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Chinese ride-hailing giant Didi Chuxing’s plans to conquer Uber in South America are revealed

Chinese ride-hailing giant Didi Chuxing is planning to take on US rival Uber in some of Latin America’s fastest-growing markets, recruiting managers in Chile, Peru and Colombia, according to job postings and a company official. Didi has moved senior executives from China to lead its expansion in markets like Chile and Peru, and began in recent weeks advertising for driver operations, crisis management, marketing and business development personnel in those countries, an analysis of LinkedIn postings show. Didi’s widening expansion, if successful, could make for a bumpier ride for San…

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Chinese investment giant CMIG misses bond payment, sending shockwaves through US$11 trillion market

An investment giant backed by dozens of the biggest Chinese firms and dubbed the “the aircraft carrier of China’s private companies” by local media has partly suspended trading of its bonds after missing a repayment. The case underlines the mounting pressure in the country’s US$11 trillion bond market, said analysts, as a liquidity crunch forces an increasing number of heavily indebted companies to the brink of default. China Minsheng Investment Group (CMIG) has stopped taking bids for three of its bonds “due to recent price volatilities”, according to a filing…

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Smartphone giant Xiaomi, Tencent Music among a dozen stocks to be added to MSCI China Index

Smartphone giant Xiaomi and online video platform Iqiyi are among a dozen listed companies to be added to MSCI’s benchmark Chinese equities gauge, the global index compiler announced on Monday. The inclusion of the stocks in the MSCI China Index at the end of February is likely to benefit them in the long term because they may attract global funds that track such indexes, said analysts. MSCI claims to serve “99 of the top 100 largest money managers”. “Those funds will not buy and sell frequently but [they will] hold…

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Banned Chinese billionaire donor Huang Xiangmo says Australia is a ‘giant baby’

The billionaire and major political donor Huang Xiangmo has likened Australia to a “giant baby” with “simple folk customs” while hitting out at a decision to cancel his visa. Huang also criticised Australia’s domestic spy agency for acting contrary to Australian support for the “One China” policy, and urged it to instead investigate journalists who he said may be “serving foreign intelligence agencies” and had stolen “classified information to gain attention and a spotlight”. The Chinese tycoon was effectively blocked from re-entering Australia when his permanent residency visa was revoked…

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Shares in telecoms giant China Tower rise as IPO lock-up period ends. But will it be the exception or the rule this year?

The lock-up period for shares held by cornerstone investors in China Tower, the world’s largest telecoms tower operator, expired on Friday. The Beijing-based company listed in Hong Kong for HK$54.3 billion (US$6.9 billion) in August, making it the city’s largest initial public offering in 2018. Its 10 cornerstone investors, which include Hillhouse Capital, Och-Ziff Capital Management Group and Alibaba Group Holding, which owns the South China Morning Post, bought a combined US$1.4 billion worth of shares during its flotation, according to Bloomberg. Xiaomi stock suffers two-day plunge as chairman Lei…

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EU derails Franco-German deal to create rail giant aimed at China’s competitive threat

BRUSSELS – European Union authorities blocked a deal to create a rail giant that could compete with China, angering France and Germany so much that they vowed to change the way the EU oversees such mergers. The decision raised thorny questions of how to stand up to the growing economic might of China, where the government has no qualms creating state-backed monopolies with the power to strike deals around the world. But EU Antitrust Commissioner Margrethe Vestager kept her focus squarely on European customers, saying on Wednesday the Franco-German merger…

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Hong Kong exchange head clarifies listing rules as IPO hopes dim for cryptocurrency giant Bitmain

Companies seeking to go public in Hong Kong should show consistency in their business models, according to Hong Kong Exchanges and Clearing (HKEX) chief executive Charles Li Xiaojia, who was speaking on the sidelines of the World Economic Forum in Davos on Wednesday. His comments were in response to media questions about the status of IPO applications from the world’s biggest makers of cryptocurrency mining rigs – Bitmain Technology, Canaan Creative, and Ebang International Holdings. The three Chinese companies filed to go public in Hong Kong last year but a…

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UK vacuum giant James Dyson is moving headquarters to Singapore, citing Chinese market and Asian production

James Dyson, the billionaire Brexit supporter who revolutionised vacuum cleaners with his bagless technology, is moving his head office to Singapore from Britain to be closer to his company’s fastest-growing markets. Dyson’s company said the move to Singapore, where the firm had already announced it would build its new electric car, was not driven by Britain’s looming departure from the European Union or tax implications, with much of its product development remaining in south west England. The 71-year-old inventor has become one of Britain’s best-known entrepreneurs, creating a multibillion-dollar company…

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Huawei’s founder Ren Zhengfei breaks years of silence amid continued US attacks on Chinese tech giant

Ren Zhengfei, the billionaire founder of Huawei Technologies, broke a years-long silence as his technology empire faces its biggest crisis in over three decades of existence amid continued pressure from the US that its networking gear may pose a security threat. The telecoms mogul called Donald Trump “a great president” and said he will take a wait-and-see approach to whether the US leader will intervene in the case of his eldest daughter and Huawei finance chief Meng Wanzhou. She is currently in Canada facing extradition to the US, where authorities…

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Chinese food-delivery giant Meituan prepares gaming foray despite government concerns about youth addiction

China’s food delivery giant Meituan Dianping is hiring game developers in a sign that the US$30 billion company is preparing to make a foray into video gaming, even as the government seeks to limit the damage that unchecked gaming can have on the mental and physical health of the country’s youth. The Beijing-based firm on Monday posted several game-related job ads on Chinese resume sites, with positions ranging from coders to art designers to producers. On liepin.com, one job opening said Meituan is offering an annual salary of as much…

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