China Citic Bank Corp. revealed late Thursday that it had uncovered a “risk incident” concerning RMB969 million (US$147 million), and that police had opened a probe and frozen related assets and funds, Bloomberg reported, citing stock exchange and emailed statements. Sources familiar with the matter said that an employee at the bank’s Lanzhou branch allegedly conspired […]
Category: Business Practice
Five people have been indicted in the US on federal charges of conspiring to steal trade secrets from pharmaceuticals conglomerate GlaxoSmithKline and provide them to firms operating in China, The Wall Street Journal reported. The indictment alleges that a protein biochemist who only stopped working for the firm in January had used her Glaxo email […]
Revenue from the VIP market at Macau’s casinos dropped by 39.9% to MOP127.82 billion (US$15.89 billion) in 2015, falling to 50% of total gambling revenues from 80% previously, South China Morning Post reported, citing data from the Macau Gaming Inspection and Coordination Bureau. The bureau said casino gross gaming revenue had fallen by 34.3% in 2015 […]
A police inquiry into the operations of peer-to-peer lending platform operator Yucheng International Holdings have found evidence that the firm illegally raised RMB40 billion (US$6.06 billion) from 800,000 users, Caixin reported, citing unnamed sources. Investigators were said to have detained executives at the firm including chairman Ding Ning following a January 11 announcement that authorities […]
Four major Chinese airlines have all announced they will stop selling tickets on travel booking site Qunar.com due to customer complaints, Caixin reported, citing announcements from the companies. China Eastern Airlines, Air China, China Southern Airlines and Hainan Airlines pointed to growing customer complaints about overpriced tickets and excess charges levied by Qunar as among […]