An investor consortium led by Tencent Holdings Ltd. has agreed to acquire up to 84% of Supercell Oy, the Finnish maker of “Clash of Clans”, from SoftBank Group Corp. and the company’s employees for US$8.6 billion. The deal, which is Tencent’s biggest acquisition ever, values the mobile games company at an equity value of approximately […]
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As if the Chinese on-demand ride market is not crowded enough, Qunar.com is eyeing to carve out a piece of the action for itself after expanding its new on-demand ride unit to cover 68 cities in China and 89 international locations. Only five months old, Qunar’s owns and operates the several hundred thousand cars and […]
Tesla Motors has reportedly signed a non-binding memo of understanding with Jinqiao Group, a government-owned entity in Shanghai’s Pudong district, on a US$9 billion joint venture to build its first production facility in China. The 50-50 joint venture will likely include a nationwide dealership network, Superchargers, research and development center and potentially a second Gigafactory, […]
Walmart has agreed to sell its fully owned Chinese e-commerce player Yihaodian to JD.com Inc. In return, the U.S. retail giant will receive a 5% stake in JD.com, which is recently valued at roughly US$1.5 billion. The deal is part of a wide ranging strategic alliance between Walmart and JD.com. China Money Network first reported […]
JD.com Inc. is rumored to have agreed to acquire Yihaodian, a Chinese e-commerce platform owned by Wal-Mart Stores, Inc., in a deal structured to establish a JD.com-and-Wal-Mart alliance to compete with rival Alibaba Group Holdings Ltd. According to Chinese media reports, JD.com emerged as the final taker of Yihaodian, for a reported price tag of […]
China has selected certain financial institutions to participate in a trial program to buy and sell banks’ non-performing loans, in an effort to streamline the process of handling commercial banks’ ballooning bad debt. The China Securities Regulatory Commission revealed the trial program in January, aiming to use securitization and transfers of non-performing assets to help […]
Baidu Inc. has poached a former executive Huang Shuang from Lufax, the Internet finance arm of Ping An Insurance Company of China, Ltd., to lead its consumer finance business in its newly established financial services group, according to Chinese media reports. Huang Shuang will become the vice president in charge of consumer finance businesses and […]
Shenzhen has become the world’s capital of drones, taking up a 70% market share of the global consumer drone market with over 300 drone companies located in the coastal city with combined annual sales of RMB20 billion (US$3 billion). According to a report by National Business Daily, there were over 400 drone makers and research […]
A subsidiary of Chinese property developer Hengmao Group has bought an Australian project for A$88,888,888 for good luck as the number eight “Ba” sounds similar to the word “Fa”, which means to make a fortune. Australian financial services firm Computershare put up its headquarters in Melbourne for a sale-and-leaseback deal in April, and was expecting […]