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NASDAQ-listed Chinese private medical service provider iKang Healthcare Group, Inc. has received a non-binding take-private proposal from the company's founder and China-focused private equity firm FountainVest Partners sixteen months after its U.S. float, according to a company announcement. Zhang Ligang, iKang's founder and chief executive officer, as well as FountainVest propose to acquire all of […]

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Baring Private Equity Asia has acquired a 40% stake in U.K.-based manufacturer of cereals and cereal bars, Weetabix Food Company, to help the company expand in China, according to a company announcement. Deal price and other details are not disclosed. Baring Asia says it will work together with Bright Food, the controlling shareholder of Weetabix, […]

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Customs officers arrested a truck driver at Lok Ma Chau control point today after finding illicit cigarettes worth $7 million hidden in his vehicle.

 

The incoming truck was declared to be carrying 212 boxes of plastic parts, but officers found 210 boxes containing 2.6 million cigarettes with a duty potential of $5 million.

 

The cigarettes were mix-loaded with other goods.

 

Officers have impounded the truck.

Secretary for Security TK Lai will leave for Beijing today.

 

Mr Lai will pay a courtesy call on the Ministry of Public Security in Beijing.

 

He will also attend events to commemorate the 70th anniversary of victory of Chinese people's resistance against Japanese aggression.

 

Mr Lai will return to Hong Kong on September 4.

Secretary for Security TK Lai will leave for Beijing today.

 

Mr Lai will pay a courtesy call on the Ministry of Public Security in Beijing.

 

He will also attend events to commemorate the 70th anniversary of victory of Chinese people's resistance against Japanese aggression.

 

Mr Lai will return to Hong Kong on September 4.

Shanghai-based digital media and display advertising firm Focus Media Holdings Limited has terminated a planned back door listing via a reverse merger with Shenzhen-listed Jiangsu Hongda New Material Co., Ltd., according to a securities filing. At the same time, Shenzhen-listed computers and accessories maker Hedy Holding Co., Ltd. says it has agreed to a reverse […]

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China’s official manufacturing purchasing managers index (PMI), the bellwether of large industrial firms, fell to 49.7 in August from 50.0 in July. The index dropped below the benchmark level of 50 for the first time since February this year. The Caixin flash PMI, representing a group of small and medium private enterprises, also fell to […]

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Shanghai-based Linqu, a Chinese mobile app offering last mile delivery services for fast-moving consumer goods and food, has completed an undisclosed series B round of financing led by Qiming Venture Partners, according to Chinese media reports. Existing investor IDG Capital Partners also participated. The round is reportedly worth US$10 million. The company completed an undisclosed […]

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JD Capital has agreed to acquire Belgian insurer Ageas' life insurance business in Hong Kong for HK$10.7 billion (US$1.4 billion) in cash, according to a company announcement. Brussels, Belgium-headquartered Ageas acquired Pacific Century Insurance in 2007, and re-branded the company to Ageas. Ageas' life insurance business in Hong Kong currently has over 2,500 financial advisors […]

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Chinese private equity firm JD Capital has agreed to invest RMB400 million (US$63 million) in Beijing-based O2O (online-to-offline) education platform Gaosi Education, according to a company announcement. Gaosi Education says it will use the proceeds on platform expansion and team building. JD Capital and Gaosi Education also says they plan to establish an education investment […]

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Manav Gupta, founder and chief executive officer of Hong Kong-based Internet Of Things (IoT) accelerator Brinc, tells China Money Podcast host Nina Xiang that Hong Kong is the best place in the world to ensure the success of an IoT start-up business. Visit ChinaMoneyNetwork.com for more daily finance news, including audio and video Internet podcasts […]

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Manav Gupta, founder and chief executive officer of Hong Kong-based Internet Of Things (IoT) accelerator Brinc, tells China Money Podcast host Nina Xiang that wide-spread human microchip implants may happen sooner than expected. Visit ChinaMoneyNetwork.com for more daily finance news, including audio and video Internet podcasts covering important investment news and financial events in China. […]

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The Immigration Department confirmed today that among the four Hong Kong residents involved in a traffic accident in Yangmingshan, Taipei City, three were slightly injured, while one was unhurt.

 

The three injured people have been discharged from hospital and the department has assisted them according to their wishes.

 

The department will monitor developments and keep in contact with the Hong Kong Economic, Trade & Cultural Office in Taiwan and the injured to render practical assistance.

A 52-year-old man died in a traffic accident in Cheung Sha Wan this morning, after reportedly losing control of his vehicle.

 

At about 2.20am, the man was driving eastbound on Cheung Sha Wan Road. When he approached Butterfly Valley Road, his vehicle rammed into a bridge column and side-turned.

 

The driver was rushed to hospital in an unconscious state, but later died.

 

Witnesses should call Police on 2733 5200.

 

 

Manav Gupta, founder and chief executive officer of Hong Kong-based Internet Of Things (IoT) accelerator Brinc, tells China Money Podcast host Nina Xiang that the IoT sector's key challenge in the future is how to connect all the smart hardware and to integrate them via data centers and on the cloud globally. Visit ChinaMoneyNetwork.com for […]

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Manav Gupta, founder and chief executive officer of Hong Kong-based Internet Of Things (IoT) accelerator Brinc, tells China Money Podcast host Nina Xiang that the IoT sector's future is what he calls IoT 2.0, where smart devices talk to each other and are integrated to enhance people's lives. Visit ChinaMoneyNetwork.com for more daily finance news, […]

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Manav Gupta, founder and chief executive officer of Hong Kong-based Internet Of Things (IoT) accelerator Brinc, tells China Money Podcast host Nina Xiang that the IoT sector could be a US$7 trillion market opportunity. Visit ChinaMoneyNetwork.com for more daily finance news, including audio and video Internet podcasts covering important investment news and financial events in […]

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The author is Michael Macaluso, managing director at Cappello Group, Inc. The Chinese government’s measures to counteract the free fall of local stock markets is seemingly working as a circuit-breaker for equities. The government’s measures, including a US$19 billion stock market stabilization fund, restrictions on share sales, freezing of initial public offerings, and clamping down […]

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Chinese drug maker Shanghai Pharmaceuticals Holding Co., Ltd. plans to launch a venture capital investment fund to back promising healthcare start-ups, with a fundraising target of RMB3 billion (US$469 million), according to a securities filing. The fund will first seek to raise RMB1 billion (US$160 million), while Shanghai Pharma says it will commit RMB250 million. […]

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San Francisco, California-headquartered ride share company Uber Technologies Inc’s China unit is close to complete a US$1 billion fundraising round from Chinese investors that may include Baidu Inc, China CITIC Bank Corp Ltd., China Life Insurance Co., Ltd., Ping An Insurance Group Co. of China, among others, according to media reports. The round values Uber […]

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Beijing-based online brokerage firm Tiger Brokers has completed series A round of financing led by Chinese smartphone maker Xiaomi Inc., according to Chinese media reports. The round is reportedly worth RMB100 million (US$16 million). Founded in June 2014, the start-up focuses on providing brokerage services for Chinese investors wanting to invest in overseas securities, particularly […]

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