suzhou Ribo Life Science, a Chinese drug developer that focuses on liver diseases, has raised a RMB270 million ($40 million) Series B round led by SDIC Fund Management. Other new investors include China Resources, Zhenghe Yuantong Capital and TusPark Ventures.
China's Weying Takes Global Stake in Paramount's 'Ghost in the Shell'
Chinese online ticketing platform Weying has taken a stake in Paramount's Ghost in the Shell, directed by Rupert Sanders and starring Scarlett Johansson. The deal gives the Chinese ticketing service a 10 percent share in the film's worldwide box-office revenue.
CMC, HG Capital Lead $26M Round In Chinese Social Media Ranking Firm
CMC Capital, a Chinese investment firm focused on the media and culture sector, and Chinese private equity firm HG Capital, have led a RMB180 million (US$26 million) series B round in Newrank, a Shanghai-based social media content monitoring and ranking start-up.
IDG Joins $20M Round In Chinese Women Clothing Rental Firm YCloset
Pan-Lin Asset Management Co., Ltd., a Shanghai-based RMB-denominated private equity firm, has led a US$20 million series B round in YCloset, a Beijing-based online women clothing rental platform and mobile app.
Phoenix TV Says it Will Spin Off Subsidiary Into Outdoor Media Business
Phoenix TV Says it Will Spin Off Subsidiary Into Outdoor Media Business; Expects Separate Listing
Trump Adviser Gary Cohn to Sell Stake in Chinese Bank Giant
The White House economic adviser Gary D. Cohn is selling a significant holding in the world’s largest bank — which happens to be in China — as he clears potential conflicts of interest to serve in his new role.
The stock that Mr. Cohn is selling is in the Industrial and Commercial Bank of China, which with nearly $3.5 trillion in assets is the biggest on the planet, and it would be valued at about $16 million based on Thursday’s trading
VR-minded HTC to sell Shanghai plant
Taiwan-based smartphone company HTC Corp announced that it will sell its land and plant in Shanghai for 630 million yuan ($91.5 million), in a strategic move to fund expansion of its fledgling virtual reality business.
Apple Says to Open R&D Centers in Shanghai, Suzhou
Apple Inc. is sweetening up its R&D investment in China, adding two more research and development centers to two ones earlier announced. The two new centers will be in Shanghai and Suzhou, with the two others in the works for Beijing and Shenzhen.
Chinese Consortium Funds Jordan Power Project
A consortium of Chinese banks supplied funds of $1.58 billion and created a 15-year debt facility to support an oil shale power plant in Jordan, the largest such project in the country. The debt facility has been arranged by Industrial and Commercial Bank of China, Bank of China, China Construction Bank and Exim Bank of China, according to a statement from the Attarat Power Company (APCO).
Russian United Co. Rusal Begins Issuing 1 Billion Yuan in Bonds on Shanghai Exchange
Russian giant aluminum-producer United Co. Rusal has started issuing one billion yuan ($140 million) worth of onshore bonds on the Shanghai Stock Exchange, the China Securities Regulatory Commission (CSRC) said on Friday.
Alibaba Sells More Momo Stock
E-commerce giant Alibaba Group Holding Ltd. disclosed this week that it is continuing to sell down its stake in social networking app Momo Inc., in the slow unwinding of a long-term tie-up between the pair. Alibaba now holds about 20.2% of Momo.
Alibaba Makes 1 Billion Yuan Game-Distribution Play
E-commerce giant Alibaba Group Holding Ltd. on Friday announced a major new push into the lucrative but extremely competitive global online gaming sector, with plans to invest 1 billion yuan ($145 million) as it plays catch-up with well-established players.
Online Share Auction Rakes In $107 Million for Lighting Magnate’s Creditors
The Xianyu marketplace, operated by e-commerce giant Alibaba Group Holding Ltd., is better known as an online flea market for its wide array of secondhand goods. But on Thursday it played host to an auction of shares of Elec-Tech Co. International Ltd., which were being sold in a case aimed at settling debts of well-known Chinese lighting magnate Wu Changjiang.
Chinese Train Maker Starts Work on $100 Million Chicago Plant
China’s state-owned train maker has started work on a plant in Chicago, a year after clinching a $1.3 billion contract to supply rail cars to the Chicago Transit Authority. CRRC Corp. Ltd.
BYD Supplier Becomes New China Billionaire
Li Jianli, chairman of battery parts maker Shenzhen Kedali Industry, became China’s latest billionaire last week following a run-up in the company’s share price following an IPO this month.
China's Mobike Wants its Bicycles to Cover 100 Cities This Year
China’s bike-sharing war will spread beyond the country this year with Mobike planning to more than triple its coverage to more than 100 cities globally before the end of 2017.
Shenzhen Metro to have most voting rights at Vanke after proxy deal
China Vanke said Shenzhen Metro would become its largest shareholder in terms of voting rights after a proxy agreement with its No. 3 shareholder, a move that gives Vanke management more clout in its power struggle with Baoneng Group.
Evergrande Proposes Issuance of US Dollar Senior Notes
Evergrande Group proposed to conduct an international offering of US dollar senior notes, to refinance the indebtedness of the real estate giant, according to a statement filed to the Hong Kong Stock Exchange on Friday.
Ofo tests deposit waiver in Shanghai
The bike-hire startup is experimenting with a deposit waiver system for users in Shanghai and may extend the service to other cities in the country.
CRRC goes full steam ahead abroad
Train and rail equipment manufacturer China Railway Rolling Stock Corp total value of orders from abroad surged by 40 percent year-on-year to $8.1 billion in 2016. Exports reached 102 countries and regions and about 83 percent of countries with railroads are using CRRC products.
Thiel’s Palantir Barred Share Sale to CDH Investments, Suit Says
Palantir blocked a planned sale of Abramowitz’s shares to Chinese private equity firm CDH Investments Fund Management Co. and that Palantir violated an agreement with Abramowitz to provide him with quarterly financial statements and access to shareholder meetings.
Tech firms displace banks, oil companies as China’s most valuable brands
The combined worth of the 100 most valuable Chinese brands expanded to hit a new high in 2017, boosted by rapid growth in the technology, travel and education sectors, according to a report published on Monday.
Barriers to be removed for private investment
Private investors will be encouraged to play a bigger role in upgrading the manufacturing sector, as China steps up efforts to widen access to key industries, the top industry regulator said on Sunday.
China updates guidelines to promote private investment - State Council
China's State Council issued updated guidelines on Thursday for promoting private investment in sectors including health, education, sports and culture. The guidelines include attracting more private funds by promoting public private partnership (PPP) investments in these sectors.
China loosens some license requirements for foreign banks
China's banking regulator scrapped license requirements for foreign and joint-venture lenders in the country for treasury bond underwriting, custody and advisory services among other services on Friday.
Bank-to-Bank Lending, ‘Growing Unchecked,’ Stifles Attempts to Boost Economy, Experts Say
An increasing amount of money in China has been trapped inside the financial industry, flowing from one bank to another, increasing the risk of bubbles and thwarting the government’s efforts to stimulate the economy, analysts said.
As part of Asia pivot, Netanyahu pushes Israeli hi-tech in China
China's economy may be 35 times larger than Israel's, but Prime Minister Benjamin Netanyahu is hoping to use that to advantage during a three-day visit to Beijing as he looks to reorient Israel's economy toward Asia over Europe and the United States.
China's online catering revenue exceeds $50 billion in 2016
China's online catering revenue exceeded 350 billion yuan ($50.7 billion) in 2016, about 10 percent of the country's total catering revenue, according to figures from China Cuisine Association.