TPG Growth, the middle market and growth equity investment platform of TPG Capital, has reached final closing of TPG Growth III with US$3 billion in aggregate capital commitments, its largest fund dedicated to investments in small- and mid-sized growth companies, according to a company announcement. The fund, which originally targeted US$2.75 billion and was on […]

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Pak-Seng Lai, previously managing director and head of Asia at German private equity firm Auda International L.P., has joined 3W Partners Capital as managing partner based in Hong Kong, according to Lai's LinkedIn profile. Lai headed Auda's Asia operations from 2007 to 2014. In 2014, he joined Shanghai-based Vision Knight Capital, but left the firm […]

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Chinese smartphone maker Xiaomi Inc. has received an undisclosed investment from Ratan Tata, chairman emeritus of Tata Sons, a holding company of Indian conglomerate the Tata Group, according to an announcement Xiaomi posted on Twitter. The announcement came days after venture-backed Xiaomi launched in India, the world's third largest smartphone market. Founded in 2010, Xiaomi […]

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Menlo Park, California-based BlueRun Ventures has raised a US$200 million new fund to make early-stage investments in the TMT (technology, media, telecom) sectors, a representative in BlueRun's Beijing office confirmed to China Money Network on the phone. The fund will seek to make investments between US$100,000 to US$10 million in angel and series A rounds. […]

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Secretary for Security TK Lai chaired an interdepartmental meeting today to form a taskforce to investigate yesterday's Wong Tai Sin explosion.

Representatives from the Security Bureau, Police, and the Fire Services, Electrical & Mechanical Services, Buildings, Transport, and Home Affairs Departments attended the meeting.

A fire investigation team will study the cause of the fire and the circumstances leading to the casualties.

Fifty vehicle repair workshops in the area were checked today and there was no sign of over-storage of dangerous goods or unauthorised works. All 2,700 vehicle repair workshops throughout Hong Kong will be checked.

The Wong Tai Sin District Office and the Social Welfare Department will offer assistance to affected residents.

Anyone with information on the incident should call investigators on 2352 9477 or 2352 9456.

The 10th Hong Kong, China – European Union Joint Customs Co-operation Committee meeting was held in Hong Kong today. The two sides signed an action plan on co-operation in customs enforcement of intellectual property rights.

Assistant Commissioner of Customs & Excise David Fong and European Commission Director of Security, Safety, Trade Facilitation, Rules of Origin & International Co-operation of the Directorate General of Taxation & Customs Union Antonis Kastrissianakis co-chaired the meeting and signed the action plan.

The meeting reviewed the joint efforts taken to facilitate trade and uphold enforcement co-operation, and discussed further co-operation in enhancing supply chain security by implementing Phase III of the Smart & Secure Trade Lanes Pilot Project in the coming year.

The two sides agreed to explore the mutual recognition of respective Authorised Economic Operator Programmes to enable traders to enjoy more clearance benefits at an international level.

The meeting also examined the enforcement strategy in combating the illicit trade of goods and both sides agreed to continue developing mutual collaboration on revenue protection.

The Government has raised the outbound travel alert for Nepal to red in view of the situation there.

It said Hong Kong people should avoid non-essential travel to Nepal, while those already there should pay attention to local announcements, particularly on possible aftershocks, exercise caution and watch their personal safety.

The Security Bureau is monitoring the situation and will issue updates through the media and its website.

Those who need assistance can call the Immigration Department on (852) 1868, or the Chinese Embassy on (977) 9801037888.