Police in Xianning, Hubei province said they have cracked down China’s largest online gambling ring. The ring was run by six gangs and enabled gamblers to bet on soccer matches and horse racing. It involved approximately 57 people and had operations totalling US$7.31 billion. Authorities do not expect to recover much of that money as [...]
The city of Xiamen in Fujian province is applying to be the first currency exchange settlement center between Taiwan and the mainland. Currently, currency settlement between the two countries must go through Hong Kong. Vice Mayor Ding Guoyan said the city is in talks with Taiwan and Hong Kong about better cooperation in logistics and [...]
Tencent, the operator of China’s largest instant messaging service known as QQ, said it will list on the mainland once Beijing modifies rules allowing overseas companies to list on domestic bourses. “We have always been considering listing in the mainland China market and hope our clients can buy our stock, but this has to depend [...]
Private equity firm KKR & Co has invested US$150 million in domestic milk supplier Ma Anshan Modern Farming. No financial details were released, but one source said KKR’s stake is expected to be at least 20%. Ma Anshan will use the money to build 20 to 30 large dairy farms to add to the seven [...]
China Petroleum and Chemical Corp (Sinopec) has not made a bid for Swiss oil producer Addax Petroleum. The UK’s Sunday Times reported that Sinopec had paid US$7.9 billion for Addax, exceeding a bid by Korean National Oil Corp. The paper did not reveal the source of its information. Addax said last week that it was [...]
Foreign direct investment (FDI) in China fell by 17.8% year-on-year to US$6.38 billion in May, a sign that the global financial crisis is continuing to slow investment in China, according to data from the Ministry of Commerce. However, May’s decline was smaller than April’s 22.51% drop in FDI. Foreign investment from January to May was [...]
Beijing said its anti-monopoly law gives it the right to review the proposed Australian joint venture between mining firms Rio Tinto and BHP Billiton. A Ministry of Commerce spokesman, Yao Jian, said that the government had not received an application for review from the two companies, but noted that the law’s clauses on industrial concentration [...]
