China International Capital Corporation (CICC) has appointed Bi Mingjian, a partner at Chinese private equity firm Hopu Investment Management Co., as its new CEO, effective immediately. Bi succeeds Levin Zhu, the son of China's former premier Zhu Rongji, who resigned as CEO and chairman of CICC in October, 2014, according to a company announcement. Bi […]

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Chinese online television and video site Imgo.tv, the online arm of Hunan Television, has reportedly completed RMB1 billion (US$163 million) series A financing led by Chinese telecommunication group China Mobile Limited, according to Chinese media reports. No information about other participating investors are available, but the round reportedly values the company at RMB10 billion (US$1.63 […]

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Global private equity firm TA Associates says it has completed an undisclosed amount of investment in Chinese payment service provider YeePay, according to a company announcement. Hong Kong Stock Exchange-listed financial leasing services firm Far East Horizon Limited also participated in the deal. No transaction deals are announced. "It is estimated that only 10% of […]

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A car trader was fined $228,000 at the Eastern Magistrates' Courts for under-declaring imported vehicles’ landed values to obtain a lower assessed first registration taxable value today.

The company, which mainly engaged in selling new parallel-imported vehicles, was found to have falsely declared the landed values of 62 vehicles from August 2012 to September 2013. The total under-declared value was $5.97 million.

Customs searched the company on July 30 last year and prosecuted the company and its director afterwards.

Vehicle traders should provide true and accurate information for assessment of first registration tax. Offenders are liable to a maximum $500,000 fine and 12 months in prison.