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Aggregated China Law Information

China's new RMB loans remained elevated in March, reaching RMB1.18 trillion, up from the RMB1.02 trillion recorded in February, according to data released by the People’s Bank of China. The aggregate financing continued to remain lukewarm at RMB1.18trn in March, compared with RMB2.1trn during the same period of last year. The M2 growth moderated to […]

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Two Hong Kong-based investment firms have participated in a US$15 million series C financing round in Vietnamese restaurant chain operator, Huy Vietnam Group Limted, according to a company announcement. The round is led by Templeton Emerging Markets Group. Hong Kong-based private equity firm, Welkin Capital Management, and Hong Kong-based family office, Prosperous Alliance Investments Limited, […]

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China Media Capital, Shanghai Media Group and London-headquartered television production firm FremantleMedia have agreed to establish a joint venture to create entertainment products for the China market, as well as to take proprietary China content to the world market, according to a joint announcement. No financial details of the venture were announced. FremantleMedia will develop […]

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Guangzhou-based Chinese mobile content and service provider Sungy Mobile Limited says that it has received a preliminary non-binding proposal from the company's senior executives to take the company private, according to a company announcement. Sungy Mobile's chairman and CEO, Deng Yuqiang, and company co-chief operating officer Zhu Zhi, propose to acquire all of the company's […]

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Munich, Germany-based life science-focused venture firm, TVM Capital Life Science Venture Capital, has achieved a US$50 million first closing of its maiden China-focused fund, according to a company announcement. The fund, named China BioPharma Capital I, will focus on investments in life science innovation in Western companies with the objective to obtain licenses for development […]

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New York Stock Exchange-listed Chinese social networking firm Renren Inc. has led a US$70 million series C financing round in U.S. Internet finance firm LendingHome, according to a company announcement. Existing investors Colony Capital, Cowboy Ventures, First Round Capital, Foundation Capital, Ribbit Capital and SAB Capital also participated in the round, which brings the company's […]

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Beijing-based private clinic chain Distinct HealthCare has completed US$17.5 million series B round of financing led by an undisclosed Hong Kong-based investment firm, according to a company announcement. Existing investor Matrix Partners also participated. Founded in 2012, Distinct HealthCare received an undisclosed series A financing from Matrix Partners. The company currently operates seven clinics in […]

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Beijing-based ride-sharing mobile app maker 51YongChe has completed an undisclosed series C round of financing led by Baidu Inc., according to an announcement posted on the company's Weibo account. Existing investor Sequoia Capital and other undisclosed investors also participated in the round, which is worth tens of millions U.S. dollars, says the statement. Baidu made […]

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Hangzhou-based home decoration and furnishing online information and design platform Kujiale has completed US$10 million series B financing led by GGV Capital, according to Chinese media reports. Matrix Partners, IDG Capital Partners, Yunqi Partners, and others also participated in the round. The company says it will use the proceeds on research and envelopment, as well […]

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Chinese venture capital firm Qiming Venture Partners has raised $75 million for an annex vehicle for its third U.S. dollar-denominated fund, according to a securities filing. The fund, named Qiming Venture Partners III Annex Fund L.P., will make follow-on investments in existing portfolio companies. Qiming's third U.S. dollar fund, which raised US$450 million, was closed […]

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Chief Secretary Carrie Lam chaired an inter-departmental meeting today on the Government's actions to curb parallel trading.

 

The meeting was held after the Central Government introduced a one-trip-per-week cap for Shenzhen residents visiting Hong Kong.

 

The meeting heard the Lands Department inspected 26 lots in San Tin and issued nine warnings against lease breaches. It has also conducted large-scale inspections of more than 2,400 units in Tuen Mun, Yuen Long and North districts since early February, and issued 41 warnings to unit owners who breached lease conditions.

 

The Fire Services Department had carried out more than 826 inspections at buildings suspected of being used for parallel trading activities in Sheung Shui, Fanling, Yuen Long and Tuen Mun as at mid-April. Twenty-four fire hazard abatement notices were issued and prosecution was initiated in six cases.

 

Police and Immigration officers arrested 304 Mainlanders for parallel trading in the first quarter. The Immigration Department also refused entry to more than 6,300 people.

 

Together with Shenzhen authorities, the Customs & Excise Department cracked 70 smuggling cases involving parallel traders and seized goods worth $1.22 million. Officers also discovered 1,364 cases of attempting to export unlicensed powdered formula, involving 11,453kg of milk powder.

 

To minimise nuisance and obstruction caused by parallel traders and stores, Police and the Food & Environmental Hygiene Department jointly stepped up enforcement action at black spots, issuing 55 summonses. More than 633 fixed penalty notices were handed out to litterers.

 

Police also cracked down on road obstructions caused by illegal parking, and the loading or unloading of goods for parallel trading. More than 4,100 fixed penalty tickets were issued for those offences, six times more than last year.

A 26-year-old man has died after being struck by a Light Rail train in Tuen Mun.

 

He was crossing the rail line near San Sau Street about 12.25pm today when he was struck by the vehicle travelling along Castle Peak Road towards Yuen Long.

 

He died later in hospital.

 

Witnesses should call Police on 3661 3800.

A 73-year-old man has died after a reported dispute with another man in Tin Sum last night.

 

Police were called to a Mei Lam Estate basketball court at about 7.45pm, where they found the senior lying unconscious.

 

He was sent to Prince of Wales Hospital where he died about an hour later.

 

A Police investigation is underway.

The news in recent days of China's "Great Cannon" and a related research report from Canada has cast a spotlight from outside China on the machinations of China's government-run Internet services. Dubbed "Great Cannon" in a research report from the University of Toronto's Citizenlab, the researchers say, "The Great Cannon is not simply an extension […]