Tencent Pictures sets up film distribution subsidiary -- Tencent Pictures, the film unit of Chinese tech giant Tencent, has set up a distribution subsidiary aiming to boost its influence on cinemas. Tencent Pictures Distribution, with a registered capital of 50 million yuan (around 7.9 million U.S. dollars), is wholly owned by Tencent Pictures and chaired by Cheng Wu, vice president of Tencent Holdings Ltd. and Tencent Pictures CEO, according to Tencent Pictures.
China's largest money market fund Yu'ebao sees slowest asset growth in Q1 -- China's largest money market fund Yu'ebao had its slowest Q1 asset growth in the first quarter of this year. The online money market fund, managed by Tianhong Asset Management Co., Ltd, a subsidiary of Alibaba's Ant Financial Services Group, saw its assets grow 6.9 percent in the first three months of 2018, the slowest Q1 expansion since its establishment in 2013.
UK bike-sharing firm hopes to challenge Chinese operators -- The United Kingdom-based dockless bike-sharing company YoBike is looking to challenge the global dominance of Chinese operators by launching in 50 cities around the world this year under a new strategy where it forms joint ventures with local partners. YoBike, which currently operates in several countries in Europe, Asia and North America, has announced a significant expansion for 2018 when it will roll out 500,000 bikes in France, and launch in dozens of new towns and cities across the globe. (Source: China Daily)
European Commission approves acquisition of Saxo Bank by Geely -- The European Commission said on April 25 it has approved the acquisition of sole control over Saxo Bank, one of Denmark's biggest banks, by Geely Financials Denmark. The Commission concluded that the acquisition raised no competition concerns because the companies' combined market shares remain very limited on the markets concerned.
DiDi in talks for IPO as early as this year, says report -- DiDi Chuxing Technology Co, China's largest ride-hailing provider, plans an initial public offering as early as this year, The Wall Street Journal reported on April 24. The move would fetch a valuation of 70 billion U.S. dollars to 80 billion U.S. dollars and would make it one of the largest technology IPOs ever, the Journal said. (Source: China Daily)
Chinese carmaker FAW releases new Hongqi model -- FAW Group, China's oldest automaker, has released a new sedan model, the Hongqi H5, to target private buyers, the group announced Apr. 25. The new model costs between 149,000 and 190,000 yuan (about 23,650 to 30,100 U.S. dollars). It features voice-control smart connection systems and in-vehicle entertainment.
Chinese display producer sees surging profit -- Chinese panel display producer BOE Technology Group Co., Ltd. posted its best performance last year, with an upsurge in profit. BOE saw its net profit quadruple to 7.6 billion yuan (1.2 billion U.S. dollars) in 2017, according to a report filed with the Shenzhen exchange. Revenue rose 36.1 percent to 93.8 billion yuan.
China developer Greenland posts 25 pct growth in 2017 profit -- Greenland Holdings Corp Ltd, a major property developer in China, said its net profit for 2017 rose 25.4 percent year-on-year to 9 billion yuan (1.4 billion U.S. dollars).In its annual financial report filed to the Shanghai Stock Exchange April 23, it also said its revenue grew 17.4 percent year-on-year to 290.2 billion yuan last year.
A single purchase
