China Tower to set up a joint venture in Laos -- China Tower Corporation Limited signed on Aug. 28 an agreement with the Lao government and a laos-based consulting company on the establishment of a joint venture in Laos. The joint venture will have 70 percent of its equity owned by China Tower, 15 percent by the Lao government and 15 percent by the consulting company. The new company is mainly engaged in the construction, maintenance and operation of telecommunications towers, base stations, power supply and other supporting facilities, indoor distribution systems and transmission systems.
BOC finances over 600 projects under Belt and Road Initiative -- Bank of China (BOC) announced on Wednesday that it has financed more than 600 projects under the Belt and Road Initiative and granted about 115.9 U.S. dollars in credit to countries along the Belt and Road route by the end of June. According to the announcement, the bank played an important role in serving the real economy. As of the end of June, the bank saw its overseas units’ general assets stand at 841.2 billion US dollars, accounting for 25.7 percent of its total assets.
Huadong Medicine plans to acquires 100 pct stake in Sinclair Pharma -- Huadong Medicine Co.,Ltd. (000963.SZ) announced on Wednesday that its wholly-owned sub-subsidiary Huadong Medicine Aesthetics Investment (HongKong) Limited planned to acquire a 100 percent stake in Sinclair Pharma plc,a UK-based aesthetic and medical company, for about 1.5 billion yuan, the Xinhua-run cnstock.com reported. According to the announcement, the offer is likely to be made in cash.
Chinese mapping service provider to supply navigation maps for Daimler -- Chinese mapping service provider NavInfo Co., Ltd. (002405.SZ) announced late on Aug. 27 that it would supply navigation maps for Daimler AG, the world's leading manufacturer of commercial vehicles. According to the agreement signed by the two sides, NavInfo will provide navigation maps and Advanced Driver-assistance System (ADAS) for all Daimler passenger vehicles to be sold in the Chinese market from 2020 to 2024, and it will be Daimler's exclusive supplier of map data in the next seven years. NavInfo is a Chinese mapping company with core business in navigation map, dynamic traffic information, navigation software development and state-of-the-art customized telematics solutions to both passenger and commercial vehicles.
Hytera Communications signs USD33.17 bln procurement contract with Uzbek company -- Hytera Communications Corporation Limited (002583.SZ) announced on Aug. 28 that its wholly-owned subsidiary Hytera Communications (Hong Kong) Company Limited had signed 33.1657 million U.S. dollars worth of private network communication procurement contract with an electrical equipment company of Uzbekistan, according to the company’s filing to the stock exchange. Previously, the amount of contract orders that have been formally signed reached 25.9018 U.S. dollars.
Chinese company signs long-term supply contract with Daimler AG -- Shenzhen Kaizhong Precision Technology Co (002823. SZ) announced on Aug. 27 that its wholly-owned subsidiary Kaizhong Vogt Gmbh has signed a multi-year supply contract with the global automobile giant Daimler AG recently, the Xinhua-run cnstock.com reported. According to the announcement, the company will supply new energy vehicle (NEV) battery packs to Daimler during September 1, 2018 to December 31, 2027 and these battery packs will be produced in its Chinese plants.
ICBC Center inaugurated in Myanmar's Yangon -- The Industrial and Commercial Bank of China (ICBC) Yangon branch, the first Chinese commercial bank operating in Myanmar, has inaugurated its new center in Myanmar's Yangon. At the opening ceremony on Aug. 24, Chinese Ambassador Hong Liang hoped the ICBC Yangon branch to become one of the most powerful and efficient foreign banks in Myanmar and called for promotion of financial and monetary cooperation between China and Myanmar, as well as construction of the China-Myanmar Economic Corridor. The industrial and commercial communities of the two countries are exerting efforts to establish the Myanmar-China Chamber of Commerce, Ambassador Hong added.
Alibaba's revenue up 61 pct in Q1 of 2019 fiscal year -- Chinese e-commerce giant Alibaba said on Aug. 23 that its revenue surged 61 percent year on year to 80.92 billion yuan (about 11.77 billion U.S. dollars) in the first quarter of its 2019 fiscal year. Its core e-commerce business revenue jumped 61 percent year on year to 69.19 billion yuan. Gross merchandise volume (GMV) of its online marketplace Tmall increased 34 percent year on year. The number of annual active users on its retail marketplaces reached a new high of 576 million, the company said. The first quarter of its 2019 fiscal year was from April 1 to June 30, 2018.
Fosun wins approval to acquire FFT -- Fosun International Ltd won regulatory approval from the European Commission on Aug.27 to acquire a German automated and flexible production systems maker, paving the way for the Chinese conglomerate to tap into the intelligent manufacturing sector. The buyout, proposed by Fosun in June, raised no competition concerns, given that there are no horizontal overlaps or vertical links between the activities of the companies, the commission said in a statement. The transaction was examined under the simplified merger review procedure, it added. No transaction value was disclosed. (Source: China Daily)
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