Chinese e-commerce firm JD.com, Inc. has launched a crowdfunding platform to help finance, develop and promote the creation of start-ups in China, according to a company announcement. The new JD Equity Crowdfunding platform provides entrepreneurs access to a broad set of potential early-stage investors, as well as training and support options for companies throughout the […]

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GO Scale Capital, an investment fund sponsored by China-focused GSR Ventures and U.S. private equity firm Oak Investment Partners, has agreed to acquire an 80.1% stake in Philips NV's LED lighting components and automotive lighting business, according to a company announcement. The deal, which is expected to be completed in the third quarter, values the […]

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The Asia Pacific hedge fund industry has reached US$145 billion in aggregate assets-under-management at the end of 2014, up 30% from US$112 billion a year ago. Hedge funds based in the region have also outperformed global peers, returning 11.91% on an annualized basis over the past three years, compared to 8.88% for global hedge funds, […]

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China's official manufacturing purchasing managers index (PMI) edged up to 50.1 in March from 49.9 in February, against market consensus of 49.7, according to data released by China’s National Bureau of Statistics. "We believe that recent easing efforts by Chinese authorities should have helped stabilize the growth momentum somewhat. In addition to monetary and fiscal […]

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Shanghai-based online education firm Zhan.com has completed US$29 million series B financing led by GGV Capital and Shunwei Capital, according to a company announcement. Officially launched in 2011, Zhan.com received tens of millions RMB in series A financing from undisclosed investors in 2013. Zhan.com focuses on providing training courses for students preparing entrance exams for […]

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An investor consortium led by U.S. hedge fund Coatue Management LLC is to acquire a stake in a company that combines two leading Chinese taxi-hailing app makers, Didi Dache and Kuaidi Dache, for approximately US$600 million, according to media reports. The transaction values the combined company, which announced the merger in February and together takes […]

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Secretary for Justice Rimsky Yuen inspected a graduation parade of 74 firemen and 45 ambulancemen at the Fire & Ambulance Services Academy today.

Mr Yuen commended the new recruits for rising to the challenge of providing round-the-clock services to the community.

"What you will be doing is not just a job. It is a commitment of serving the community and protecting the life and property of the public. This is a huge responsibility with great challenges, yet very meaningful."

He said the Fire Services Department received more than 817,000 calls for fire services, special services and emergency ambulance services last year – an average of 2,200 calls a day.

The department conducted over 500,000 inspections of fire service installations, means of escape, ventilation systems, handling of dangerous goods and licensed premises last year.

It also provided post-dispatch caller advice more than 9,000 times, enabling patients to obtain appropriate immediate treatment prior to the arrival of an ambulance crew.

He added that construction works for the new Fire & Ambulance Services Academy at Pak Shing Kok, Tseung Kwan O, are underway and the project will be completed in the fourth quarter of this year.

Customs officers arrested two men after seizing 400,000 illicit cigarettes from a van and a storehouse in Tin Shui Wai yesterday.

The haul was valued at $1.1 million with a duty potential of about $800,000.

The van was used to deliver the cigarettes ordered by phone.

The Customs & Excise Department said telephone ordering of illicit cigarettes has become common. It seized 3.3 million illicit cigarettes in the first quarter of this year, worth $8.5 million.