Investment 

Chinese sportswear maker Xtep reports 23 per cent jump in profit as acquisitions, expansion pay off

Sportswear maker Xtep International Holdings has joined home-grown rivals in reporting stellar first-half earnings as they benefit from China’s growing sportswear market.Fujian-based Xtep posted a 23 jump in net profit and revenue for the six months ended June to 463 million yuan (US$65.5 million) and 3.3 billion yuan respectively, according to a filing to the Hong Kong stock exchange on Wednesday.Rivals 361, Li Ning, and Anta have similarly posted profit gains ranging from nearly 10 per cent… Source link

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Money 

Huaxia Life is in talks for a sale to Ping An, as Chinese regulators pick apart the financial empire of missing tycoon Xiao Jianhua

Ping An Insurance (Group), China’s biggest insurer by value, is in talks to buy Huaxia Life Insurance from missing Chinese financier Xiao Jianhua, according to several sources familiar with the matter.Talks between the two parties had gone on in fits and starts for several months since last year, stalling over the asking price of Huaxia, which claims to have 500 billion yuan (US$71 billion) in assets, with half a million employees in 24 nationwide branches, according to the sources.The talks… Source link

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Vietnam 

Chinese firm to invest in $2b factory in Thanh Hóa – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

A view of Nghi Sơn economic zone in the central Thanh Hóa Province.— Photo tbck.vn HÀ NỘI — Chinese steel firm Mintal Group Co. Ltd has expressed a desire to build a US$2 billion Ferocrom, stainless steel and non-ferrous metal factory in central Thanh Hóa Province’s Nghi Sơn economic zone. The issue was discussed during a recent meeting between Mintal Group’s representatives and the Provincial People’s Committee (PPC). Specifically, the group will invest in a Ferocrom factory with a capacity of 1.5 million tonnes per year in the first phase and a…

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Home 

Chinese M&A activity to be dominated by domestic deals amid heavier scrutiny abroad, PwC says

Domestic deals by corporate buyers and restructuring at Chinese banks will drive mergers and acquisitions (M&A) activity in the country for the rest of this year, according to a report by Big Four accounting firm PwC released on Monday. Outbound activity, meanwhile, will continue to be squeezed by increased scrutiny globally of the sale of strategic assets to foreign buyers.David Brown, deals leader for Asia-Pacific at PwC, said with China focusing on stimulating its domestic economy, and a… Source link

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Home 

Baidu beats sales estimates after Chinese search leader holds off ByteDance

Baidu Inc.’s quarterly revenue beat analysts’ estimates after China’s biggest search giant managed to hold onto advertising despite a challenge from aggressive rivals like ByteDance Inc.Revenue rose 1.4 per cent to 26.33 billion yuan ($3.84 billion) for the three months ended June 30, beating the 25.8 billion yuan average of analysts’ estimates. The company’s shares rose 8.4 per cent in extended trading.China Internet Report 2019Baidu’s better-than-expected results will soothe investors’… Source link

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Property 

Some Chinese investors suffer big losses after panicking and dumping property investments in Hong Kong

Some mainland Chinese investors who bought properties in Hong Kong at high prices several years ago have panicked amid souring sentiment and sold at big losses of up to HK$8.2 million.For instance, Xiao Yonghong and Sun Darui, the younger sister and brother-in-law of missing Chinese billionaire Xiao Jianhua – founder of the troubled Tomorrow Group – offloaded a 337 square foot retail unit at Causeway Place shopping centre for HK$18 million (US$2.29 million), incurring a loss of HK$8.23 million… Source link

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Home 

Club Med owner Fosun Tourism is boosted by Chinese tourists, reports US$69.5 million first-half profit

Club Med owner Fosun Tourism Group said on Monday net profit attributable to the company’s shareholders amounted to 490 million yuan (US$69.5 million) for the first six months this year, against a net loss of 254.5 million for the same period last year, mainly down to rising profit from tourism operations.The company said gross profit for the first half grew 67.7 per cent to 3.015 billion yuan, while revenue grew 35.9 per cent to 9.1 billion yuan, even as a slowing global economy continued to… Source link

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Home 

Chinese small-caps surge most in seven weeks on lending rate reform, Shenzhen revitalisation plan

Smaller companies in Shenzhen, considered China’s technology hub, have gained the most in seven weeks on optimism a new market-based method of pricing loans to be introduced by the country’s central bank will lower corporate funding costs, and after Beijing rolled out a plan for bolder reforms in the city.The ChiNext gauge of start-ups surged 3.5 per cent at the close on Monday, capping its biggest gains since July 1. The Shenzhen Composite Index, which tracks all the 2,000-plus stocks on the… Source link

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China 

Police investigate FedEx package containing handgun sent from US to Chinese sporting goods firm

An investigation has been launched after a FedEx package containing a handgun was sent by a US client to a Chinese sporting goods company in Fuzhou, Fujian province, local police confirmed to the South China Morning Post.Jinan police station, under the Fuzhou Public Security Bureau, said in a statement on Sunday evening that officers from the district had seized the gun and an investigation was under way.The statement did not say whether the package contained more than one handgun or release… Source link

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Home 

A Chinese Toy Story: why do adult men buy designer toys?

Don Tang is proud of his toys. So much so that the Shanghai resident, 32, puts them on display both in his home and in the office of the company he runs.And there are plenty to display. Tang, 32, has some 100 collectibles and the number is growing all the time. Each month he sets aside 2,000 yuan (US$280) to buy the top trending toys, newest releases, or one-of-a-kind items – either from physical stores, online or at toy conventions in China.But the toys are not connected to his work…

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