ICS Money Talks

The only English-language business TV program in Shanghai. Airs at 7:30 pm (CST) Mon - Fri on ICS.

[ICS Money Talks @icsmoneytalks]

Xi'an-based Western Securities is suing Jia Yueting, founder of #LeEco, and 3 other individuals over unpaid debt. The brokerage said Jia and other executives have broken a contract to buy back #Leshi shares that were used as collateral for $1 bln in loans.

[ICS Money Talks @icsmoneytalks]

Chinese video streaming website #IQIYI has filed for an #IPO application for up to $1.5 bln with the US Securities and Exchange Commission. The filing said iQiyi had over 50 million subscribing members and more than 420 million monthly mobile users.

[ICS Money Talks @icsmoneytalks]

The US Department of Commerce found that imports of Chinese #aluminum #foil are being sold in US at less than their fair value and that producers are benefiting from subsidies. It will levy #anti-#dumping and countervailing duties on a number of Chinese firms.

[ICS Money Talks @icsmoneytalks]

Fosun Group said it has agreed to acquire Brazilian asset manager, Guide Investimentos for ￥170 mln. The deal marks Fosun's second purchase of financial assets in Brazil, following its acquisition of local asset manager Rio Bravo in 2016.

[ICS Money Talks @icsmoneytalks]

.@Reuters reports that Chinese electric vehicle startup @NIOGlobal has hired 8 banks to work on a planned IPO listing in the US. The listing could be worth up to $2 bln. NIO seeks fresh capital to finance its investments in #autonomous #driving and battery technologies. #EV

[ICS Money Talks @icsmoneytalks]

China's manufacturing #PMI came in at 50.3 in February, the lowest since August 2016 and down from 51.3 in January. Services PMI came in at 54.4 in January, down from 55.3 in January.

[ICS Money Talks @icsmoneytalks]

.@bbc is seeking 500,000 yuan in compensation against a Chinese company for using its name to promote an English-language learning app without authorization.

[ICS Money Talks @icsmoneytalks]

Shanghai outperformed other provincial regions in #PerCapita disposable income last year, reaching some 59,000 yuan. China's average per capita disposable income stood at 25,974 yuan for 2017, an increase of 7.3% y/y -- faster than the growth in GDP.

[ICS Money Talks @icsmoneytalks]

#Geely stock closed up 6.5% on the news that it now owns nearly 10% of #Daimler, which chairman Li Shufu hopes will convince the Stuttgart-based company to cooperate on technology.

[China Xinhua News @XHNews]

The Communist Party of China Central Committee proposed to remove the expression that the President and Vice-President of the People's Republic of China "shall serve no more than two consecutive terms" from the country's Constitution https://t.co/B849nuc2CJ

[ICS Money Talks @icsmoneytalks]

Fosun International is buying the french #luxury fashion label #Lanvin. It didn't say for how much but said that current shareholders will retain a minority stake. The move follows Shandong Ruyi's acquisition of the luxury footware and accessory company #Bally last month.

[ICS Money Talks @icsmoneytalks]

China's #dating app Momo says it will buy its #Tinder-like rival Tantan for $735 mln according to Bloomberg. The buy-up will make Momo the dominant Chinese #onlinedating company.

[ICS Money Talks @icsmoneytalks]

China's insurance watchdog announced in a statement that it has taken control of #Anbang Insurance Group for a year and is prosecuting the company's former chairman for embezzlement and fraud.

[ICS Money Talks @icsmoneytalks]

US regulators have blocked the proposed acquisition of the Chicago Stock Exchange by a Chinese-led consortium. The SEC said that information provided was insufficient to verify the source of the $25 mln involved in the deal.

[ICS Money Talks @icsmoneytalks]

Chinese #cinemas took in a record ￥5.7 bln in ticket sales during the #ChineseNewYear holiday, according to domestic box office tracker Maoyan, almost double the figure of last year. Takings on the first day of the holiday reached ￥1.3 bln, a new single-day record high.

[ICS Money Talks @icsmoneytalks]

China's messaging app WeChat saw a record high number of #hongbao, or red packets of electronic cash, sent by users during the #CNY holiday - more than 768 mln people sent or received red packets during the holiday, an increase of 10% y-o-y.

[ICS Money Talks @icsmoneytalks]

Happy Chinese New Year! China’s stock markets will resume trading after the CNY holidays on Feb 22.

[ICS Money Talks @icsmoneytalks]

.@JD_Corporate had raised 2.5 bln for its logistic arm as it seeks to further bolster its position in online retail in its home country and beyond. JD will remain the major shareholder of JD Logistics with an 81.4% stake.

[ICS Money Talks @icsmoneytalks]

China's Commerce Ministry says foreign direct investment into #China rose 0.3% Y/O/Y in January to ¥80.4 bln, with high-tech sector the most popular choice. The number of newly established foreign companies surged 158% to hit 5,197.

[ICS Money Talks @icsmoneytalks]

#Sina reports its Q4 profit up 128% to $45.4 mln. The company's revenue gained 61% to $504 mln. Its subsidiary Sina #Weibo saw its profit rose 205% to $131 mln, while revenue jumped 77% to $377.4 mln. Sina Weibo's ad arm contributes the most to the revenue, increased by 77%.