By Elzio Barreto and Clare Jim
The plan is part of a broader goal to capitalize other units including its film, tourism and sports businesses via stock listings, Wang, China’s richest man, said at the Asia Financial Forum.
Chinese P2P lender becomes world’s most valuable fintech startup. Raises $1.2b, deal values company at $18.5b
Lufax raised $924 million from new investors in a so-called B round of financing, as well as an additional $292 million from investors who had bought stakes in the company in an initial funding round.
Qualcomm Inc and the provincial government of Guizhou in southwest China unveiled on Sunday a $280 million joint venture for the design, development and sale of advanced server technology, as the U.S. chipmaker deepens its Chinese relations.
A Chinese government campaign to restore confidence in the country’s volatile stock markets appeared to be in tatters on Friday as the benchmark Shanghai index wiped out all the gains made since the depths of last year’s crash. Among a flurry of measures, a so-called national team of institutional investors… Read more »
A group of bondholders in debt-laden Chinese developer Kaisa Group Holding, including Farallon Capital and BFAM Partners, have drawn up a debt restructuring plan even as the company pushes ahead with its own proposal, a source close to the two funds said on Friday. The bondholders proposal, which follows one launched by… Read more »
Smartphone maker Xiaomi Inc said on Friday it had shipped more than 70 million handsets in 2015, undershooting its own target and casting doubts about the growth prospects of China’s most valuable tech startup in a cut-throat market. The figure was announced in a photo featuring Xiaomi President Lin Bin which was posted on… Read more »
Chinese bidders are circling FTE Automotive, a German clutch maker being readied for a sale or listing by U.S. buyout group Bain Capital, two people familiar with the matter said on Friday. Bain is pursuing a so-called dual track strategy but a sale is seen as the more likely outcome, the sources… Read more »
China’s largest online direct sales firm, JD.com, said on Saturday it will raise 6.65 billion yuan ($1 billion) for its JD Finance subsidiary from investors including Sequoia Capital China, China Harvest Investments and China Taiping Insurance. The financing values JD Finance at 46.65 billion yuan on a fully-diluted, post-investment basis…. Read more »
Despite opposition from Washington, U.S. allies including Australia, Britain, German, Italy, the Philippines and South Korea have agreed to join AIIB in recognition of China’s growing economic clout.
GE said the deal values the appliance business at 10 times last 12 months EBITA