Unravelling of local financing networks sparks protests nationwide

China-focused private equity firm Hony Capital is seeking to raise US$2 billion for a new Greater China investment vehicle, according to media reports. Hony Capital Fund VIII will have one U.S. dollar-denominated pool and one RMB-denominated pool, with each seeking to raise US$1 billion. Representatives at Hony Capital did not immediately respond to inquires to […]

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Formal charges for businesswoman detained 6 months ago come on eve of Xi Jinping visit to America

Yhouse, a Shanghai-based mobile app maker focused on providing information, reservation services and social networking for China's wealthy population, has completed RMB120 million (US$19 million) series B round of financing led by SAIF Partners and Shenzhen Fortune Venture Capital. In a company announcement, the company says it will use the proceeds on market expansion and […]

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Heavy machinery producer symbolises struggles of debt-laden state sector

Chancellor outlines hopes of link up between Shanghai and London stock exchanges

Hangzhou-based online healthcare service provider GuaHao.com has received over US$300 million investment from undisclosed investors at a valuation of US$1.5 billion, according to Chinese media reports. Guahao.com did not immediately respond to an inquiry to confirm the news. In October 2014, GuaHao.com received over US$106.5 million investment led by Chinese Internet services giant Tencent Holdings […]

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Shanghai-based Teambition, a cloud-based collaboration and project management tool, has completed US$12 million series B round of financing led by Northern Light Venture Capital. Existing investors IDG Capital Partners, Vangoo Investment Partners and Microsoft Ventures also participated, according to a news article posted on the company's website. Founded in 2013, Teambition completed US$5 million series […]

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Hong Kong's economy is expected to lose a lot of momentum in the second half this year, with the economy easing to below 1.5% year-on-year from 2.6% during the first half. For 2016, growth could decelerate further to 1%, well below trend and the lowest since 2009, says a research report by UBS AG. But, […]

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Beijing-based P2P (peer to peer) car sharing platform PPzuche.com has completed US$50 million series B round of financing led by Tiantu Capital, according to Chinese media reports. China Money Network cannot verify the news. Representatives at PPzuche.com did not immediately respond to an inquiry to confirm the funding round. In November 2014, it was reported […]

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Development bank warns of widening fallout from China and India challenges

New York Stock Exchange-listed Chinese after-school tutoring firm TAL Education has agreed to acquire English tutoring O2O (online-to-offline) company Firstleap Education for an undisclosed amount. Founded in 2009, Firstleap provides all-subject tutoring service in English in China to children aged from 2 to 15 years old through both its online platform and over 60 learning […]

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The Hong Kong Science and Technology Parks Corporation (HKSTP) and Vancouver, Canada-based alternative energy venture firm Chrysalix Energy Venture Capital have formed a new partnership to nurture clean technology and new energy innovation in China. According to a joint announcement, the partnership is established under the Hong Kong Science Park Venture Capital Partnership Program run […]

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A number of Chinese Apple iOS apps this week were found infected with XcodeGhost malware. This makes both Apple and the technology companies who created the malware-infested apps look bad. Download speeds appear to be a prime reason why Chinese app developers of at least 57 apps, including WeChat and Didi Chuxing, chose to download […]

Chancellor to speak in Shanghai, ‘epicentre’ of summer stock market meltdown

Alibaba's logistics affiliate Cainiao has found a better way to send purchased goods to buyers in the United States. Cainiao and the United States Postal Service signed a memorandum of understanding to develop new international…

U.S.-based Digital River, Inc. has signed a payments agreement with Chinese online travel company Ctrip. Ctrip is using the Digital River World Payments solution to process credit cards, including Visa, Mastercard and UnionPay on its…

Obama administration is preparing tougher steps on cyber theft and the South China Sea