January 3, 2019 Hong Kong-listed Chinese conglomerate CITIC Limited on Wednesday announced that it is restructuring its special steel business by consolidating the assets under the Shenzhen-listed entity Daye Special Steel. As part of the restructuring exercise, Daye Special Steel, in which CITIC indirectly owns a 58.13 per cent stake, has signed an agreement to… Continue reading China’s CITIC announces restructuring of special steel business
Author: Deal Street Asia Online News
Tencent co-invests $29m in automobile news provider Youche Yihou
January 2, 2019 China’s biggest social media and gaming company Tencent has co-invested RMB200 million ($29.07 million) in automobile news and information provider Youche Yihou, China Money Network reported. Other investors in the new round include China’s venture capital firm Plum Ventures, Ningbo Xinmei Asset Management Co., Shenzhen Oriental Fortune Capital Co. and Blueprint Innovation… Continue reading Tencent co-invests $29m in automobile news provider Youche Yihou
Chinese transport management platform oTMS raises Series C round from CMVC
January 2, 2019 Premium Chinese transport management platform oTMS has raised a Series C round from China Merchants Venture Capital. Go to Source
China’s Didi launches credit, wealth management services in diversification push
January 2, 2019 China’s Didi Chuxing has launched a suite of financial products, including crowdfunding and lending, as it continues to diversify outside the ride-hailing business following a year of safety scandals. The move comes on the heels of a company-wide reorganization announced in December, which was aimed at improving safety on its platform as… Continue reading China’s Didi launches credit, wealth management services in diversification push
China’s EV startup Faraday Future ends dispute with main investor
January 2, 2019 Chinese electric vehicle developer Faraday Future said on Monday it signed a new restructuring agreement with a unit of its main investor, Evergrande Health Industry Group Ltd, ending a bitter legal fight and clearing the path for raising funds. Season Smart, which agreed to be bought by China’s Evergrande Health, will now… Continue reading China’s EV startup Faraday Future ends dispute with main investor
India: Logistics startup BlackBuck bags $12.4m from Sands Capital, IFC
January 1, 2019 Logistics startup BlackBuck has raised $12.43 million (Rs 87.02 crore) in a funding round led by existing investor Sands Capital, and International Finance Corporation (IFC), a part of the World Bank Group, VCCircle reported. Quoting the company’s filings with the Registrar of Companies, the report said that Sands Capital has invested Rs 50.78… Continue reading India: Logistics startup BlackBuck bags $12.4m from Sands Capital, IFC
Japan’s NEC to spend around $1b to acquire Denmark’s KMD
December 27, 2018 Japan’s NEC Corp said on Thursday it will spend around 136 billion yen ($1.23 billion) to purchase KMD, which is Denmark’s largest IT company. NEC said the reason for the acquisition is KMD’s business matches its “NEC Safer Cities” initiative, which provides IT services and that governments can use for crime prevention,… Continue reading Japan’s NEC to spend around $1b to acquire Denmark’s KMD
Tesla sets up financial leasing unit in Shanghai in accelerated China push
December 27, 2018 Tesla Inc has registered a financial leasing company in China, a local business registration filing shows, in the latest sign the U.S. electric car maker is attempting to speed up its push into China. The California-based carmaker, led by billionaire Chief Executive Elon Musk, has opened a wholly-owned financial leasing unit in… Continue reading Tesla sets up financial leasing unit in Shanghai in accelerated China push
China unveils new rules to treat state, private and foreign firms equally
December 24, 2018 China released new rules promising to treat all firms equally from a regulatory standpoint, whether they are foreign, private Chinese companies or state-owned enterprises. The new rules, which go into effect immediately, contain a “negative list” of four banned types of business, and a further 147 categories where government permits are needed.… Continue reading China unveils new rules to treat state, private and foreign firms equally
Alibaba-backed SingPost to deploy LogiNext tech to boost last-mile delivery
December 13, 2018 Alibaba-backed Singapore Post Limited (SingPost) is partnering with LogiNext, a cloud-based logistics optimisation company, to boost its last-mile delivery services. As part of the exercise, SingPost will introduce artificial intelligence to its next-generation regional logistics platform, LaMP, using LogiNext’s technology in a move that will provide parcel traceability and reliability for customers… Continue reading Alibaba-backed SingPost to deploy LogiNext tech to boost last-mile delivery