Overseas investments face toughened scrutiny

CHINA is tightening scrutiny of overseas investments by financial institutions using State-owned assets, intensifying its inspection of shareholders, funding sources and investment targets, China Daily reported Thursday.

The newspaper cited Finance Minister Liu Kun as saying that the government was planning a national system to supervise State-owned financial capital. By the end of 2017, Chinese financial intuitions had invested 18.1 trillion yuan (US$2.6 trillion) in overseas institutions including opening offshore branches, an increase of 50 percent over 2013, the newspaper quoted Liu as saying.

Daimler, Geely form mobility services venture

GERMAN carmaker Daimler on Wednesday said it will form a premium ride-hailing joint venture in China together with Geely Group, the first such step since Geely chairman Li Shufu took a 9.69 percent stake in the German carmaker.

“The joint venture will provide ride-hailing mobility services in several Chinese cities using premium vehicles including but not limited to Mercedes-Benz vehicles,” Daimler in a statement describing the alliance.

Haier’s D shares start trading in Frankfurt

SHARES of Chinese home appliances maker Qingdao Haier Co. started trading in Frankfurt on Wednesday, kicking off the D-share project — D is for Deutschland — on the infant China Europe International Exchange.

Qingdao Haier raised 278.25 million euros (US$318.10 million) with the share issue, after it had priced the shares at 1.05 euros apiece, toward the bottom of the price range and at a 39 percent discount to the price of its Shanghai-listed shares.

Wingtech to acquire Dutch semiconductor firm

CHINA’S Wingtech Technology Co., the world’s largest smartphone contract manufacturer, plans to acquire control of Dutch semiconductor firm Nexperia Holding for 25.2 billion yuan (US$3.63 billion), it said late Wednesday.

Wingtech, a contract manufacturer for China’s largest smartphone companies including Huawei and Xiaomi, plans to pay 18.45 billion yuan to buy stakes from existing owners of Nexperia. It had announced in September that it will spend 6.7 billion yuan to acquire another owner of Nexperia. Wingtech will indirectly own 75.86 percent of Nexperia as a result of the deals.