China's top liquor brand signs MoU with San Francisco -- China's top alcohol brand Kweichow Moutai signed a Memorandum of Understanding (MoU) on Oct. 15 with a visiting San Francisco government delegation in a bid to promote bilateral cooperation in trade, investment, culture and tourism. Under the MoU, Moutai will open an office in San Francisco to increase its sales in the city and further expand its market share in the United States, said Yuan Renguo, chairman of Kweichow Maotai Group.
China grants operating license to Tencent insurance agency -- Weimin Insurance Agency, an insurance subsidiary of Tencent Holdings, has obtained an operating license from the China Insurance Regulatory Commission. The agency was founded by Tencent and Fubon Property & Casualty Insurance in 2016 with registered capital of 200 million yuan (30 million U.S. dollars). Once Weimin starts operations, it will offer Fubon insurance products and policies from other insurers through Tencent's social media apps such as WeChat, said Richard M. Tsai, chairman of Fubon Financial Holdings in Taiwan, the parent company of Fubon Property & Casualty Insurance.
Chinese bike-sharing company Mobike enters ROK market -- Chinese bike-sharing company Mobike announced on Oct. 17 it had entered the market in the Republic of Korea (ROK). The company's dockless bicycles are now on the streets of Suwon, Gyeonggi Province, making it the 14th overseas city to have the bike-sharing brand, according to a Mobike press release. Aiming at building an environment-friendly city, Suwon has been planning to reduce carbon emissions by encouraging bicycling.
Chinese company to export 100 wind turbines to German partner -- A Chinese company signed a framework agreement with German wind turbine maker Senvion on Oct. 17 to supply 100 wind driven generators. According to the agreement, CRRC Zhuzhou Electric Co., Ltd., based in Zhuzhou City, central China's Hunan Province, agreed to produce at least 100 3.7MW-144 wind turbines for Senvion in the next three years.
China Telecom confirms interest in Brazil's Oi -- China Telecommunications Corp, the country's third largest telecom carrier by mobile subscribers, said on Oct. 18 that Brazilian telecom company Oi SA was among the several potential targets it had considered for investment, Bloomberg reported. The news came after its two rivals－China Mobile Communications Corp and China United Network Communications Group Co Ltd－set up subsidiaries in Brazil earlier this year to pursue business opportunities in the large South American country.
China's top car-hailing app draws 21 million drivers -- On-demand mobility company Didi has attracted more than 21 million people to drive for it, the company said on Oct. 17. Nearly 4 million of the drivers were workers laid-off from traditional industries, such as iron and steel, amid China's capacity-cutting efforts, the company said, citing a recent survey examining the growth of its driver community. A total 1.8 million were former soldiers looking for re-employment, and 2 million drivers were women, the company said in the press release.
COSCO delivers subsea support vessels for Maersk Supply Service -- COSCO Shipping Heavy Industry Co, which is building four of the world's leading subsea support vessels for Maersk Supply Service, delivered the first of those four, the Maersk Installer, in Dalian on Oct. 16. This is the first time a Chinese shipyard has built a ship for the Maersk offshore project. The delivery is expected to offer the Chinese shipyard, a subsidiary of China COSCO Shipping Corp, more international recognition in gaining international orders and further competing with their South Korean rivals in the high-value-added offshore engineering sector, and the shipbuilding industry as a whole. (Source: China Daily)
Haier focuses on interconnected factories -- Chinese home appliance giant Haier Group will have 10 interconnected factories in the US, Europe and Asia-Pacific markets by the middle of next year, said a top executive. The move is part of the group's long-term commitment to transform from a traditional manufacturer into a nimble and intelligent producer in the internet age. Haier's interconnected factory focuses on developing a flexible mass customization process by using intelligent technologies, "with core competency of user-orientation and fulfillment of user lifetime value", said Chen Lucheng, vice-president of Haier. (Source: China Daily)
Bona Film to raise USD212 mln via A-share IPO -- Chinese film company Bona Film Group plans to issue no fewer than 122 million shares on the Shenzhen Stock Exchange to raise 1.4 billion yuan (212.07 million U.S. dollars) through an IPO, according to the prospectus disclosed on Oct. 13 on the website of the China Securities Regulatory Commission. Taking out the issuance expense, the company says it will allot 605 million yuan to eight film projects and 820 million yuan to cinema upgrades and maintenance.
Subway cars for Boston orange line roll off Chinese production line -- The first China-made subway cars tailored for Boston's orange line rolled off the production line on Oct. 16 in Changchun, capital of northeast China's Jilin Province. The subway cars, which will be delivered to the United States in December, are among a 284-carriage order signed by CRRC Changchun Railway Vehicles and Massachusetts Bay Transportation Authority (MBTA) in December 2014.
Baidu launches second R&D center in Silicon Valley -- Baidu has recently unveiled a second R&D center in Silicon Valley of the United States to recruit more talents in artificial intelligence (AI) and automatic driving. The new facility has a car laboratory and can accommodate 150 employees. Focusing on automatic driving and internet security, the data center is mainly engaged in pioneering research on AI and data center technology.
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