Regulator inspects inter-bank lending business

    THE Shanghai branch of China’s banking regulator has launched an inspection of the inter-bank lending business of small and medium-sized financial institutions in the city, two sources with direct knowledge of the matter said yesterday.

    The aim of the China Banking Regulatory Commission inspection is to prevent risks that may arise from using inter-bank loans as a channel to invest in wealth management products, the sources said on the condition of anonymity.

    Mobike gets funding from Temasek, others

    DOMESTIC bicycle-sharing startup Mobike said Monday it has raised funding in a new round led by Singapore state investor Temasek Holdings and hedge fund Hillhouse Capital, bringing its total new funding in 2017 to more than US$300 million.

    The Shanghai-founded startup said last month it raised US$215 million from a range of investors including Tencent Holdings Ltd., Warburg Pincus LLC and Chinese travel firm Ctrip.com International Ltd. Mobike also announced an undisclosed investment from Foxconn last month, in a bid to double the number of bikes it produced last year to 10 million in 2017. Mobike allows users to find, ride and pay for company bicycles scattered throughout 21 Chinese cities using an app and QR codes.

    Wanda’s bid for Dick Clark faces hurdles

    BILLIONAIRE Wang Jianlin’s Dalian Wanda Group Co. is facing obstacles in its US$1 billion bid to buy Golden Globe Awards producer Dick Clark Productions Inc., according to sources familiar with the matter.

    The Chinese conglomerate has had difficulties taking money out of China to pay for the deal, the sources said. It would be premature to say that the deal has collapsed, the sources said.

    Geely to bid for Malaysian carmaker Proton

    DOMESTIC automaker Zhejiang Geely Holding Group Co. is expected to bid as early as this week for a strategic partnership with struggling Malaysian carmaker Proton Holdings Bhd, two people familiar with the bidding process said.

    As part of its pitch following discussions with Proton’s owner, Malaysian conglomerate DRB-Hicom Bhd, Hangzhou-based Geely, which owns Sweden’s Volvo Car Group, is expected to offer Proton some of the latest vehicle technologies it has developed with Volvo’s input.