A clerk counts Chinese yuan and U.S. dollar banknotes at a branch of Bank of China in Taiyuan

China’s UCF Group backs $914m deal for HK insurer


China UCF Group Co., the conglomerate led by businessman  Zhang Zhenxin, is backing the acquisition of Hong Kong Life Insurance Ltd. in a deal valuing the insurer at HK$7.1 billion ($914 million). Hong Kong Life’s owners, including Chong Hing Bank Ltd. and Oversea-Chinese Banking Corp., agreed to sell their holdings… Read more »

LeEco’s electric car unit Le Supercar gets new CEO

LeEco was founded by Jia Yueting who also backs US-based Faraday Future

Bank of East Asia partners LOLC to take majority in Cambodian micro lender

PRASAC is now Cambodia’s largest micro lender

China Digest: Vertex leads Geek+ round; Qiming invests in Hypereal

Temasek-backed Vertex Venture Holdings has led a series A+ funding round in logistics robot developer Geek+ while Qiming Venture has invested in series B round of VR headset maker Hypereal. Vertex leads $14m round in Chinese logistic robot firm Vertex Venture Holdings, a venture capital subsidiary of Singapore’s Temasek Holdings, has… Read more »

China: Alibaba buys out online ticketing platform Damai

China’s Alibaba Group Holding Ltd has fully acquired online ticketing platform Damai.cn, the e-commerce giant said on Tuesday, marking a further push into entertainment by the firm. “Ali announces its acquisition of Damai, part of our big entertainment strategy,” the firm said on its Sina Weibo platform. “This continues an… Read more »

Chinese acquirers see one-third of potential M&As scrapped

These cancelled deals could be worth up to $75 billion.

China: CMC, HG Capital invest in Newrank; National SMEs Fund backs Tianyancha

China: CMC, HG Capital invest in Newrank; National SMEs Fund backs Tianyancha

Alibaba enters mobile gaming industry with $145m investment

Chinese tech giant Alibaba is investing RMB1 billion ($145 million) in the mobile gaming industry, as the group continues to expand its reach in the digital realm, it said in a statement. Alibaba announced the partnership with Mail.Ru Group, TFJoy, Efun and ONEMT to establish the “Global Strategic Alliance of… Read more »

Ant Financial said to be considering higher offer for MoneyGram

Billionaire Jack Ma’s Ant Financial is considering whether to make a higher offer for MoneyGram International Inc., according to a person familiar with the negotiations, after the U.S. company said a smaller rival’s bid could be a better deal. In January, China-based Ant Financial announced its plan to acquire MoneyGram… Read more »

China’s HNA said to be in $2.21b deal to buy NYC office tower

Chinese conglomerate HNA Group Co. is leading a deal to acquire Manhattan’s 245 Park Ave. for $2.21 billion, one of the highest prices ever paid for a New York skyscraper, two people with knowledge of the negotiations said. HNA may be involved with at least one partner on the purchase,… Read more »