A Chinese consortium including Shanghai Giant Network Technology Co., Ltd. has agreed to acquire Caesars Interactive Entertainment, Inc.'s social and mobile games business in an all-cash deal for US$4.4 billion to help it expand in China, according to a company announcement. The consortium also includes Yunfeng Capital, China Oceanwide Holdings Group, China Minsheng Trust, CDH […]
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WI Harper Group and Innovation Works have joined a US$20 million series B round in U.S. robotics start-up Wonder Workshop, according to a company announcement. Idea Bulb Ventures, Learn Capital, Charles River Ventures, Madrona Venture Group and China's TCL Corporation also participated in the round. The investors are hoping to bring Wonder Workshop's products to […]
Chinese outdoor advertising firm Focus Media has led a RMB640 million (US$81 million) venture round in an eSports start-up, Sport of the Heroes, according to a securities filing. Two Chinese funds whose identities are difficult to confirm also participated in the round, which values the three-month-old platform at RMB3.6 billion (US$541 million), reflecting investor enthusiasm […]
Shanghai Fosun Pharmaceutical (Group) Co. has signed a definitive agreement to acquire 86% of India's Gland Pharma, a pure-play generic injectable pharmaceutical products firm backed by global private equity giant KKR, for US$1.26 billion. Fosun Pharma will purchase all shares owned by a unit of KKR, in addition to shares purchased from other shareholders of […]
American rideshare company Uber and its Chinese rival Didi Chuxing are cruising on the good news today that China has …
China revealed a set of ride-sharing regulations to legalize car-hailing services from November, lifting any regulatory uncertainty surrounding mobile Internet giants including Didi Chuxing and Uber China. China’s Ministry of Transportation and six other government ministries jointly revealed the set of rules during a press conference today in Beijing. Named Preliminary Rules on the Management […]
Partners Group has agreed to invest over US$200 million as the controlling shareholder in a Taiwanese solar power development platform on behalf of its clients, according to a company announcement. Cathay Life Insurance, Taiwan's largest insurer and a subsidiary of Cathay Financial Holdings, is also acquiring a minority stake in the platform through a Partners […]
CCB International has led a new round of financing in Weidong Cloud Education, a Shandong province-based Internet education aggregation and purchasing platform. The financing total of the round was not disclosed, but it values the company at RMB 4 billion (US$600 million), according to Chinese media reports. The company says it will use the proceeds […]
Chinese authorities are planning to tighten the regulations on banks' Wealth Management Products (WMP) investment, which could benefit the bond market, says a research report by ANZ AG. Investments in "non-standard assets" and equities will be further tightened, as the China Banking Regulatory Commission (CBRC) plans to classify banks into two groups. The banks in […]
Wanda Cinema Line Co., Ltd. has agreed to acquire Chinese online film media and ticketing platform Mtime.com for US$280 million, according to a company announcement. Wanda Cinema plans to fund the deal with cash on hand, and will own 100% of all operating entities under Mtime.com, China's version of IMDB or Yahoo Movie. The move […]
China's largest express delivery firm S.F. Express, backed by CITIC Capital Holdings Ltd., Oriza Holdings and China Merchants Group, is to spin off its financial services units before it proceeds with a back-door listing in Shenzhen. S.F. Express will sell its holdings in its micro-credit, custodian and financial leasing unit to third parties, in a […]
Chinese online financial intermediary 91Jinrong has acquired DemoHour, once the largest crowdfunding platform in China, according to Chinese media reports. Financial details were not disclosed. 91Jinrong, which received around RMB200 million (US$32 million) investment from Haitong Capital, CBC Capital and Matrix Partners in 2014, plans to integrate DemoHour into its own crowdfunding platform. Launched in […]
Chinese Internet firm LeEco has agreed to acquire American television maker Vizio for US$2 billion, in an important step of the company's strong push in the U.S. market. LeEco's founder and CEO Jia Yueting said the companies started negotiations two years ago, and accelerated talks earlier this year to reach final agreements. The ambitious Chinese […]
SBCVC has participated in a RMB200 million (US$30 million) venture round in Gongzi Qianbao, a mobile Internet financial services product helping companies and staffers manage salary payment and other personal financial services needs. According to an announcement, Shanghai-based Gongzi Qianbao previously raised an undisclosed strategic investment from SBCVC in September 2015. "The company has become […]
The city of Chengdu in Western China has launched a financial industry innovation center with an aim to become China's fourth financial pillar, after Beijing, Shanghai, Guangzhou and Shenzhen. The Financial Dreamworks Chengdu, which claims to be the first space dedicated to innovation in the financial industry in China, began recruitment in Chengdu yesterday, says […]
Chinese investors pumped US$17 billion into overseas real estate investment during the first five months of 2016, becoming the world's second largest source of outbound property investment capital after the U.S. at US$19 billion, says a report from real estate service firm DTZ/Cushman & Wakefield. Office led the way at a 50% share of all […]
A Chinese investor consortium including lighting firm MLS Co., Ltd., IDG Capital Partners and Yiwu State-Owned Assets Operation Center has agreed to acquire the general lighting lamps business from Germany's Osram for over €400 million (US$439 million). As part of the deal, Osram will receive payments for license agreements of trademark rights, says an announcement […]
News media in China ostensibly operate to reinforce and promote the edicts and values of the government. And the government …