Shenzhen Energy Co., Ltd has agreed to acquire an entity that controls China Hydroelectric Corporation for US$542.6 million two years after private equity firm NewQuest Capital Partners initially proposed to take the small Chinese hydroelectric power operator private. Shenzhen Energy, publicly listed in the same city, plans to pay US$492.6 million in equity, as well […]

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China Media Capital and FountainVest Partners are set for a partial exit from IMAX Corp's greater China business seventeen months after the two private equity firms acquired a 20% stake in the company for US$80 million. After submitting a listing application to the Hong Kong Stock Exchange in May, IMAX China (Holding), Inc. is planning […]

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CVC Capital Partners, AlpInvest Partners and GIC (Ventures) Pte Ltd have sold a combined 7.6% stake in Hong Kong broadband service provider HKBN Ltd after the expiration of a six-months lock-up period following the company's public listing in March. The investors sold 76.3 million shares, according to a regulatory filing. The stake is worth around […]

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Customs officers arrested two cross-boundary private car drivers in Yuen Long yesterday after finding 220,000 illicit cigarettes in their vehicles.

The haul was worth $620,000 with a duty potential of $430,000.

The men, aged 27 and 41, were arrested and the cars were impounded.

The Customs & Excise Department said it will continue its stringent enforcement action against cigarette smuggling.

Call 2545 6182 to report illicit cigarette activities.

Customs officers have arrested nine people for unfair trade practices, involving products worth about $131,000.

They raided six medicine shops last month, in which customers were allegedly lured into buying products at excessively inflated prices.

Two shops were found to have misled customers into buying goods priced at a catty but they had to pay by a tael or mace.

Another four were found to have passed off lookalike goods as popular brands.

The arrested shop staff are aged 25 to 54.

The Customs & Excise Department reminded consumers to be cautious about the unit price and ask for more information before making a purchase. Call 2545 6182 to report suspected cases.

Nineteen inmates were given certificates today for completing the first Foundation Certificate Course for Pet Groomer & Shop Assistant Training at Lo Wu Correctional Institution.

Officiating at the presentation ceremony, noted animal lover Cally Kwong spoke with the trainees.

One of the graduates "Ah-Yee", who will be released next year, said she has learned pet grooming skills and how to work and communicate with others, which will be beneficial to her career.

She appealed to the community to support rehabilitated people to help them find job opportunities.

The Correctional Services Department offers more than 30 vocational training courses covering construction, engineering, food and beverage, retail, business, tourism, beauty care, logistics, laundry services, information technology, environmental services, healthcare and transport.

The Immigration Department refused entry to Hong Kong to six Indian men at the airport yesterday. They all lodged claims for non-refoulement as soon as they were refused permission to land.

The men, aged 16 to 34, arrived in Hong Kong from Delhi on the same flight and had claimed to be travelling alone and not to know each other.

They were refused permission to land as they failed to meet the normal immigration requirements.

While waiting for removal, five men lodged claims for non-refoulement through the same legal representative, while the remaining passenger did so through another legal representative.

The department will conduct further investigations into whether someone intentionally arranged for the men to lodge claims for non-refoulement in Hong Kong.

A rising trend has been observed in which claimants have lodged claims for non-refoulement upon arrival in Hong Kong, the department noted.

An average of 12.5 cases a month were referred from control points from March 2013 to March 2014.

Since the unified screening mechanism was launched on March 3, 2014 until the end of 2014, the number of cases rose to an average of 20 per month.

As at the end of August this year, the number of non-refoulement claims rose to a monthly average of 28.5 cases.

Beijing-based gold trading O2O (online-to-offline) platform G-banker has completed RMB107 million (US$17 million) series B round of financing led by Softbank China Venture Capital and Chinese real estate firm the Evergrande Group. Three obscure Chinese investment firms also participated in the round, says an announcement posted on the company's Weibo account. Launched in December 2014, […]

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HNA Tourism Holding (Group) Co., Ltd. has agreed to invest at least RMB500 million (US$78 million) series C financing in Zhubaijia, a Shenzhen-based online short-term vacation home rental platform focused on Chinese tourists traveling overseas. In an announcement posted on HNA Tourism's Weibo account, the travel subsidiary of Chinese conglomerate HNA Group says the financing […]

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Shenzhen-based Chinese consumer drone maker SZ DJI Technology Co. is raising a new funding round of approximately US$500 million at a valuation of U$10 billion, says a Chinese news report without citing sources. Investors in the latest round include New China Life Insurance Co Ltd, GIC, and New Horizon Capital. Representatives at DJI did not […]

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