China launched a government-backed private equity fund with $12.8 billion of capital to drive the integration of Hong Kong, Macao and nine cities in Guangdong province, Caixin reports. China has been planning to create a “Greater Bay Area” encompassing the eleven cities since 2009. The cities—which also include southern tech hub Shenzhen, provincial capital Guangzhou and manufacturing […]
Category: Investment
Fast-growing Chinese coffee chain Luckin Coffee is now valued at $2.2 billion after raising $200 million in its most recent campaign, the Financial Times reports, as the company pursues its goal of chipping away at Starbucks’ market dominance. “We will continue to increase capital investment in product research and development, technological innovation and business development, […]
Embattled Chinese insurer Anbang, which went under government administration earlier this year after the company founder was indicted for financial misconduct, is selling off a 35% stake in a rural bank in order to meet liquidity requirements, Caixin reports. The stake in Chengdu Rural Commercial Bank is going for Rmb16.8 billion ($2.44 billion), according to […]
Total social financing (TSF), a wide-ranging gauge of the economy’s liquidity and borrowing levels, bounced back from an all-time low in October as efforts by Beijing to stimulate lending seem to have taken effect, Caixin reports. TSF grew by Rmb 1.52 trillion ($221.15 billion) last month, central bank data showed, double the October increase. Although […]
Electric car maker Tesla is on track to start production at its recently-approved Gigafactory in Shanghai late next year, the city’s government said this week. Following a visit by Shanghai Mayor Ying Yong, the government posted on its official WeChat account that construction for the factory is about to begin and partial operations will kick […]