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Ping An Insurance to list three unicorns ‘when timing is right’, invest US$1.4 billion in tech units

Ping An Insurance (Group), buoyed by the successful listing of its first unicorn, Ping An Healthcare and Technology in April last year, plans to list three other start-ups valued at more than US$1 billion “when the timing is right”.The company also said that it had budgeted an investment of 10 billion yuan (US$1.42 billion) for 2019 to expand its technology businesses.China’s largest online medical services app, better known as Ping An Good Doctor, raised HK$8.77 billion (US$1.12 billion) in… Source link

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China’s social e-commerce sector to more than double to US$185 billion in sales by 2021

Social e-commerce has been growing exponentially in popularity among Chinese consumers for the past three years. Its GMV, or total volume of sales, is expected to keep growing at a fast pace to reach 1.3 trillion yuan (US$185 billion) this year and more than double to reach 2.86 trillion yuan in 2021, according to a report released by China Internet Watch (CIW).The sector saw its sudden surge two years ago when GMV grew 255.8 per cent to reach 626.85 billion yuan, up from 176.20 billion yuan a… Source link

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Tencent posts better-than-expected US$3.4 billion second-quarter profit on payments, games

Tencent Holdings, operator of China’s biggest video games and social media businesses, beat estimates to report a 35 per cent increase in second-quarter net profit, lifted by revenue from payment services and smartphone games led by hit titles such as Peacekeeper Elite.The Shenzhen-based company reported a net profit of 24.1 billion yuan (US$3.4 billion) in the quarter ended June 30, up from 17.9 billion yuan in the same period last year and ahead of the 21.1 billion yuan consensus estimate… Source link

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China 

Shanghai-based Zendai closes two P2P units worth US$1.4 billion as Beijing intensifies crackdown

Zendai Group, a closely held private investment company in Shanghai, abruptly shut down two peer-to-peer lending units valued at 10 billion yuan (US$1.4 billion), as Chinese financial regulators ratchet up measures to clean an industry fraught with frauds and defaults.One platform run by Zendai’s wealth management arm suspended lending and laid off its staff on Monday, citing the government crackdown, according to an internal company email that was leaked online.Another internal email said that… Source link

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Chinese chip maker Loongson Technology to invest US$2.1 billion in a new smart industry park in Zhejiang as China pushes for tech self-reliance

Chinese chip maker Loongson Technology plans to invest 15 billion yuan (US$2.1 billion) for a smart industry park in China aimed at attracting smart devices manufacturers and research and development enterprises, as the country pushes for self-reliance in advanced technologies amid increasing efforts by the US to contain China’s tech development.Located near the Yiwu international trade comprehensive reform pilot area in Jinhua city, Zhejiang province, the park will cover an area of over 5.3… Source link

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Vietnam 

Việt Nam earns $1.73 billion from rice exports in first seven months of 2019 – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Bags of rice loaded onto a ship for export at Cửa Lò Port in the central province of Nghệ An. — VNA/VNS Photo Danh Lam HÀ NỘI — Việt Nam exported 4.01 million tonnes of rice worth US$1.73 billion in the first seven months of 2019, up 2.1 per cent in volume but down 14.3 per cent in value from the same period last year, according to the Ministry of Agriculture and Rural Development. In July alone, the country shipped 651,000 tonnes of rice worth $285 million. Minister Nguyễn…

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Hong Kong’s July foreign exchange reserves rise to a record US$448.5 billion, offering a shield against financial turmoil

Hong Kong’s hoard of foreign currencies increased 0.6 per cent to a record, bolstering the city’s defences against currency attacks and financial turmoils, as growth in the local economy slows amid unprecedented public unrest and effects of the deteriorating US-China trade war.Foreign exchange holdings, excluding gold, rose to US$448.5 billion at the end of July from US$431.9 billion a year ago, and compared with US$445.6 billion in June, according to data released by the Hong Kong Monetary… Source link

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Huawei pushes ahead with self-reliance drive with US$1.4 billion R&D centre in Shanghai in spite of US trade restrictions

Huawei Technologies, the world’s largest telecommunications equipment supplier, plans to invest 10 billion yuan (US$1.4 billion) in a new research and development (R&D) centre in Shanghai as China pushes for self-reliance amid intensifying competition with the US in science and technology.The new centre, to be located in Shanghai’s Qingpu district, will focus on R&D in fields including chips for different devices, wireless networks as well as connected device networks known as the Internet of… Source link

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Billion Development prices Tsuen Wan project at 10pc discount to lived-in homes as Hong Kong’s property market reels from protests

Billion Development and Project Management on Tuesday released the first batch of flats at its Tsuen Wan project at discounts of up to 10 per cent to rates prevailing in the district, in the first sign that two months of unrest in Hong Kong is having an impact on property prices.The Hong Kong builder unveiled 238 flats at the 840-unit The Aurora in the western New Territories, even as sales of secondary homes dropped to a nine-month low, with 48 deals concluded last week, according to a report… Source link

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Foxconn ponders sale of US$8.8 billion LCD plant in China amid market woes, trade tensions: sources

Taiwan’s Foxconn Technology Group is exploring the sale of its new US$8.8 billion display panel factory in China, people familiar with the matter told Reuters, as demand for the product wanes amid an intensifying US-China trade war.Foxconn, formally known as Hon Hai Precision Industry, is in talks to appoint banks to find a buyer for its liquid crystal display (LCD) factory that is being built in the southern Chinese city of Guangzhou, said two people with direct knowledge of the matter.A sale… Source link

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