By , The deals come as global rivals such as General Motors, Toyota and Tesla Inc seek to expand electric sales in the Chinese car market.Volkswagen said it will invest 1 billion euros to take a 50% stake in the state-owned parent of Anhui Jianghuai Automobile Group (JAC Motors), also taking full management control of the its existing electric vehicle joint venture with JAC by raising its stake to 75% from 50%.Volkswagen’s China chief Stephan Woellenstein told reporters on Friday the venture planned to revamp one existing JAC plant and launch its first electric model based on its MEB...…By , The deals come as global rivals such as General Motors, Toyota and Tesla Inc seek to expand electric sales in the Chinese car market.Volkswagen said it will invest 1 billion euros to take a 50% stake in the state-owned parent of Anhui Jianghuai Automobile Group (JAC Motors), also taking full management control of the its existing electric vehicle joint venture with JAC by raising its stake to 75% from 50%.Volkswagen’s China chief Stephan Woellenstein told reporters on Friday the venture planned to revamp one existing JAC plant and launch its first electric model based on its MEB...WW…

United States BEIJING/HONG KONG (Reuters) - When the man from Hangzhou returned home from a business trip, the local police got in touch. They had tracked his car by his license plate in nearby Wenzhou, which has had a spate of coronavirus cases despite being far from the epicenter of the outbreak. Stay indoors for two weeks, they requested. After around 12 days, he was bored and went out early. This time, not only did the police contact him, so did his boss. He had been spotted near Hangzhou’s West Lake by a camera with facial recognition technology, and the authorities had alerted his...…United States BEIJING/HONG KONG (Reuters) - When the man from Hangzhou returned home from a business trip, the local police got in touch. They had tracked his car by his license plate in nearby Wenzhou, which has had a spate of coronavirus cases despite being far from the epicenter of the outbreak. Stay indoors for two weeks, they requested. After around 12 days, he was bored and went out early. This time, not only did the police contact him, so did his boss. He had been spotted near Hangzhou’s West Lake by a camera with facial recognition technology, and the authorities had alerted his...WW…

By , , BEIJING/HONG KONG (Reuters) - TikTok owner ByteDance has hired Xiaomi executive Shou Zi Chew for a newly created role as chief finance officer, in a sign that the tech company is moving towards a much-anticipated initial public offering of one or some of its businesses.Slideshow ByteDance has been considering whether to go for a standalone public listing for Douyin, the Chinese version of TikTok, or list some of its Chinese operations, including Douyin and news aggregator Jinri Toutiao, as a package in Hong Kong or Shanghai, Reuters has reported.ByteDance has also been looking at a...…By , , BEIJING/HONG KONG (Reuters) - TikTok owner ByteDance has hired Xiaomi executive Shou Zi Chew for a newly created role as chief finance officer, in a sign that the tech company is moving towards a much-anticipated initial public offering of one or some of its businesses.Slideshow ByteDance has been considering whether to go for a standalone public listing for Douyin, the Chinese version of TikTok, or list some of its Chinese operations, including Douyin and news aggregator Jinri Toutiao, as a package in Hong Kong or Shanghai, Reuters has reported.ByteDance has also been looking at a...WW…

Already have an account?We will never share your information with third parties.If you don’t already have an account click the button below to create your account.ORSign in with FacebookSign in with TwitterSign in with GoogleSign in with LinkedInUnlock your competitive advantage in arapidly evolving landscape. Our packagescome withBe a part of our growing community now.In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is...…Already have an account?We will never share your information with third parties.If you don’t already have an account click the button below to create your account.ORSign in with FacebookSign in with TwitterSign in with GoogleSign in with LinkedInUnlock your competitive advantage in arapidly evolving landscape. Our packagescome withBe a part of our growing community now.In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is...WW…

By , , HONG KONG/BEIJING (Reuters) -China has launched an antitrust investigation into Alibaba Group and will summon the tech giant’s Ant Group affiliate to meet in coming days, regulators said on Thursday, in the latest blow for Jack Ma’s e-commerce and fintech empire.The probe is part of an accelerating crackdown on anticompetitive behaviour in China’s booming internet space, and the latest setback for Ma, the 56-year-old former school teacher who founded Alibaba and became China’s most famous entrepreneur.It follows China’s dramatic suspension last month of Ant’s planned $37 billion...…By , , HONG KONG/BEIJING (Reuters) -China has launched an antitrust investigation into Alibaba Group and will summon the tech giant’s Ant Group affiliate to meet in coming days, regulators said on Thursday, in the latest blow for Jack Ma’s e-commerce and fintech empire.The probe is part of an accelerating crackdown on anticompetitive behaviour in China’s booming internet space, and the latest setback for Ma, the 56-year-old former school teacher who founded Alibaba and became China’s most famous entrepreneur.It follows China’s dramatic suspension last month of Ant’s planned $37 billion...WW…

By , HONG KONG/BEIJING (Reuters) - China’s ByteDance is in talks to buy into mobile games publisher CMGE Technology Group Ltd, four people with direct knowledge of the matter told Reuters, as the owner of short video app TikTok moves to strengthen its next pillar of growth.The deal would come as the gaming industry continues to benefit from COVID-19 pandemic countermeasures which have forced people to stay at home, boosting game downloads.ByteDance plans to buy part or all of the 27.6% CMGE stake held by Fairview Ridge Investment Ltd, controlled by CMGE chairman Xiao Jian and vice chairman...…By , HONG KONG/BEIJING (Reuters) - China’s ByteDance is in talks to buy into mobile games publisher CMGE Technology Group Ltd, four people with direct knowledge of the matter told Reuters, as the owner of short video app TikTok moves to strengthen its next pillar of growth.The deal would come as the gaming industry continues to benefit from COVID-19 pandemic countermeasures which have forced people to stay at home, boosting game downloads.ByteDance plans to buy part or all of the 27.6% CMGE stake held by Fairview Ridge Investment Ltd, controlled by CMGE chairman Xiao Jian and vice chairman...WW…

By , , HONG KONG/NEW YORK (Reuters) - China suspended Ant Group’s $37 billion listing on Tuesday, thwarting the world’s largest stock market debut with just days to go in a dramatic blow to the financial technology firm founded by billionaire Jack Ma.The Shanghai stock exchange said it had suspended the company’s initial public offering (IPO) on its tech-focused STAR Market, prompting Ant to also freeze the Hong Kong leg of its dual listing scheduled for Thursday.This followed a meeting with China’s financial regulators on Monday during which Ma and his top executives were told that Ant’s...…By , , HONG KONG/NEW YORK (Reuters) - China suspended Ant Group’s $37 billion listing on Tuesday, thwarting the world’s largest stock market debut with just days to go in a dramatic blow to the financial technology firm founded by billionaire Jack Ma.The Shanghai stock exchange said it had suspended the company’s initial public offering (IPO) on its tech-focused STAR Market, prompting Ant to also freeze the Hong Kong leg of its dual listing scheduled for Thursday.This followed a meeting with China’s financial regulators on Monday during which Ma and his top executives were told that Ant’s...WW…

By , HONG KONG (Reuters) - Retail investors placed bids for a record $3 trillion of shares in Ant Group Co Ltd’s initial public offering (IPO), set to be the world’s biggest, as mom-and-pop savers bet on demand for its financial services in China.Ant’s dual listing is set to raise about $34.4 billion, split fairly evenly between Shanghai’s STAR Market and Hong Kong, topping Saudi Aramco’s $29.4 billion listing last December.Investors, both retail and institutional, are rushing to buy into Ant, which operates China’s biggest payments platform and other financial services, despite risks of...…By , HONG KONG (Reuters) - Retail investors placed bids for a record $3 trillion of shares in Ant Group Co Ltd’s initial public offering (IPO), set to be the world’s biggest, as mom-and-pop savers bet on demand for its financial services in China.Ant’s dual listing is set to raise about $34.4 billion, split fairly evenly between Shanghai’s STAR Market and Hong Kong, topping Saudi Aramco’s $29.4 billion listing last December.Investors, both retail and institutional, are rushing to buy into Ant, which operates China’s biggest payments platform and other financial services, despite risks of...WW…

By In addition to consolidation, China wants to build firms mighty enough to take on Wall Street behemoths in the domestic industry, which is worth 8 trillion yuan ($1.2 trillion) and has over 130 firms.The merger strategy is being encouraged by the China Securities Regulatory Commission, the top securities regulator, the state-run China Securities Journal reported last month.Shenzhen-listed First Capital, with a market value of $6.2 billion, plans to issue new shares to private Capital Securities in a deal valuing the smaller firm at about $1.4 billion, said one source, speaking on...…By In addition to consolidation, China wants to build firms mighty enough to take on Wall Street behemoths in the domestic industry, which is worth 8 trillion yuan ($1.2 trillion) and has over 130 firms.The merger strategy is being encouraged by the China Securities Regulatory Commission, the top securities regulator, the state-run China Securities Journal reported last month.Shenzhen-listed First Capital, with a market value of $6.2 billion, plans to issue new shares to private Capital Securities in a deal valuing the smaller firm at about $1.4 billion, said one source, speaking on...WW…