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szdaily -> Business_Markets
News Bites
    2017-August-11  08:53    Shenzhen Daily

China Mobile net profit rises 3.5%

CHINA Mobile Ltd., the country’s top telecom operator, Thursday posted a 3.5 percent rise in first-half net profit as it added 4G subscribers and said it would start field tests for 5G this year.

China Mobile, together with rivals China Unicom and China Telecom, continues to benefit from mobile users’ upgrading to 4G and from demand for mobile data. Profit for the six months to June reached 62.7 billion yuan (US$9.40 billion), up from 60.6 billion yuan a year ago. Operating revenue rose 5 percent to 388.9 billion yuan, up from 370.4 billion yuan a year ago.

Wanda Hotel to buy assets worth over US$1b

WANDA Hotel Development Co., a unit of conglomerate Dalian Wanda Group, plans to buy assets worth more than US$1 billion from firms controlled by its billionaire founder Wang Jianlin.

Wanda Hotel, which lists shares in Hong Kong, said Thursday that it would buy the entire equity interest in theme park operator Wanda Culture Travel Innovation Group Co. from Wang’s Beijing Wanda Culture Industry Group Co. for 6.3 billion yuan (US$945 million).

Wins Finance faces NASDAQ boot

WINS Finance Holdings Inc., the Chinese loan guarantor that couldn’t explain a 4,555 percent surge in its stock, is set to be delisted from the NASDAQ stock market, which cited violations of exchange rules related to its shareholder base.

NASDAQ said Wins doesn’t meet regulations requiring it to have at least 300 shareholders who own 100 shares. The exchange’s decision was also based on “the making of alleged misrepresentations by the company relating to the 300 round-lot shareholder requirement,” as well as public interest concerns, Wins said in a statement Wednesday.

Amazon joins funding round for Essential

AMAZON.COM Inc. has joined Tencent Holdings Ltd. and the main assembler of iPhones in backing Essential Products Inc., the startup co-founded by Android-creator Andy Rubin that’s getting ready to sell a new smartphone.

Tencent, China’s largest social media company, and Foxconn Technology Group took part in a US$300 million funding round for Essential alongside Amazon’s Alexa Fund and Access Technology Ventures. Other backers included Redpoint Ventures, Altimeter Capital and Vy Capital. Access said it contributed about US$100 million to the pot.

 

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