Suning sells 0.3 pct stake in Alibaba -- China’s retail giant Suning.com announced on May 30 that has sold 0.3 percent stake in the e-commerce powerhouse Alibaba. The sale is estimated to bring Suning profit of about 5.6 billion yuan.
Tianqi Lithium plans to spend USD4.066 bln on overseas assets -- Tianqi Lithium Corporation (002466.SZ) announced that its board meeting on May 30 had approved the proposal on the purchase of 62,556,568 A shares of Sociedad Quimica y Minera de Chile S.A. indirectly held by Nutrien Ltd. Total transaction price would be approximately 4.066 billion U.S. dollars.
Wanda, Tencent to set up Internet JV for smart retail -- Chinese property conglomerate Dalian Wanda has partnered with Internet giant Tencent and GaoPeng to set up an Internet joint venture, the three companies announced on May 30. The tech joint venture will leverage the three companies' strengths to promote a new retail model, integrating online and offline resources.
PetroChina plans more underground gas storage facilities -- Construction will start on two more underground gas storage facilities in southwest China's Chongqing Municipality by the end of this year, PetroChina Southwest Oil & Gas Field Company said on May 30.
The total cost of the Tongluoxia and Huangcaoxia facilities will be 5.3 billion yuan (830 million U.S. dollars) and they will be completed by 2022, ensuring an annual supply of 1.28 billion cubic meters of gas.
Domestic companies expand platforms overseas -- China's short video platforms are gaining momentum globally as leading domestic firms expand their apps overseas, with a particular focus on emerging markets.
Dai Bin, mobile analytics company App Annie's country director for China, said Chinese short video apps have been spurred in recent months by their strong performance in overseas markets.
POWERCHINA tracks 1,469 projects under B&R, estimated value at USD635.8 bln -- Power Construction Corporation of China (POWERCHINA) has tracked 1,469 projects in 57 countries along the Belt and Road by the end of May, with a total estimated value of 635.8 billion U.S. dollars, according to the company. POWERCHINA has established 150 representative offices or branches in 42 countries, implementing 1311 contracts with a total contract value of 490 billion yuan. It has achieved a total operating revenue of approximately 120 billion yuan by May.
Zhejiang CFMOTO Power to buy 1.17pct stake in KTM Industries AG for RMB113mln -- Zhejiang CFMOTO Power Co., Ltd. (603129.SH) announced that it planned to buy 1.17 percent stake held by Pierer Industrie AG in KTM Industries AG through its wholly owned Hong Kong subsidiary. The transaction price would be 113.373 million yuan.
Xinhu Zhongbao invests RMB1.2bln in blockchain -- Xinhu Zhongbao Co.,Ltd. announced on May 27 that it planned to reach an investment cooperation with Hangzhou Qulian Technology through its wholly owned subsidiary Zhinao Investment under which Zhinao would buy the 1.9 million yuan capital contribution of five Qulian shareholders for 109 million yuan, and also spend 1.121 billion yuan to subscribe 19.5929 million yuan new registered capital of Qulian. Zhinao would hold 49 percent in registered capital of Qulian Technology after the deal.
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