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Beijing-based gaming operator Linekong Entertainment Technology Co., Ltd has filed for an initial public offering in Hong Kong's  Growth Enterprise Market (GEM) board, according to a securities filing. The IPO size and other details are not disclosed. In January, Linekong received US$80 million series C financing from Fosun International, SAIF Partners and Orchina Asia Group […]

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Beijing-based gaming operator Linekong Entertainment Technology Co., Ltd has filed for an initial public offering in Hong Kong's  Growth Enterprise Market (GEM) board, according to a securities filing. The IPO size and other details are not disclosed. In January, Linekong received US$80 million series C financing from Fosun International, SAIF Partners and Orchina Asia Group […]

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Shanghai-based biotech drug company ZAI Lab has received US$30 million Series A financing led by Qiming Venture Partners, according to ZAI Lab’s official announcement. KPCB, Sequoia Capital and TF Capital also participate in this round of financing. The funding will be used to support ZAI Lab's clinical development programs, as well as the company's licensing […]

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Shanghai-based biotech drug company ZAI Lab has received US$30 million Series A financing led by Qiming Venture Partners, according to ZAI Lab’s official announcement. KPCB, Sequoia Capital and TF Capital also participate in this round of financing. The funding will be used to support ZAI Lab's clinical development programs, as well as the company's licensing […]

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Hong Kong-based China-focused private equity firm FountainVest has completed an acquisition of a majority stake of Sterling Heights, Michigan-based car airbags and seat belts maker Key Safety Systems, Inc. (KKS), according to an announcement made by KKS. Specific terms of the investment were not disclosed, but FountainVest has became the largest shareholder in the company. […]

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Taiwanese PC maker Acer Inc. has established a venture capital fund with over NT$1 billion (US$33.5 million) to make long-term investments to strengthen its technology advances, according to media reports. The company has hired an unnamed executive from outside of the company as an investment director, who will take office on September 1. Acer's founder, […]

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Guangzhou-based Chinese multi-rotor and drone maker XAircraft has received US$20 million series A financing from Shanghai-based venture capital firm Chengwei Capital, according to Chinese media reports. The proceeds will be used for developing UAV ((Unmanned Aerial Vehicle) technology, as well as establishing its marketing networks. Founded in 2007, XAircraft is a multi-rotor and drone manufacturing […]

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Guangzhou-based Chinese multi-rotor and drone maker XAircraft has received US$20 million series A financing from Shanghai-based venture capital firm Chengwei Capital, according to Chinese media reports. The proceeds will be used for developing UAV ((Unmanned Aerial Vehicle) technology, as well as establishing its marketing networks. Founded in 2007, XAircraft is a multi-rotor and drone manufacturing […]

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As global hedge funds attract capital from private and retail investors, capital from institutional investors including pension funds, foundations and endowments now represents 63% of total hedge fund assets, down from 65% at the end of 2013, according to a survey conducted by investment research firm Preqin. The survey of more than 100 hedge fund […]

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China's newly-passed budget law amendment that allows local governments to issue bonds will help alleviate systematic risk for the country's financial system, says Wang Tao, head of China Economics Research at UBS AG, in a research report. China's National People's Congress passed a long-awaited set of amendments to the country's budget law on August 31. […]

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China’s official manufacturing purchasing managers' index (PMI) declined to 51.1 in August from 51.7 in July, slightly lower than market expectation, according to data released by China’s National Bureau of Statistics. The new order index dropped by 1.1 percentage points to 52.5, which leads the overall 0.33 percentage point decline of the overall PMI number. The […]

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Customs officers arrested an 18-year-old man at Lo Wu Control Point today after they found about 700g of suspected methamphetamine worth about $400,000 wrapped around his waist and in his pocket.

 

The man, who claimed to be unemployed, was charged with trafficking in a dangerous drug.

 

He will appear at Fanling Magistrates' Courts tomorrow.

 

The maximum penalty for drug trafficking is life in prison and a $5 million fine.

Customs officers arrested an 18-year-old man at Lo Wu Control Point today after they found about 700g of suspected methamphetamine worth about $400,000 wrapped around his waist and in his pocket.

 

The man, who claimed to be unemployed, was charged with trafficking in a dangerous drug.

 

He will appear at Fanling Magistrates' Courts tomorrow.

 

The maximum penalty for drug trafficking is life in prison and a $5 million fine.

Police have condemned a group of protesters who they say caused "chaos" and endangered safety at Asia World Expo today.

 

They forced their way through the visitor registration counter and security checkpoints outside a conference hall, pushed aside barriers and charged the Police cordon, endangering themselves, officers and the media.

 

Police added the protesters ignored appeals to stay calm, causing officers to use pepper spray to stop them from charging the cordon and to restore order.

 

Police said the incident is being investigated and arrests are possible.

 

It said it respects freedoms of expression, speech and assembly, but public safety and order must be maintained, and views must be expressed lawfully.

 

It warned that any acts endangering order and safety will not be tolerated.

The Police launched a city-wide publicity campaign today to promote school transport safety to tie in with the new school year.

 

Road safety officers will distribute publicity leaflets to school bus and nanny van drivers, teachers and parents to draw their attention to the safety of school children on commute.

 

Those drivers will also be reminded to strictly follow the Road Users’ Code and speed limits, and pay particular attention to student pedestrians.

 

In the first seven months of the year, there were 23 traffic accidents involving school buses or nanny vans on school trips in which 111 people aged 16 or below were injured. There were 24 accidents and 110 injuries in the same period last year.

 

Police officers will also organise school visits to give talks on travelling safely on school buses. 

 

The campaign will end on September 5.

The Hong Kong Exchanges and Clearing Limited (HKEX) has completed the first round of market rehearsal for the much-expected Shanghai-Hong Kong Stock Connect pilot program smoothly during the past weekend, according to an announcement. The two-day market rehearsal allowed brokerage firms, the exchanges and other market participants to make sure their systems are ready for […]

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The Hong Kong Exchanges and Clearing Limited (HKEX) has completed the first round of market rehearsal for the much-expected Shanghai-Hong Kong Stock Connect pilot program smoothly during the past weekend, according to an announcement. The two-day market rehearsal allowed brokerage firms, the exchanges and other market participants to make sure their systems are ready for […]

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China's weakening manufacturing economic indicators came out below market expectations, confirming the sluggishness of the economy and the softening momentum. But the Chinese government is likely to step up support to the economy in order to achieve its growth goals this year, says a report by BofA Merrill Lynch Global Research. China's official manufacturing PMI […]

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China's weakening manufacturing economic indicators came out below market expectations, confirming the sluggishness of the economy and the softening momentum. But the Chinese government is likely to step up support to the economy in order to achieve its growth goals this year, says a report by BofA Merrill Lynch Global Research. China's official manufacturing PMI […]

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BNP Paribas Investment Partners today announced the appointments of Tino Moorrees as CEO Hong Kong and Ryohei Shimazaki as CEO and president of BNP Paribas Investment Partners Japan Ltd., effective September 1 and June 25, respectively, according to a company announcement. Both report to Hong Kong-based Vincent Camerlynck, CEO Asia Pacific. Tino Moorrees has over […]

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BNP Paribas Investment Partners today announced the appointments of Tino Moorrees as CEO Hong Kong and Ryohei Shimazaki as CEO and president of BNP Paribas Investment Partners Japan Ltd., effective September 1 and June 25, respectively, according to a company announcement. Both report to Hong Kong-based Vincent Camerlynck, CEO Asia Pacific. Tino Moorrees has over […]

Visit ChinaMoneyNetwork.com for more daily finance news, including audio and video Internet podcasts covering important investment news and financial events in China. Follow us on Twitter @chinamoneypod subscribe to all episodes on iTunes.