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Asia-focused alternative investment management firm Hillhouse Capital Management has led US$50 million series B financing round in Indian automobile classified ads web platform CarDekho.com, according to a company announcement. Tybourne Capital and Sequoia Capital also participated in the round, which increased the valuation of CarDekho's parent company, Girnar Software, to approximately US$300 million. "We see […]

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Hong Kong-listed China Traditional Chinese Medicine Co. Limited has agreed to acquire 81.48% of Jiangsu province-based Jiangyin Tianjiang Pharmaceutical Co., Ltd., which is backed by China International Capital Corporation (CICC), according to a company announcement. The cash transaction, which would allow two CICC funds to make an exit from its investment in Tianjiang Pharmaceutical, is […]

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Chinese Internet giant Tencent Holdings Limited plans to acquire Chinese online gaming portal 17173.com from NASDAQ-listed online game operator Changyou.com Limited for US$1 billion, according to unverified Chinese media reports. Upon completion of the transaction, Games.qq.com, the online gaming media of Tencent's official website, will merge with 17173.com and integrate the latter's human resources to […]

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Back in 2002, the China scholar (and my …

Shanghai-based online food ordering site Ele.me announces that it has raised US$350 million series E financing led by CITIC Private Equity, according to its official Weibo account. Tencent Holdings Limited, Chinese e-commerce platform JD.com Inc., online review platform Dianping.com, and Sequoia Capital also participated in the round. Earlier in January, there has already been media […]

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Shanghai-based online food ordering site Ele.me announces that it has raised US$350 million series E financing led by CITIC Private Equity, according to its official Weibo account. Tencent Holdings Limited, Chinese e-commerce platform JD.com Inc., online review platform Dianping.com, and Sequoia Capital also participated in the round. Earlier in January, there has already been media […]

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Shanghai-based online overseas shopping platform yMatou.com has completed US$100 million series B financing from Sailing Capital International, according to an announcement on its Weibo account. The company previously received an undisclosed amount of series A financing from SAIF Partners in January 2014, seen from an internal email letter sent by Zeng Bibo, yMatou's CEO. The […]

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Taiwan’s National Development Council (NDC) announced on January 23 that it plans to invest a total of US$83 million in four venture capital firms, hoping to spur growth for innovative start-ups and technology development for the island, according to a government filing. The NDC will invest US$15 million in 500 Startups III, L.P., a micro […]

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Shanghai-based mobile game media platform Youxiduo.com has received over RMB100 million (US$16 million) series B financing led by Fortune Venture Capital Co.Ltd., according to an announcement on its Weibo account. The company previously received millions of RMB series A financing from undisclosed investors in January 2014. Launched at the end of 2012, Youxiduo.com operates a […]

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Beijing-based carpool mobile app maker Ttyongche has received approximately US$10 million series B financing from Sequoia Capital, according to Chinese media reports. The company previously received US$3 million series A financing from Innovation Works in June 2014. Launched in July 2014, the app has expanded from Beijing to other major cities including Shanghai and Hangzhou […]

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Alibaba Group Holdings, the New York Stock Exchange-listed Chinese e-commerce giant with US$256 billion in market capitalization, may have registered another quarter of rapid growth during the last three months of 2014, says a report by equities research firm, T. H. Capital. Gross merchandise volume of Alibaba's Tmall may have grown 71% year-on-year to RMB312 […]

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Secretary for Justice Rimsky Yuen says there is room for further amending the method of selecting the Chief Executive by universal suffrage after 2017 according to Hong Kong’s actual situation.

 

He told reporters today that this has been the stance of both Hong Kong and Central Government officials, and it is also provided for in the Basic Law’s Annex.

 

Mr Yuen reiterated that the proposal for the 2017 CE election arrangements is not, as some people worry, an ultimate arrangement which cannot be changed.

The New York Times has a report today about a merger between Dentons and Dacheng, a Chinese law firm. According to the report, "[l]ike a number of other large law firms, the partnership will be structured as a Swiss verein,…

The Chinese public interest group Yirenping is seeking summer legal interns. Fluent Chinese is not a requirements; they have different jobs depending on Chinese language skills. For more details, see this informative announcement. The application dead…

Beijing-based community e-commerce O2O (online-to-offline) platform HuiMin.cn has received series A financing of close to US$100 million from Shenzhen Fortune Venture Capital, GP Capital, CITIC Private Equity, ZheShang Venture Capital, and other unnamed investors, according to a company announcement. Founded in 2012 and officially launched in May 2013, HuiMin.cn's platforms connect hundreds of thousands of […]

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Asia-focused alternative investment management firm Hillhouse Capital Management has led a US$40 million round in Saltside Technologies, an operator of online classified ads platforms in Bangladesh, Sri Lanka and Ghana, according to a company announcement. New investors, Stockholm-based investment firm Brummer & Partners, as well as existing investor, Investment AB Kinnevik, also participated in the […]

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Chinese property firms are the leading contenders in the bid to purchase the French Embassy in Kuala Lumpur, the capital of Malaysia, amid increasing investments by Chinese developers to push into places outside of their home market. The French Embassy in Kuala Lumpur, located along Jalan Ampang in the city’s Golden Triangle, has been put […]

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Chinese conglomerate Dalian Wanda Group has agreed to acquire a property building located in Sydney's central business district from Blackstone Real Estate Partners for approximately A$415 million (US$329 million), according to a company announcement. Dalian Wanda is to purchase the Gold Fields House from Australian real estate investment firm, Valad Property Group. In 2011, Blackstone […]

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Commissioner of Police Andy Tsang said that Police perform their duties in accordance with the law and have no political consideration.

 

During a press conference to review the overall crime situation in 2014, Mr Tsang gave this reply in response to an inquiry on Police officers' arrests of Occupy movement protesters.

 

He also noted that a great number of officers were sent to deal with the movement, affecting their normal policing work.

 

The crime situations in the occupied areas worsened, he said, noting an increase of burglary cases in those areas.

 

Mr Tsang expressed his concern over the sense of “lawlessness” that emerged in society during the 79-day Occupy movement, which may adversely affect the city’s law and order in future.

Hong Kong's overall law and order situation improved in 2014, with a 7.1% drop in crime, taking it to the lowest level since 1997, Commissioner of Police Andy Tsang says.

 

Delivering his year-end review today, Mr Tsang said a total of 67,740 crime cases were recorded. Almost all crimes were on a downward trend, he said, including homicide (-56.5%), rape (-46.7%), robbery (-38.2%), burglary (-24.4%), indecent assault (-23.8%), youth crimes (-19.9%), triad-related crimes (-19.3%), serious drug offences (-18.2%) and arson (10.3%).

 

Deception cases were on the rise, however. There were 8,861 such cases in 2014, more than 1,300 more than in 2013. The increase was due mainly to the rise of social media scams, online fraud and telephone fraud.

 

There were 1,239 social media scam cases – nearly four times as many as in 2013. They triggered a loss of $70 million. The swindlers use instant messaging applications, to deceive users into believing they were communicating with friends to gain access to Personal Identification Number information.

 

There were 885 blackmail cases, 152 more than in 2013. Of these, about 640 involved “naked chats”, in which victims were lured into removing their clothes in front of online cameras. The images were then used to extort money – a total of $2.3 million.

 

To combat technology crime, Mr Tsang noted the Cyber Security & Technology Crime Bureau was set up on January 1 with 180 officers to enhance the force’s capability in investigation, digital forensics and training.

 

He also noted methamphetamine drug abuse cases were up in 2014, making this the second-highest abused drug, behind ketamine. Police have vowed to step up the fight against drug abuse.

A 59-year-old woman was killed and a 51-year-old public light bus driver was arrested for dangerous driving following an accident in Wong Tai Sin last Wednesday.

 

About 8pm on January 21, the minibus was travelling along Choi Hung Road towards Tsz Wan Shan. When the vehicle was turning left into Tai Shing Street it knocked down the woman who was crossing the road.

 

She was rushed to Queen Elizabeth Hospital with serious head injuries, but died the following day.

 

Witnesses should call Police on 2305 7571 or 2305 7575.