Travel service firms plan merger to create unified platform -- Travel service companies Tongcheng Network, a unit of Tongcheng Tourism, and E-dragon Holdings Ltd (or eLong) said on December 29 that they would merge to create a new travel platform called Tongcheng-Elong Holdings Ltd. Ctrip.com, China's leading travel platform, which is a major shareholder in both companies, said the merger would help integrate its mobility and hotel resources under one umbrella. Tencent and Ctrip will become major shareholders of the new company after the merger along with other shareholders like Wanda and Ctrip-backed OceanLink. (Source: China Daily)
China's bike-sharing giant sues over illegal advertisements -- China's bike-sharing giant Mobike has filed a lawsuit against a Shanghai-based company for illegally putting advertisements on its bikes. Mobike claim that Shanghai Huijia Information Technology put seat covers printed with advertisements on around 200,000 Mobikes in cities such as Beijing, Shanghai, Guangzhou and Shenzhen.
Citigroup to pay 11.5 mln USD for inaccurate stock ratings -- Citigroup was fined by a U.S. regulator 5.5 million U.S. dollars and required to pay at least 6 million in compensation to customers for displaying inaccurate stock ratings. The Financial Industry Regulatory Authority (FINRA), an independent, non-governmental regulator for all securities firms doing business with the public in the U.S., said the New York based bank displayed inaccurate research ratings for numerous equity securities during a nearly five-year period.
Bike-share company Mobike on four wheels in SW China -- Bike-share company Mobike plans to enter the car sharing market in southwest China. The Beijing-based firm said December 29 that its first fleet of electric cars will soon be on the roads of Gui'an New Area and Guiyang City in Guizhou Province. Users can locate, unlock, pay and park a shared-car on the same app they use to hire bikes.
SF Express to use logistics drones for emergency services -- Chinese logistics giant SF Express carried out its first demonstration flight using drones to deliver emergency supplies at an airport in southwestern Yunnan province on December 26.The drone arrived at the airspace above a base station at the simulated emergency site after a 30-minute flight. It then descended to the height of about 300 meters and delivered spare parts for telecommunications to the ground in about 30 seconds. (Source: China Daily)
Shanghai taxi operator to start ride-hailing services -- Shanghai taxi operator Qiang Sheng has inked strategic cooperation agreements with three partners including the new energy vehicle arm under the State Grid to enter the increasingly popular online ride-hailing sector as part of its efforts to enhance the overall service quality of the city's taxi industry. The strategic agreement, announced on December 26, was inked by Shanghai Qiang Sheng Holding Co Ltd, the State Grid (Shanghai) Electric Vehicle Service Company, Hangzhou YouXing Technology Co under the Geely Group and Japanese taxi company Tokyo MK Corp.
TCL basks in cool breeze as sales of air conditioners cross 10m -- Chinese consumer electronics giant TCL Corp is bullish on the prospects of domestic air conditioners market, which enjoy great development potential, as the annual sales of its air conditioners have surpassed 10 million units. “TCL has achieved eight consecutive years of rapid growth and is the fastest growing enterprise in the air conditioner industry. We will strengthen internal synergy and external cooperation, as well as merger and acquisition in the future,” said Li Shubin, vice-president of TCL. (Source: China Daily）
Tencent teams up with 17 banks in Hong Kong to upgrade its DDA function, report -- With the escalating war for mobile payment in Hong Kong, Tencent’s mobile payment platform WeChat Pay HK announced to launch the upgraded function of direct debit authorization (DDA), according to a report released by Cankaoxiaoxi.com on December 29. Hong Kong media claimed recently that move would allow users to recharge their WeChat Pay HK accounts through accounts opened in 17 major banks in Hong Kong.
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