Customs officers have arrested a 60-year-old truck driver for attempting to smuggle $4.5 million worth of mobile phones and computer parts through Lok Ma Chau Control Point.
Officers searched his truck yesterday and found 88 mobile phones and 4,412 central processing units concealed in the compartments of two refrigerated containers, declared to be empty.
The driver has been released on bail.
The flash Caixin/Markit China Manufacturing Purchasing Managers' Index (PMI) dropped to 48.2, the lowest reading since last April and a fifth straight month below 50, the level separating contraction from expansion. The reading comes below market consensus of 49.7, and compares with last month's flash reading of 49.6. "Today's PMI reading suggests that the improvement […]
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Sichuan province-based online pharmacy platform Ypzdw.com has completed series A+ round of financing worth tens of millions RMB led by GGV Capital, according to an announcement posted on its Weibo account. The round follows a US$27 million series A funding led by Matrix Partners two months ago. Founded in 2010, Ypzdw.com's online retail platform focuses […]
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Shanghai-based China Reading Limited, an online reading and literature platform founded by two Tencent Holdings Limited executives, has made a strategic investment in Chinese podcast sharing app Ximalaya FM, according to an announcement posted on China Reading's Weibo account. Details of the investment are not disclosed. The two parties plan to cooperate on sharing online […]
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Wal-Mart Stores, Inc. has acquired the remaining stake of Yihaodian it does not already own to take full ownership of the Chinese e-commerce firm, according to a company announcement. Pricing and other details of the deal are not disclosed. Wal-Mart acquired the remaining shares from Yihaodian's founding shareholder, Ping An Insurance (Group) Company of China, […]
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Story below. I think this falls under the “be careful what you wish for” category. We always complain about the weakness of Chinese courts in enforcing their judgments, but this reminds us that if the state is well-organized enough, it…