Ctrip reports strong financial results in Q2 -- China's biggest online travel agency, Ctrip.com International Ltd (Ctrip), announced that its net revenue surged 45 percent year-on-year to 6.4 billion yuan (USD946 million) in the second quarter (Q2) ended June 30. The company gained a gross margin of 82 percent in Q2, compared to 72 percent for the same period last year and 80 percent for the previous quarter, according to its unaudited financial results.Net income attributable to Ctrip's shareholders for Q2 was 327 million yuan, compared to net loss of 521 million yuan for the same period last year and net income of 82 million yuan for Q1, the company reported. (Source: chinadaily.com.cn)
HK businessman buys majority stake in Aussie beef processor -- Hong Kong businessman Hui Wing Mau has purchased the majority stake in Australian meat processing company Bindaree Beef Group, the company said on September 1. Although the exact figure has not been disclosed, it is believed the 51 percent share of the business cost somewhere between 100 and 150 million Australian dollars (79-120 million U.S. dollars).
China home appliance giant embraces stronger IPR protection -- Fu Rao, a patent engineer at Chinese home appliance maker Midea Group, has no time for cooking yet knows everything there is to know about kitchen ventilators and microwave ovens. Standing in front of a wall of patent certificates, Fu said his job is to clear patent barriers from other companies to make sure Midea's kitchen products can reach the shelves of any market. Starting as a rural production unit of just 23 members half a century ago, Midea has grown into a global home appliance giant with an annual revenue nearing 160 billion yuan (24 billion U.S. dollars).
China's Alipay introduced to Finland's biggest department store -- Finland's biggest chain of department stores Stockmann agreed on Friday to install China's Alipay as one of its payment methods. The move was considered a milestone for the Chinese mobile payment platform to be recognized in Europe. The first sale ever done through Alipay at a Stockmann cashier desk was operated on Friday morning by the giant retailer's chief commercial officer Anna Salmi, who sold a pair of glass mugs to Yin Wei, chief financial officer of Finnish mobile payment company ePassi, Alipay's partner in Finland.
China's Alipay enters Norway -- China's leading mobile and online payment service Alipay launched its operations in Norway on September 4 to boost Chinese customers' shopping experience in the Nordic country. "The adoption of Alipay services of both payment and marketing will not only enhance the experience of Chinese consumers but also help Norwegian businesses reach out to their Chinese customers," said Michael Chen, CEO of APay Nordic AS, a promotion and service partner of Alipay in the Nordic countries. Alipay, which currently has over 520 million users and is operated by Ant Financial, part of Alibaba Group, is a powerful combination of payment tools, financial services and marketing platforms.
Legend buys 90pct stake in Luxembourg bank -- Legend Holdings Corp, parent company of the world's biggest PC maker Lenovo Group Ltd, reached an agreement on Friday to buy 90 percent of Banque Internationale a Luxembourg (BIL) for 1.48 billion euros (1.76 billion U.S. dollars), Reuters reported. It marks the biggest takeover of a European deposit-taking bank by a Chinese firm so far, as well as Legend's biggest overseas acquisition. Legend said the acquisition is being made through its Hong Kong subsidiary Beyond Leap Limited. (Source: chinadaily.com.cn)
Austrian plane parts manufacturer FACC receives 500-mln-euro order from Airbus -- Austria-based aircraft parts manufacturer FACC has received an order from Airbus valued at over 500 million euros (595 million U.S. dollars), FACC said in a statement on September 4. Under the deal, the majority Chinese-owned company is to produce overhead luggage compartments and ceiling panels for the cabins of the Airbus A320 family of aircraft. The luggage compartments are known as Airspace XL bins, currently the largest storage option on short-to-medium haul aircraft. The bins can hold eight pieces of luggage instead of the standard five and are being developed as part of a cooperation deal between both companies.
Chinese firm provides computing services to Russia -- China's leading computing technology firm, Dawning Information Industry Co. Ltd. (Sugon), is exporting computing services to Russia with the launch of its overseas information service program. Han Meijun, deputy manager of Sugon's overseas business section, said on September 4 that under the "Seed Program," Sugon has provided high-performance computing services for Russian government organs and firms. "Russian governments such as the municipal government of Moscow, the financial sector, including the Moscow Exchange and Finam, telecom operator Megafon, and aircraft maker Sukhoi have started cooperating with Sugon for high-performance computing services, information technology innovation and personnel training," said Han.
CMP buys into Brazilian terminal -- China Merchants Port Holdings Co Ltd announced on September 1 that it had agreed to purchase 90 percent of TCP Participacoes SA, the operator of Brazil's second largest container terminal, for 7.23 billion Hong Kong dollars (924 million U.S. dollars). The move illustrates the Hong Kong-based CMPort's ambition to further expand its presence in Latin America. According to a public filing, the investment will allow the group to further "consolidate its position globally" by boosting its market share in Latin America. (Source: chinadaily.com.cn)
Huawei reveals the future of mobile AI at IFA 2017 -- During the Internationale Funkausstellung Berlin (IFA) 2017, Huawei Consumer Business Group unveiled a new era in smartphone innovation. In his keynote address, Richard Yu, the CEO of Huawei Consumer Business Group revealed Huawei's vision for the future of artificial intelligence (AI) with the launch of the Kirin 970. By combining the power of the cloud with the speed and responsiveness of native AI processing, Huawei is bringing AI experiences to life and changing the way people interact with their devices, Yu said.
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