By Prudence Ho
Billionaire Wang Jianlin’s Dalian Wanda Group Co. hired former executives at Alphabet Inc.’s Google and China Guangfa Bank Co. as part of a reorganization of the conglomerate’s internet and finance businesses.
The acquisition, announced last week, expands Avolon’s lineup to 910 aircraft including planes on order and propels it to third place among global aircraft lessors. This comes less than a year after Avolon entered the ranks of the top 10 when HNA’s Bohai Leasing Co. acquired it in a $7.6 billion purchase that closed in January.
China’s second-largest drugmaker is offering 1.543 billion shares at HK$8.45 to HK$10.15 apiece. Eight cornerstone investors have agreed to buy about $916 million of stock, representing as much as 54.5 percent of the base offering.
As part of the five-year deal, CSC Group will be making a multi-million pound investment into Founders Factory and together they will invest in and scale five early stage startups and co-create from scratch two new companies each year.
Dalian Wanda Group’s offline travel agency will merge with private equity-backed China’s online platform Tongcheng Network Technology Co Ltd to create a large entity that would potentially look at a public listing going forward.
Wang, the chairman of Dalian Wanda Group, took the top spot with a personal fortune of $32.1 billion, the report said, despite Ma, the founder of e-commerce giant Alibaba, seeing his wealth surge 41 percent from 2015.
The 10-month-old startup was founded by Sequoia Capital China, Zhen Fund, China Equity Co and a former China Vanke executive.
Investments will focus on mid- and late-stage deals in the internet sector, in Chinese yuan, U.S. dollars and other currencies, with individual funding amounts ranging from $50 million to $100 million. For Baidu, the need to future-proof the company and hold onto users by finding new technologies is becoming more pressing.
ofo will use the proceeds to expand operations from college campuses to cities in China.
Ssangyong Motor Co., the South Korean SUV maker, is exploring a joint venture in China with Shaanxi Automobile Group Co. to produce vehicles in the world’s largest auto market. Ssangyong signed a letter of intent with Xi’an-based Shaanxi Auto on Wednesday to study a possible joint venture and local production… Read more »