China Investment Corp. has partnered with European real estate investment manager AEW Europe to acquire ten shopping centers in France and Belgium from CBRE Global Investors for €1.3 billion (US$1.42 billion), according to a company announcement. The portfolio includes two dominant prime shopping centers in Belgium, Waasland and Wijnegem, which are both located near the […]

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Beijing-based online recipe and cooking platform Xiachufang has completed series B round of financing led China Growth Capital, according to Chinese media reports. JD.com Inc., as well as existing investors TBP Capital and Ceyuan Ventures also participated in the round, which reportedly totaled US$30 million. Launched in 2011, Xiachufang, which means go to the kitchen […]

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Shenzhen-listed clothing brand Fujian SeptWolves Industry Co., Ltd. plans to launch a RMB1 billion (US$160 million) investment fund to acquire emerging fashion brands and integrate its online and offline retail channels, according to a regulatory filing. The capital for the new investment vehicle comes from the proceeds of the company's initial public offering, which raised […]

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A children's education and training company director was sentenced to 14 days' jail, suspended for one year, at Kowloon City Magistracy today for failing to provide tutorial services after receiving tuition fees from customers.

He was convicted after trial on June 25 for wrongly accepting payment in contravention of the Trade Descriptions Ordinance and was ordered to compensate the two victims $6,733 in total.

The Customs & Excise Department had received two complaints alleging the company failed to provide the tutorial services and refused to refund the money paid for language courses at the Tsim Sha Tsui and Causeway Bay training centres in December 2013 and February 2014.

The centres closed a few weeks after receiving the payments.

Customs officers found both centres were in rent arrears since mid-2013.

The landlords issued the company with court orders in late 2013 and early 2014 demanding it vacate the premises.

The company should have known the centres would soon be closed and be unable to provide the tutorial services when it accepted the complainants’ payments, the department said.

Nanjing city-headquartered youth fashion publishing and e-commerce company Yoho! has raised US$100 million series D financing led by Shenzhen Fortune Venture Capital, according to Chinese media reports. China Media Capital, Telescope Capital, as well as existing investor CDH Investments and Vertex Venture Holdings also participated. No information is available on the company's previous funding rounds, […]

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Shanghai-based exercise mobile app maker Ran has raised US$15 million series A round of financing from BlueRun Ventures and Redpoint Ventures, according to Chinese media reports. Launched one months ago, Ran provides users flexible gym membership plans, workout lessons, private instructors, and built-in exercise programs. The company says it currently has partnerships with over 1,500 […]

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Hangzhou-based Chinese personal finance bookkeeping and management app maker Wacai has received US$80 million series B+ financing round led by New Horizon Capital, according to an announcement posted on the company's Weibo account. Ally Bridge Group, GX Capital, as well as existing investors China Broadband Capital, China International Capital Corporation (CICC), IDG Capital, CDH Investments […]

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China's GDP growth stayed flat at 7% year-on-year in the second quarter, helped by a notable pickup in the services sector, according to data released by the National Bureau of Statistics. Property sales grew strongly in June and the second quarter, but a sizable inventory overhang in most cities led to the continued double-digit contraction […]

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Shanghai-based wealth management firm Jupai Holdings Limited has priced its initial public offering on the New York Stock Exchange at US$10 per American Depositary Shares (ADS), according to a company announcement. The company is to sell 5.3 million ADSs to receive total gross proceeds of US$44 million, as around 900,000 ADSs are being sold by […]

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Tsinghua Unigroup Co., Ltd., controlled by China's Tsinghua University, has agreed to invest US$100 million in a mobile operating system start-up founded by Mozilla Corp.'s former China head, according to a company announcement. Acadine Technologies, founded in May by former chairman and CEO of Mozilla's China operations Gong Li, who is also a Tsinghua alumnus, […]

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