Beijing-based bicycle portal 700Bike has completed US$15 million series A financing from Banyan Capital, China Growth Capital and IDG Capital Partners, according to an announcement posted on the company's Weibo account. The company says it also secured RMB300 million ($48 million) in loans commitments to use for its supply chain expenses. 700Bike was founded in […]

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Citi has appointed Catherine Cai as managing director, chairman and head of China investment banking, reporting to Mark Slaughter, head of corporate and investment banking for Citi in Asia Pacific, according to a company announcement. Catherine will oversee Citi’s China investment banking team, and continue the strong partnership between China investment banking and industry coverage, […]

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China's currency is likely to enter into the IMF's Special Drawing Right (SDR) scheme this year, and could have the potential weighting of approximately 13%, above the British pound and Japanese Yen, which could make the RMB the seventh largest reserve currency in the world, says a research report by BofA Merrill Lynch Global Research. […]

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Macau's gaming revenues is likely to decline 22% in 2015, due to Chinese government's anti-corruption crackdown, tighter credit availability, and the recently implemented smoking and visa restrictions, says a research report by Fitch Ratings. The rating agency cautions that there is some risk that the visa and smoking rules will become more restrictive, and that […]

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A car dealer company has been fined $60,000 and its director and a salesman have been jailed for six months each for supplying a second-hand light goods vehicle with a false trade description.

Acting on a complaint, customs officers investigated a car dealership in Yuen Long and found that it had sold a second-hand light goods vehicle, with an odometer reading of 55,000 kilometres, but the actual travel mileage was more than 280,000 kilometres.

The false travel mileage indicated on the vehicle was in contravention of the Trade Descriptions Ordinance.

Customs noted that travel mileage is one of the important factors in determining the market value of a second-hand vehicle. An understated mileage record may get a higher price for the vehicle.

A 91-year-old woman and a 61-year-old man died in a fire in their Mong Kok flat last night.

The fire broke out on the 12^th floor of the Cosmopolitan Centre at 760 Nathan Road at about 11:30pm yesterday and was put out just after midnight. Firefighters found the pair unconscious in the 7-metre by 10-metre flat. They were sent to Kwong Wah Hospital where they later died.

About 80 building occupants left the building on their own, while firefighters led eight others to safe places. A fireman was sent to Kwong Wah Hospital after injuring his hand while helping occupants leave the building.

There were no suspicious circumstances concerning the cause of the blaze. An investigation is underway.