China Legal Blog
Aggregated China Law Information

NASDAQ-listed Weibo Corporation has agreed to invest US$142 million in a company that combines two leading Chinese taxi-hailing app makers, Didi Dache and Kuaidi Dache, according to a securities filing. The investment is part of the merged company Didi Kuaidi's latest round of equity financing. Weibo is to invest through its Cayman Islands holding company, […]

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Beijing-based O2O (online-to-offline) automobile maintenance service provider eBaoyang has received US$20 million series B financing led by Shenzhen-listed online gaming firm Beijing Kunlun Technology Co., Ltd., according to Chinese media reports. Beijing Kunlun invested US$11 million, while existing investor Source Code Capital also participated. Founded in January 2014, eBaoyang launched its services in May 2014. […]

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Connecticut-based online travel booking website Priceline Group Inc. has agreed to invest an additional US$250 million in Chinese travel service group Ctrip.com International Ltd., according to a joint announcement. The investment will be made via a convertible bond. In addition, NASDAQ-listed Ctrip has granted permission to Priceline to acquire Ctrip's American Depositary Shares (ADS) in […]

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The Immigration Department and Police arrested seven Mainlanders, aged 18 to 45, in a crackdown on illegal employment in Sheung Shui yesterday.

 

The three men and four women were arrested for breaching their conditions of stay by being involved in parallel goods trading at Ka Fu Close and San Wan Road. 

 

Officers seized milk powder, food and vehicle components. 

 

A total of 2,289 Mainlanders and 14 Hong Kong residents have been arrested for parallel goods trading since 2012. Of these, 216 Mainlanders have been prosecuted, and 206 of them have been jailed.

U.S. hedge funds Tiger Global Management LLC and SRS Investment Management LLC have agreed to invest US$150 million in New York Stock Exchange-listed Chinese rental car company, eHi Car Services Ltd., to help expand its fleet, according to a company announcement. Through a private placement deal, the two funds will subscribe to eHi's newly issued […]

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China's National Development and Reform Commission (NDRC) released a list of 1,043 proposed public-private partnerships (PPP) projects totaling RMB1.97 trillion (US$317.75 billion), and is inviting private capital to participate, according to a statement posted on the planning agency's website. The proposed projects are in the transport, water conservancy, natural resources, and public services sectors. China […]

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Here's a thoughtful piece worth reading: http://www.eastasiaforum.org/2015/05/25/glimpses-of-lee-kuan-yew/

Unisplendour Corporation Limited, a subsidiary of Tsinghua Holdings, will acquire a 51% stake in H3C from Hewlett-Packard for at about USD2.3 billion. The transaction is expected to close at the end of 2015 and it is still subject to the approvals of Unisplendour's board of directors and related government authorities. According to the agreement signed […]

Shanghai-based fresh fruit e-commerce platform Fruitday has completed US$70 million series C round of financing led by JD.com Inc., according to an announcement posted on the company's Weibo account. Existing investors SIG Asia Investments and ClearVue Partners also participated. As part of the financing round, JD.com and Fruitday also plan to establish a strategic partnership, […]

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A 59-year-old tow-truck driver was killed in a Kowloon City traffic accident yesterday.

 

At about 10.55pm, the woman was trying to hook a taxi onto the tow truck on Fat Kwong Street near Pui Ching Road. The two vehicles then skidded forward and trapped the driver.

 

She was sent to Queen Elizabeth Hospital where she died. 
 

Witnesses should call 2773 5200.

China's HSBC flash manufacturing purchasing managers index (PMI) improved to 49.1 in May, up from a final reading of 48.9 in April but slightly below market expectations of 49.3. "While we still need to wait for hard activity data to get a firmer view of activity growth, the still soft PMI reading highlights the difficulties […]

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A Chinese investor consortium has agreed to acquire San Diego, California-based biotechnology firm Ambrx Inc., according to a company announcement. The investors include entities affiliated with Shanghai Fosun Pharmaceutical Group, Chinese private equity firm Hopu Investments, a healthcare investment fund under China Everbright Limited, and WuXi PharmaTech, a Chinese research and development service provider for […]

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Joseph Y. Bae, a managing partner of KKR Asia who launched KKR's Asian operations ten years ago, will relocate back to the firm's New York office to continue working in the same capacity, according to media reports. Bae will travel between the Hong Kong and New York office to continue leading KKR's operations in Asia. […]

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International Finance Corporation (IFC) and a fund managed by the IFC Asset Management Company have invested US$150 million in Hong Kong-listed China Tian Lun Gas Holdings Limited to help expand the company’s natural-gas distribution infrastructure in China, according to an official announcement. The investment includes US$75 million from IFC’s own account, and US$75 million from […]

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Secretary for Justice Rimsky Yuen says the Department of Justice will engage independent Senior Counsel to advise on whether to prosecute in a police assault case.

 

Speaking to the media today, Mr Yuen said it will ensure the ultimate recommendation made by the department is independent, and perceived to be independent by the community.

 

He said the department fully appreciates the sensitivity of the case, adding prosecutors will decide whether to proceed with prosecution without taking any political consideration into account.

 

Speaking on the co-location plan for the Express Rail, Mr Yuen said Hong Kong and Mainland officials hope to implement the arrangement when the railway opens, and will ensure it complies with the Basic Law and Hong Kong laws.

Warburg Pincus has made a follow-on investment of approximately US$200 million in Shanghai-based Mofang Apartments, an apartment rental service franchise in China, according to media reports. The private equity firm previously invested in Mofang in 2012, according to its website. That investment was reportedly worth US$60 million. Mofang provides standard high-end apartment rental services in […]

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CLSA Capital Partners, the alternative asset management arm of Asian brokerage firm CLSA, has invested in Worldtool Company Limited, a Japanese wholesaler and retailer of automotive tools, according to a company announcement. CLSA Capital invested through Sunrise Capital II, a subsidiary fund focused on investing in mid-cap companies with strong growth potential in Japan. No […]

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Baring Private Equity Asia is to acquire a majority stake in Hong Kong-based Vistra Group, a provider of company formations, trust, corporate and fund administration services, according to a company announcement. Vistra Group's previous majority shareholder, European private equity firm IK Investment Partners, is selling its stakes. No specific details of the transaction were disclosed, […]

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Hong Kong-listed Shunfeng International Clean Energy Limited has agreed to acquire 59% of Chinese LED lighting producer Lattice Power, backed by several venture and private equity investors, for over HK$2.04 billion (US$263 million), according to a securities filing. The sellers include an entity affiliated with Crescent HydePark, GO Scale Capital, which is an investment fund […]

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Hangzhou-based Internet security firm FraudMetrix has completed US$30 million series B round of financing led by Qiming Venture Partners, according to an announcement posted on the company's Weibo account. Existing investors China Broadband Capital, IDG Capital Partners, China Growth Capital, and Linear Venture also participated. Founded in 2013 by former employees of Alibaba Group Holdings, […]

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Beijing-based online dating platform Baihe.com has completed RMB1.5 billion (US$242 million) new round of financing, and is planning for an initial public offering on China's domestic stock exchange by the end of this year, according to Chinese media reports. The investors' identities are not revealed, but reportedly include several publicly listed Chinese companies and a […]

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