New York Stock Exchange-listed Chinese Craigslist-like platform 58.com Inc. has committed 46.5 million newly issued ordinary shares and US$272 million in cash to several unnamed Chinese private equity funds as a limited partner, according to a company announcement. Based on the company's closing price of US$57.02 on the day of the announcement, the share portion […]

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Customs officers arrested a 42-year-old truck driver at Lok Ma Chau control point yesterday after finding 700,000 suspected illicit cigarettes hidden in his vehicle.

The cigarettes, with a market value of $1.8 million and a duty potential of $1.3 million, were concealed in fake bakery ovens.

Officers believed that speedy distribution of the illicit cigarettes to various buyers would be arranged. 

Secretary for Security TK Lai will visit Xinjiang, Sichuan and Xizang from tomorrow to August 15.

Mr Lai will arrive in Urumqi, Xinjiang tomorrow afternoon and will leave for Kashi on August 10. He will then travel to Chengdu, Sichuan on August 12 and will depart for Lhasa, Xizang in the evening.

He will visit Xigaze on August 14 and return to Hong Kong via Chengdu on August 15.

During his trip, Mr Lai will visit public security authorities and meet with officials to discuss matters of mutual interest.

China's exports declined 8.9% year-on-year in July, compared with a 2.1% gain in June. The number came in way below market expectations of a 0.3% contraction. Imports fell 8.6% year-on-year in July, from a 6.7% decline in the previous month, as commodity prices continued to weigh on imports growth. It resulted in a trade surplus […]

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The Carlyle Group has teamed up with Beijing-based conglomerate Huo's Group to acquire a 75% stake in Tongyi Lubricants from Royal Dutch Shell plc for an undisclosed amount, according to a company announcement. The deal, expected to complete by late 2015 or early 2016, signals the end of a joint venture partnership between Shell and […]

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