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Aggregated China Law Information

Chinese e-commerce giant Alibaba Group Holdings is poised to lead a US$60 million series D financing in Mountain View, California-headquartered app search engine Quixey, Inc., according to media reports. The round reportedly increases the start-up's value to US$600 million. Twitter, SoftBank Corp, an investment platform controlled by legendary investor George Soros, Goldman Sachs and GGV […]

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Ant Financial Services Group, the financial services arm of Chinese e-commerce giant Alibaba Group Holding, is reportedly planning to acquire a 30% stake in Shanghai-based Chinese asset management firm, Tebon Fund Management Co., Ltd. Ant Financial has the right to increase its stake to 60% at a future date, but the transaction is still under […]

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Global private equity firm Warburg Pincus has fully exited Shanghai-headquartered outdoor advertising firm Tulip Media Corporation via a strategic transaction as Shenzhen-listed Shanghai New Culture Media Group has acquired 100% of Tulip, according to a security filing. During the transaction, Warburg Pincus has sold its 19.14% stake, or 32 million shares, for RMB230 million (US$37 […]

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Reporting on its efforts to combat parallel trading, the Government said today it was concerned about the impact of such activities on people's daily lives, particularly residents of North District, Yuen Long and Tuen Mun.

 

Between February 2 and 8, Police and Immigration officers arrested 55 Mainlanders for parallel trading. The Immigration Department also refused entry to more than 750 people during that week.

 

For its part, the Customs & Excise Department busted 34 smuggling cases involving parallel traders and seized goods worth a total of $300,000. Officers also discovered 151 cases of attempts to export unlicensed powdered formula, involving 1,479 kg of milk powder.

 

During the week, the Fire Services Department carried out more than 440 inspections at buildings suspected of being used for parallel trading activities in Sheung Shui, Fanling and Tuen Mun. Nine fire hazard abatement notices were issued and prosecution was initiated in three cases.

 

The Lands Department also conducted large-scale inspections of more than 2,000 units in the three districts and issued 37 warning letters to unit owners who breached lease conditions. 

 

To minimise the nuisance and obstruction caused by parallel traders and stores, the Police and Food & Environmental Hygiene Department jointly stepped up enforcement action at black spots, issuing 20 summonses. More than 150 fixed penalty notices were handed out to litterbugs. 

 

Police also cracked down on road obstructions caused by illegal parking, loading or unloading of goods for parallel trading. More than 615 fixed penalty tickets were issued for those offences during the week.

The Correctional Services Department staged a drama and music performance today by those serving long-term or life sentences at Stanley Prison in front of more than 300 secondary school students and their teachers.

 

Aside from performing, the offenders also spoke about life behind bars.

 

Chief Secretary Carrie Lam also watched the production. Addressing the event, she said the most valuable part of the performance was the influence it could have on people's lives.

 

She noted that despite having broken the law, people in custody could still move forward to create art and contribute to society, if they were determined to change.

 

Mrs Lam also expressed hope that the performers could reflect the truth of life and that the audience could find inspiration in the message.

 

She added that the collaboration between the department and various organisations not only helps promote offender rehabilitation and community education, but also complements the Government's policy highlights on youth development.

Police have issued 743 summonses and 176 verbal warnings to cyclists committing road offences during a safe cycling campaign held from February 4 to 10.

 

Officers visited 289 locations, including cycling tracks, railway stations and food stores which employed cyclists, and distributed 7,300 publicity and educational leaflets.

 

They reminded cyclists to comply with road traffic regulations, warning that offenders will be prosecuted.

 

Police figures show there were 2,433 traffic accidents involving bicycles last year, resulting in 2,315 casualties including seven deaths.

Beijing-based new media company Phoenix New Media Limited has agreed to acquire a 21% stake in news mobile app maker Particle Inc. for US$30 million, according to a company announcement. In addition, Phoenix also entered into a definitive share purchase agreement with certain undisclosed existing shareholders of Particle to acquire an additional 13.8% stake for […]

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