The flash Caixin/Markit China Manufacturing Purchasing Managers' Index (PMI) declined further to 47 in August, down from the final reading of 47.3 from August and contrasted with market expectations of a slight improvement. The reading is again the lowest since the onset of the global financial crisis of 2009. "The continued fall does renew uncertainties […]

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Beijing-based online community services O2O (online-to-office) platform Beequick has completed US$70 million series C round of financing from Hillhouse Capital, Tiantu Capital and Sequoia Capital. The latest financing round came six months after the start-up's US$20 million series B round led by Hillhouse Capital announced in March. The company says it plans to use the […]

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Shenzhen-based fresh fruit chain Pagoda has completed RMB400 million (US$63 million) series A round of financing led by Tiantu Capital. GF Xinde Investment Management and other undisclosed investors also participated, according to an announcement posted on the company's Weibo account. Founded in 2002, Pagoda currently operates 1,100 chain stores in 19 cities in China with […]

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Police have arrested more than 4,300 people and seized $102 million worth of drugs and illicit goods in a joint operation mounted by the Hong Kong, Guangdong and Macau police between June 15 and September 18.

The operation was to curb cross-boundary organised crime.

Officers searched 7,500 locations, including discos, amusement game centres, massage parlours, nightclubs and residences.

A total of 4,343 people were arrested for triad-related offences, drug offences, managing vice establishments, breach of conditions of stay, illegal gambling, criminal damage, wounding, and possessing and publishing obscene articles.

They included 2,539 men and 1,804 women, aged 12 to 85. Among them, 1,177 were Mainlanders.

Police seized $67 million worth of drugs, including cannabis, ketamine, cocaine, ice, heroin, Midazolam and Zopiclone.

They also raided an obscene and pirated DVD duplication centre, seizing 220,000 discs and a number of production tools worth $4.9 million. The seizure included a large batch of weapons and imitation firearms, and 290,000 contraband cigarettes.

U.S. Internet performance and security firm CloudFlare has raised US$110 million in a new funding round led by Fidelity Management and Research Company, with participation from Google Capital, Microsoft Corp, Baidu Inc., and Qualcomm Ventures. Existing investors New Enterprise Associates, Pelion Venture Partners, Venrock, Union Square Ventures, and Greenspring also participated, says a company announcement. […]

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Shanghai Jinjiang International Hotels Development Co. has agreed to acquire 81% of 7 Days Group Holdings Ltd., allowing its private equity backers to exit two years after the budget hotel chain completed a go-private transaction and was delisted from the New York Stock Exchange. In a regulatory filing, Jinjiang International says it will pay RMB8.3 […]

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Palo Alto, California-based virtual reality firm Jaunt has completed US$65 million series C round of funding led by the Walt Disney Company, Evolution Media Partners, TPG Growth and Participant Media and China Media Capital. Additional new investors in the round include European media companies ProSiebenSat.1 SE and Axel Springer SE, and the Madison Square Garden […]

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