A co-founder of Chinese healthcare mobile app Spring Rain Doctors has passed away early this morning due to myocardial infarction, sending shock waves among Chinese start-ups and venture capitalists. Zhang Rui was formerly an editor at Netease Inc and a Beijing daily newspaper before co-founding Spring Rain Software Co. in 2011. The Beijing-based mobile healthcare […]
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Sino-Australian private equity firm Wattle Hill RHC Funds has teamed up with Chinese snack food company QiaQia Food Co. to acquire a stake of Australian ginger producer Buderim Group for approximately A$26.1 million (US$20 million), according to a disclosure filing. The publicly listed Buderim Group, the largest ginger producer in Australia, is to raise capital […]
China is the only country where investment banking revenues grew during the first nine months, while all other countries in the world's top ten largest investment banking market saw revenues decline year-on-year, according to data released by Dealogic. By client nationality, China's investment banking revenue increased 27% year-to-year to US$6.2 billion during the first three […]
Ant Financial Services Group, a financial services firm affiliated with Alibaba Group Holdings Ltd., is reportedly planning an initial public offering in Hong Kong next year to raise at least US$10 billion. The online payment and financial services firm is in talks with investment banks including Goldman Sachs, J.P. Morgan, Morgan Stanley, Deutsche Bank, Credit […]
Walmart has increased its stake in JD.com to 10.8% from 5.9%, three months after the U.S. retail giant swapped its Yihaodian unit for an initial interest in China's second largest e-commerce firm. The move will further solidify strategic cooperation between the two companies, and potentially lead to a deeper partnership and more stake purchases by […]
On October 1, China's RMB was included in the Special Drawing Right (SDR), an international reserve asset created by the International Monetary Fund in 1969, seven years after Chinese central bank governor Zhou Xiaochuan initially voiced the idea to an unenthusiastic global audience. But Governor Zhou has much to celebrate today, as the RMB has […]
Global private equity firm Permira has agreed to acquire Asia corporate services provider Tricor Holdings Ltd. from The Bank of East Asia and NWS Holdings Ltd. for HK$6.5 billion (US$835 million), including debt. Tricor's management will join Permira in the cash deal. The Bank of East Asia owns 75.61% of Tricor, while NWS Holdings holds […]
Shenzhen Qianhai Financial Holdings (QFH) and Shenzhen Investment Holdings Corp (SIHC), two government-owned investment firms, have agreed to buy ACR Capital Holdings Pte Ltd, the owner of Singapore's biggest reinsurance firm, for around US$1 billion. The deal will allow ACR's shareholders including London-based private equity firm 3i Group, Malaysian state investor Khazanah Nasional, Singapore state […]