Saturday, December 16, 2017

Surging bitcoin crosses US$10,000 threshold despite trading clampdown

Surging bitcoin crosses US$10,000 threshold despite trading clampdown

Bitcoin has crossed the US$10,000 mark, according to some US media outlets monitoring the cryptocurrency, continuing its meteoric rise even as governments including China clamp down on trading and critics say the rally is unsustainable. The virtual currency reached the long-awaited milestone at 1.26pm ET on Tuesday (2.26am Hong Kong time on Wednesday), Business Insider…
Germany’s Metro pulls plug on China convenience store business after less than two years

Germany’s Metro pulls plug on China convenience store business after less than two years

German retail and wholesale giant Metro AG, has closed all its convenience stores in China less than two years after setting them up, citing what it said were “drastic changes” in the business environment, including skyrocketing rents in major cities. Its four MyMart stores in Shanghai, which sold fresh and cooked food, as well as…
Number of Chinese property developers seen shrinking  drastically in the next 5 years

Number of Chinese property developers seen shrinking drastically in the next 5 years

The number of property developers in China could fall from around 30,000 to only the single-digit thousands or even hundreds in the next five years as the country’s red-hot market cools, according to Swiss bank UBS Group. A series of government policies to contain property prices in recent years has started to have an effect,…
China Education Group seeks HK$3.4 billion from IPO, eyes acquisitions in Europe and UK

China Education Group seeks HK$3.4 billion from IPO, eyes acquisitions in Europe and UK

China Education Group, a leading higher private education provider, said it was seeking an initial public share offer of up to HK$3.4 billion (US$435 million), with part of the proceeds to be used to acquire schools in the UK and Europe. The company will offer 500 million shares, 10 per cent of which will be…
E-sports: How China’s video gamers went from couch to classroom to career

E-sports: How China’s video gamers went from couch to classroom to career

Peng Wenqi sits with a group of gamers at 8.30am on a recent Friday, their eyes glued to a game of League of Legends, the immensely popular multiplayer battle arena video game. While her gaze rarely leaves the screen, she breaks down the action play by play to the others, who sit around listening with…
From electronic appliances to home decoration, Chinese retailer Gome wants to have it all

From electronic appliances to home decoration, Chinese retailer Gome wants to have it all

Gome Retail Holdings has launched a new retail strategy that will see China’s largest electronics retailer evolve into a one-stop provider for home appliances, home decoration and household services. The move comes on the back of Gome reporting a 10.7 per cent fall in net profit to 220.1 million yuan (US$33.30 million) for the first…
US-listed kindergarten firm RYB sees profit soar as it battles child abuse claims in China

US-listed kindergarten firm RYB sees profit soar as it battles child abuse claims in...

RYB Education, the US-listed kindergarten operator at the heart of a child abuse scandal that has rocked China, said its third-quarter profit had climbed 72.7 per cent to reach US$3.8 million. Net revenues were up 39 per cent at US$37.4 million during the three months to September 30, compared with US$26.9 million last year, while…
What is the price of real love? PAG buys online matchmaker to 140m Chinese singles

What is the price of real love? PAG buys online matchmaker to 140m Chinese...

PAG Asia Capital, one of Asia’s largest investment firms has announced that it had closed the deal to acquire a controlling stake in Zhenai.com, China’s largest online matchmaking and dating service provider. The transaction size was not disclosed. The acquisition would help the firm tap into China’s growing matchmaking business, which is estimated to have…
It’s fewer sugary sodas, as health conscious Chinese consumers opt for energy drinks, premium waters

It’s fewer sugary sodas, as health conscious Chinese consumers opt for energy drinks, premium...

Chinese consumers are increasingly opting for healthier drink options, including premium packaged waters and energy drinks, forgoing classic soft drinks such as Coca-Cola and Fanta, according to Patrick Healy, managing director of Swire Beverages. “This trend has become very evident in the past three to four years,” said Healy. “The traditional categories will be seeing…
Actress Zhao Wei and husband face class action from hundreds of investors after China market ban

Actress Zhao Wei and husband face class action from hundreds of investors after China...

Zhao Wei, the billionaire Chinese actress, faces class action along with her husband from hundreds of investors who suffered heavy losses because of their investments in a listed company that had been targeted for a takeover by the couple last year, according to lawyers representing the investors. Wang Zhibin, a lawyer at Shanghai-based Bright &…
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