CRCC subsidiary secures USD6.68bln overseas railway contract -- China Railway Construction Corporation Limited said on May 17 that its subsidiary China Civil Engineering Construction Corporation (CCECC) had inked a supplementary implementation contract with Nigeria’s transport ministry on Lagos-Kano railway construction. The contract value is estimated at 6.68 billion U.S. dollars, or 42.328 billion yuan, accounting for about 6.22 percent of China Railway’s operating revenues in 2017 under the Chinese accounting standards.
Tencent net profit up 61 pct to RMB23.29 bln in Q1 -- Chinese technology giant Tencent announced on May 16 that its net profit surged 61 percent year on year to 23.29 billion yuan in the first quarter of this year. The company’s total revenue came to 73.53 billion yuan in the first quarter, a rise of 48 percent from the same period of last year.
Ctrip rolls out localized services in Japan -- Ctrip, China's leading online travel agency, said it has rolled out localized products and services for users in Japan to tap the growing Asian tourism market. Tourism products in global destinations are available with round-the-clock Japanese language service on Trip.com, a sub-brand of Ctrip.
Chinese auto maker JAC builds joint venture with Cummins -- China’s Anhui Jianghuai Automobile Group Corp., Ltd. (JAC) announced on May 15 that it formed a 50:50 joint venture with U.S. engine manufacturer Cummins, with registered capital at 600 million yuan. The joint venture is formed after Cummins purchased Navistar’s 50 percent equity of the JAC-Navistar Diesel Engine Company.
China's Didi approved to test autonomous vehicle in California -- China's drive-sharing company Didi Chuxing Technology Co. was approved by California Department of Motor Vehicles (DMV) to test its self-driving vehicles. A newest list posted on DMV's website showed 53 pieces of Autonomous Vehicle Testing Permits (with a driver) had been permitted as of May 10. Didi was the latest one joining the group, which includes both technology and automotive companies.
Chinese consortium signs deal to acquire 25 pct stake in Bangladesh's premier bourse -- A Chinese consortium comprising the Shenzhen Stock Exchange (SZSE) and the Shanghai Stock Exchange (SSE) on May 14 signed an agreement with Bangladesh's Dhaka Stock Exchange (DSE) to acquire 25 percent stake in the country's premier bourse and became its strategic investor. The Bangladesh Securities and Exchange Commission (BSEC) recently approved DSE's proposal to sell 25 percent of its stake to the Chinese consortium.
Chinese OTA giant Ctrip invests in restaurant-booking platform -- Leading Chinese online travel agency Ctrip announced on May 11 that it has invested 150 million yuan (about 23.68 million U.S. dollars) in a popular domestic restaurant-booking platform in its latest efforts to build a tourism-based ecosystem. The start-up Meiweibuyongdeng helps restaurants better manage their bookings and customer flow via its website and mobile apps, as many Chinese restaurants have long queues during peak hours.
Hisense offers best bid for Slovenia's Gorenje -- Chinese home appliances maker Hisense Electric Co Ltd has won the bidding process for Slovenian appliances producer Gorenje, which said it received three binding offers by interested strategic partners from Asia on May 15. Hisense offered the best bid of 12 euros (14.2 U.S. dollars) per share subject to its acquisition of 50 percent plus one share of Gorenje in the takeover procedure, the Slovenian firm said in a statement on its official website. (Source: China Daily)
TAILG confident about overseas e-bike sales growth -- The anti-dumping investigation launched by the European Union on Chinese electric bikes will not impact the global strategy of TAILG Electric Vehicle Co Ltd, which is confident of becoming a leading brand in Europe, its CEO said during the four-day 28th China International Bicycle Fair held recently in Shanghai. (Source: China Daily)
Honeywell planning to take digital strides in China -- US industrial conglomerate Honeywell International Inc is planning to further accelerate its core business in China in the next 10 years, including digital economy, refinery and aerospace, to capitalize on its solid business foundation in the country during the last 15 years. China has long been a second home for Honeywell and the company raked in revenue of 2.9 billion U.S. dollars in 2017, a year-on-year growth of 25 percent, said Shane Tedjarati, president for Honeywell's Global High Growth Regions, which includes China. (Source: China Daily)
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