China Legal Blog
Aggregated China Law Information

Beijing-based peer-to-peer (P2P) financing platform Huaguo Finance has received series A financing from two government-backed investment funds, according to a company announcement. The Blue Economy Zone Industry Fund and Capital Science and Technology Group invested an undisclosed amount in Huaguo Finance. No further details are disclosed. Established by China's National Development and Reform Commission, the […]

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Singapore's sovereign wealth fund Temasek Holdings exited its entire stake in New China Life Insurance (NCI) last week for a total of proceeds of US$276 million, according to media reports. It sold 78 million shares at HK$27.45 per share, representing a 5.5% discount to the Hong Kong-listed firm's closing price last Friday at HK$29.05. Goldman […]

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Singapore's sovereign wealth fund Temasek Holdings exited its entire stake in New China Life Insurance (NCI) last week for a total of proceeds of US$276 million, according to media reports. It sold 78 million shares at HK$27.45 per share, representing a 5.5% discount to the Hong Kong-listed firm's closing price last Friday at HK$29.05. Goldman […]

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Beijing-based big data technology developer and service provider Baifendian Corporation has received US$25 million in series C financing, according to the company’s announcement. Details of the round's investors are not disclosed. Baifendian previously received US$10 million series B financing from Zhejiang Shinkansen Media Investment and IDG Capital Partners in July 2013. Two years before that, […]

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Beijing-based big data technology developer and service provider Baifendian Corporation has received US$25 million in series C financing, according to the company’s announcement. Details of the round's investors are not disclosed. Baifendian previously received US$10 million series B financing from Zhejiang Shinkansen Media Investment and IDG Capital Partners in July 2013. Two years before that, […]

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A Chinese herb dispensary salesperson was found guilty today at Kowloon City Magistrates' Courts of contravening the Trade Descriptions Ordinance, and sentenced to 100 hours of community service.

 

Customs officers conducted an undercover test purchase at a Tsim Sha Tsui Chinese herb dispensary in March after receiving a complaint.

 

The salesperson intentionally avoided providing the unit price, misleading customers into believing that the price was measured in taels, when it was measured in maces.

 

The actual price was 10 times more than the customer expected.

 

The maximum penalty for the offence is a $500,000 fine and five years imprisonment.

 

Call 2545 6182 to report unfair trade practices.

As China deepens financial reforms to allow the RMB exchange rate to be more flexible and provide growing liquidity, the pricing of onshore and offshore RMB markets will converge over the medium to long term, according to a research report by Deutsche Bank AG. In the first half of 2014, China has improved the offshore […]

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Customs officers have arrested a man after seizing 1.56kg of cocaine worth $1.5 million at Hong Kong International Airport.

 

The 59-year-old had arrived from Sao Paulo via Dubai yesterday.

 

Officers found the drugs in a false compartment in his suitcase.

 

He will be charged with drug trafficking and will appear at Tsuen Wan Magistracy tomorrow.

Customs officers have arrested three men and a woman after seizing $530,000 worth of pirate textbooks.

 

Complaints had been received from parents about the quality of textbooks ordered through their children’s primary schools.

 

An investigation found the books were provided by the same supplier.

 

Officers searched the supplier’s Yuen Long and Tuen Mun bookshops and its Tuen Mun warehouse on July 24, seizing 7,100 pirate textbooks covering more than 90 titles.

 

The supplier’s two directors and two staff, aged 52 to 62, were arrested.

 

Officers found some legitimate textbooks in the premises, and believed the offenders mixed pirate books with genuine ones to gain higher profits.

 

Call 2545 6182 to report suspected pirate activities.

Over 1,900 applications were received today during Police Recruitment Day.

 

The event at Police Headquarters provided a one-stop service to applicants for the posts of Probationary Inspector and Recruit Police Constable, including initial screenings, scheduling for written examinations, and group interviews.

 

Four experience-sharing sessions briefed applicants on police work to better prepare them for the selection process.

 

The recruitment target for the next year is 1,300 officers, including 200 Probationary Inspectors and 1,100 Recruit Police Constables.

 

So far 42 Probationary Inspectors and 450 Recruit Police Constables have been recruited.

Northern Europe private equity firm EQT Partners has acquired a majority stake in Hong Kong-based immigration compliance and credential verification service provider Dataflow from its founders, according to an announcement made by EQT. Specific terms of the investment were not disclosed. But the founders and management team of Dataflow will remain significant minority shareholders after […]

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San Diego-based wireless telecommunications firm Qualcomm Incorporated says it has made a commitment to invest up to US$150 million in Chinese start-up companies across all stages, according to a company announcement. Qualcomm will invest in Chinese companies that further the development of mobile technologies in the Internet, e-commerce, semi-conductor, education and health. Qualcomm Ventures, the […]

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Hong Kong-based Chinese pork producer WH Group Ltd. has priced its Hong Kong initial public offering, planning to sell 2.6 billion shares at HK$6.20 apiece to raise a total of HK$15.9 billion (US$2 billion), according to a securities filing of the company. The IPO size is significantly lower than its original target of over US$5 […]

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San Francisco-based cloud and mobile commerce firm Deem says it has completed a US$50 million new round of financing led by China-focused middle-market private equity firm Hony Capital, according to an announcement made by Deem. Deem says it will use the funds to accelerate its network growth, expand its businesses globally and make acquisitions. The […]

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The Electrical & Mechanical Services Department has taken prosecution action against registered lift contractor Ben Fung Machineries & Engineering and a registered lift worker for failing to ensure lift works were conducted properly and safely.

 

On January 26 a lift in Waterside Plaza, Tsuen Wan, had a fault and the management called the contractor for an inspection.

 

During the inspection the lift was damaged after ascending too high and hitting the ceiling slab of the lift shaft. No one was injured.

 

The department tested the lift's safety system and found no abnormality. Evidence suggested that proper inspection and maintenance procedures were not followed and human error was involved.

The Police website's homepage has a new design that makes it easier for visitors to find the information they need.

 

The redesigned homepage launched today, with modified auto-rolling banners at the top of the page that have clearer content icons. Two more icons, 'Highlights in 2014' and 'Press Release', have been added to the centre message area.

 

A small window containing links to Police hotlines and police station addresses has been moved to the top right hand corner.

Asian alternative investment firm CLSA Capital Partners has launched a KRW300 billion (US$295 million) Nexen Global Co-Investment Fund, its first private equity fund based in Korea, according to an announcement made by CLSA. The Nexen Global Fund was formed in partnership with Korean tire manufacturer Nexen Corp. and Nexen Tire Corp. It will make overseas […]

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The author is Nomura Global Markets Research The HSBC flash Purchasing Managers' Index (PMI) rose to 52.0 in July from a final June reading of 50.7, much stronger than market expectations of 51.0. This is a 1.3 percentage point increase, in contrast with the historical average of a 0.3 percentage point decline in July from […]

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The author is Peter Fuhrman, chairman and CEO of China First Capital In 2014, there are signs that the worst may now be over for China's private equity industry. The industry may be pulling out of a tailspin. A decade ago, China was a private equity backwater, with a handful of firms and few success […]

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Sixteen travellers have been jailed six months for smuggling ivory.

 

They were convicted at Tsuen Wan Magistracy today after Customs & Excise Department officers found 790kg of ivory tusks and semi-processed ivory products in 32 pieces of luggage at Hong Kong International Airport on June 10.

 

The 10 men and six women, aged 20 to 54, were travelling from Angola to Cambodia.

The author is Fitch Ratings Inc. Taiwanese banks' exposures to China have grown rapidly since 2010, and should almost double to 13% as a proportion of system assets by 2016. China exposure will increasingly become a downside factor for Taiwanese banks should their exposures grow excessively without generating strong profit, as capital is inadequate to […]

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