Beijing-based Zhanghetianxia, an online B2B platform focused on supply chain services for small convenience stores in China, has completed RMB100 million (US$16 million) series A round of financing from RiverHill Fund, according to Chinese media reports. Hangzhou-based RiverHill Fund is established by Simon Xie, co-founder of Alibaba Group Holdings Limited. Alibaba is the largest limited […]

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KKR & Co. and CDH Investments have agreed to acquire a 9% stake in China Modern Dairy for HK$1.9 billion (US$245 million), according to a regulatory filing. KKR and CDH are investing in China Modern Dairy for a second time. The two previously invested in the company in 2008, and began selling off their shareholdings […]

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China's State-owned Assets Supervision and Administration Commission (SASAC) is pushing to establish one to three innovation-focused investment fund with funding from central government-owned enterprises, according to official Chinese media reports. No information is available on how much capital the funds are seeking to invest, or when they will be set up. With the move, central […]

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Customs officers have arrested a 50-year-old driver for attempting to smuggle 1,919 central processing units worth $1.72 million at Shenzhen Bay control point.

The officers stopped his coach yesterday and found the batch of CPUs concealed underneath the passenger seat pads on the coach. 

The driver was charged with attempting to export unmanifested cargo and will appear at Tuen Mun Magistrates' Courts tomorrow.

Twenty young inmates who participated in this year's Diploma of Secondary Education Examination have obtained good results.

The youths, from Pik Uk, Cape Collinson and Lai King Correctional Institutions, took 97 examination papers and obtained results of level two or above in 91 papers.

Three of them obtained level 5* or 5** in economics, which is the first time a person in custody obtained level 5** in the examination.

Three of the 20 met the general entrance requirements for local universities. One candidate at Pik Uk Correctional Institution scored 26 marks overall in the six papers taken – the highest score obtained by a young person in custody since 2012.

Correctional Services Department Assistant Commissioner Tang Ping-ming said today the results are encouraging, adding that academic qualifications will enhance the inmates’ ability to compete for jobs and further their studies after release.

The department provides half-day compulsory education programmes and half-day vocational training for offenders under the age of 21. Guidance and assistance are in place for adult offenders who participate in studies on a voluntary basis.

Shunwei Capital, a venture capital investment firm co-founded by Chinese entrepreneur Lei Jun, has reached final closing of its third U.S. dollar fund with total capital commitments of US$1 billion, according to an announcement posted on Lei Jun's Weibo account. The new vehicle will target three sectors: mobile Internet, smart hardware and rural area Internet, […]

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The Vietnamese government is canceling plans for Taiwan-based Foxconn to manufacture mobile phones in the country. An official from the government of Vietnam revealed that their related department has cancelled the investment license issued to Foxconn Group for the construction of a USD200 million mobile phone plant in Vietnam. Nguyen Tien Hanh, head of investment […]

Beijing-based financial product marketing and service platform Sinowel Enterprise Group has completed an undisclosed amount series C round of financing from investors including TPG Capital, according to a company announcement. China Everbright Limited, KPCB, and KeyTone Ventures also participated. Jointly established by a team of financial services professionals and KPCB in 2000, Sinowel is the […]

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By Gabriel Yap, executive chairman of Singaporean investment firm, GCP Global Pte Ltd. I had always wondered what is it like to retire before 40 years old and enjoy the world? What is it like to smell the roses everyday and enjoy every sip of my cappuccino? I summoned up the courage to do just […]

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