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China’s “Big Four” state-owned commercial banks says that their controlling shareholder, Central Huijin Investment Ltd., has completed raising its equity stakes of the banks for the fifth time, according to the banks’ announcements. Central Huijin now holds 35.36% of the Industrial and Commercial Bank of China, 40.28% of the Agriculture Bank of China, 57.26% of
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7-Eleven will reportedly open two new stores in the city, marking the brand’s formal entry into Chongqing. According to information from the management committee of Chongqing Liangjiang New Area, the two new stores will be located in the city’s Jiefangbei and Shapingba areas, respectively. The two new stores have completed decoration and all shelves and
Shanghai-based Chinese third-party investment product online sales platform Howbuy.com says the company has received series B funding from Tencent Industry Collaboration Fund. The specific amount and valuation of the investment were not disclosed. Howbuy.com received series A funding from Legend Capital in 2012. Legend Capital also participated in the latest round. Founded in 2007, Howbuy.com
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Smart watches, all-seeing eyeglasses, and embedded biological digital tools are all vying for one of twenty special investments to be made into companies. Foxconn has set up an investment fund to support start-up companies specialized in wearable device development. This NTD200 million fund will be managed by Syntrend Creative Park, a company under Foxconn in
China’s manufacturing conditions fell to a three-month low in December, according to the HSBC Flash China Manufacturing Purchasing Managers’ Index (PMI). The index dropped to 50.5, from 50.8 in November. Despite the fall, growth in new orders increased to a nine-month high, while output also increased, albeit at a slower rate. New exports orders rose,
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The author is Nomura economist Zhiwei Zhang The Central Economic Working Conference (CEWC) concluded. Our view is that there is no change in overall policy stance in 2014. The government will maintain “proactive fiscal policy and prudent monetary policy”. This is the same phrase the government used for its policy stance in 2013. This suggests
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Brazilian cloud computing security company PSafe Technologia announced its third-round financing of USD30 million, including a reported USD25 million infusion from China’s Qihoo 360 and USD5 million from Redpoint and Pinnacle. Qihoo 360 confirmed the news of this investment and said it is an additional investment in PSafe. The Chinese company did not reveal the
The author is chief China economist at Capital Economics Mark Williams Today’s downbeat December flash PMI in China leaves little doubt that the manufacturing sector is now cooling. Tighter access to credit will continue to weigh on growth in 2014. The initial reading of PMI fell further, from 50.8 in November to 50.5 this month.
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Hangzhou-based group buying platform OrderWithMe says that the company has raised $6 million in series B funding. The latest round was led by a group of investors including Vegas Tech Fund, BaseVC, Tony Hsieh, and other local Las Vegas investors. Existing investors Infinity Venture Partners, SOS Ventures and Silicon Valley Bank also participated. OrderWithMe received
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Beijing-based online English teaching website 51Talk says it has raised $12 million in series B funding. Shunwei China Internet Fund, also based in Beijing, led the round. Existing investor U.S.-based venture capital firm Doll Capital Management (DCM) also participated. 51Talk received angel funding from Zhen Fund in 2011 and several millions of U.S. dollars series
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