Chinese carmaker to build monorail in Egypt -- China's leading new-energy carmaker BYD announced on Oct. 24 that it would build a monorail transit system in Egypt, the company's second overseas monorail order. The Shenzhen-based company has recently signed an agreement with the government of Alexandria, a coastal city in Egypt, to build a 128-kilometer monorail, the company said. The cost and other details of the project were not revealed.
Huawei mobile phone shipments exceed 100 mln units in first three quarters -- Huawei said on Oct. 21 its mobile phone shipments have exceeded 100 million units, up 19 percent year on year, in the first three quarters this year. The growth raised the company's operating revenue by more than 30 percent from January to September, said Yu Chengdong, CEO of Huawei's consumer business group. The number of Huawei retail outlets has increased by 19 percent year on year to 42,300 worldwide.
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.
First Chinese electric locomotive runs in Serbia -- China's first domestically produced electric locomotive began operating in Serbia, the Chinese manufacturer, CRRC Zhuzhou Locomotive, announced late on Oct. 24. The locomotive will serve the busiest freight transport route on the Balkan Peninsula With a maximum speed of 140 km per hour and a rated power of 7,000 kw, the locomotive is able to haul 4,500 tonnes of cargo.
Pakistan coal power plant signs loan contract with Chinese banks -- A joint China-Pakistan coal-fired power plant signed a loan contract with banks in Southwest China's Sichuan province. Hubco Coal Power Plant raised 1.5 billion U.S. dollars from a consortium of banks led by China Development Bank. Construction of the power plant, costing about 2 billion dollars, began in March by China Power Hub Generation Company, a joint venture between Pakistan's Hub Power Holdings Ltd and China Power International Investment Ltd. With a total capacity of 1.32 gigawatts, the project comprises two coal-based power plants with capacity of 660 megawatts each.
China's Alipay introduces offline e-payment system into Philippine market -- A new offline e-payment system supported by China's mobile payment platform Alipay was rolled out in Manila on Oct. 25, showing the country's desire to accelerate the digitization to help facilitate the lives of Filipinos. At the launch ceremony, Philippine consumers experienced buying goods and services through scanning QR codes by a mobile phone app called GCash. Business owners also benefited from not having to install expensive machines as they only needed a QR code sticker which buyers can scan to pay.
Youon takes control of Hellobike -- China's first listed bike-sharing company, Changzhou Youon Public Bicycle System Co Ltd, announced its acquisition of Hellobike on Oct. 24, acquiring the Shanghai-based bike-rental brand to expand its presence in the fast-growing market. Youon said in a statement on its website that the company's subsidiary Youon Low Carbon Technology Co Ltd－operator of its bike rental services－would buy a 100 percent stake in Shanghai Junzheng Network Technology Co Ltd, the company behind the Hellobike brand. Youon did not reveal the cost details. (Source: China Daily)
Chinese telecom company buys Amsterdam-based telecom provider -- China's CITIC Telecom CPC has announced the formal completion of its acquisition of the Amsterdam-based telecommunications company Linx Telecommunication BV. Linx operates in 14 countries, many of which are within the area covered by the Belt and Road Initiative. CITIC Telecom CPC, which established an office in London in 2007, already works with multinational carrier businesses, including British Telecom, to provide China with connectivity to their networks. (Source: China Daily)
Chinese bike-sharing company Ofo lands in Sydney -- Chinese bike-sharing titan Ofo Inc announced it has landed in Australia's major city Sydney, with the endorsement of local cycling association Bicycle New South Wales, as the company ramps up its efforts to expand the booming cycle empire into the overseas market. The move marks the company's latest step to fulfill its ambitious goal to pedal to 200 cities in 20 countries by the end of this year, as it battles its major rival, Mobike Technology Co Ltd. After successful pilot operation in Adelaide, capital of South Australia, Ofo will deploy a full fleet of 2,000 bikes in downtown Sydney and then increase its presence in nearby areas in the following weeks. (Source: China Daily)
China's largest online literature company eyes HK listing -- China Literature Ltd, an online publishing and e-book company that was split from Chinese tech conglomerate Tencent, launched its road show for an IPO (initial public offering) in Hong Kong on Oct. 23. The move is expected to raise $1.1 billion, news agency Reuters said. The company plans to issue 151 million shares at between 48 HK dollars (6.15 U.S. dollars) and 55 HK dollars (7.05 U.S. dollars) per share, news media Securities Times citing China Literature's files, said. The joint sponsors of the issuance are Morgan Stanley, Bank of America Merrill Lynch and Credit Suisse. (Source: China Daily)
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